Acquisition, demand boost Bucyrus profits

Tag : and mining equipment

Bucyrus International Inc. reported that net income for the second quarter more than doubledbecause of high global demand for surface mining equipment and theacquisition of DBT GmbH in May.
The South Milwaukee-based manufacturer of surface mining equipmentand underground mining equipment reported net second-quarter incomeof $62.3 million, or 83 cents per share, compared with $27.8million, or 40 cents per share, for the same period a year ago.
Net sales rose to $621 million from $374.8 million, with a largeportion of that growth due to the addition of DBT, which addedunderground mining equipment to the company's offerings.
Bucyrus (NASDAQ: BUCY), which reported earnings Thursday night,also said that surface mining equipment reported an increase insales because of global demand for mining equipment and because ofproduction improvements at the expanded plant in South Milwaukee.
For the six months ended June 30 net income surged to $103.4million, or $1.37 per share, compared with $45.6 million, or 69cents per share, the year before. Net sales rose to $1.14 billionfrom $565.2 million.