For Immediate Release
Chicago, IL – October 1, 2020 – Today, Zacks Equity Research discusses Industrial Products, including Astec Industries, Inc. ASTE, Sealed Air Corporation SEE, Berry Global Group, Inc. BERY and Fortune Brands Home & Security, Inc. FBHS.
The COVID-19 pandemic adversely impacted the Industrial Products sector in the earlier part of the year. Factory closures worldwide owing to restrictions imposed by several governments, pandemic-induced supply chain disruptions, low demand for goods and volatility in the energy market crippled the sector.
The sector logged a decline of 18.3% in earnings in the first quarter of 2020 followed by a plunge of 35.3% in the second quarter, highlighting the slowdown in industrial production amid coronavirus crisis-hit demand. The sector is anticipated to witness a decline of 26% and a 17.6% in the third quarter and the fourth quarter, respectively, per our latest Earnings Trends report.