Kaspien Holdings reports solid third quarter

Kaspien Holdings Inc. this week reported a gain in net earnings during the third quarter.

The Spokane Valley-based company reported net income of $2.6 million – or $1.39 per share – for the third quarter, compared with a net loss of $23.2 million – or $12.73 per share – in the third quarter of 2019, according to a company release.

The company’s net revenue increased 36% to $38.9 million in the third quarter, compared with $28.6 million in the third quarter of 2019.

The increase in net revenue is primarily attributed to strength of the Amazon marketplace.

“Our results this quarter are a testament to the progress we continue to make toward our mission of being the ultimate online growth partner for brands,” Kunal Chopra, Kaspien’s CEO, said in a statement. “Our third quarter was highlighted by higher net revenue, higher gross margin and improved operating earnings.”

Kaspien will continue its focus on operational efficiencies, optimizing working capital, new business development and scaling its platform in 2021, according to the release.

Idaho Forest Group sawmill approved in Mississippi

Idaho Forest Group is building a new sawmill in Lumberton, Mississippi, the company announced Monday.

The Coeur d’Alene-based lumber producer received approval from Lamar County officials in Mississippi for a land transfer of 174 acres to operate the facility, which is anticipated to open by 2022, according to a company release.

The Lumberton sawmill will produce a variety of wood products and employ 135 people.

Idaho Forest Group operates six sawmills and a finger-joint plant at locations in Idaho and Montana. The company has more than 1,100 employees.

U.S. industrial production increased in November

WASHINGTON – U.S. industrial production increased 0.4% in November with manufacturing receiving a boost from a rebound in output at auto plants after three months of declines.

The Federal Reserve reported Tuesday that the November gain in industrial output followed an even stronger 0.9% increase in October.

Even with the gains, industrial output is still about 5% below its level in February before the pandemic hit.

Manufacturing was up 0.8% in November, its seventh consecutive monthly gain, with last month’s increase boosted by a rebound in auto production.

Production of motor vehicles and parts rose 5.3%, the biggest monthly increase since a 31% surge in July.

However, after that jump following spring lockdowns, auto production fell in August, September and October.

Output in the mining sector, which includes oil and gas production, rose 2.3% while utility output fell 4.3%, a decline that reflected unseasonably warm weather in November.

U.S. industry operated at 73.3% of capacity in November, still below the pre-pandemic rate of 76.9% in February.

“There are huge swaths of excess capacity throughout the U.S. economy that will make it difficult for firms to raise prices,” said Gus Faucher, chief economist at PNC Financial Services. “That in turn will keep inflation below the Federal Reserve’s 2% objective for the next couple of years, allowing the central bank plenty of leeway to keep interest rates extremely low to support the ongoing economic recovery.”

From staff and wire reports