Thursday, after the bell, mining equipment maker Bucyrus International Inc. (BUCY) reported a higher profit for the third quarter on higher revenues. Earnings per share beat Wall street expectations by 35 cents.
South Milwaukee, Wisconsin based Bucyrus reported that its third-quarter net earnings increased
to $92.07 million or $1.21 per share from $64.17 million or $0.85 per share in the same quarter last
year. On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.86 per share for the quarter. Analysts' estimates typically exclude special item
Sales for the quarter increased to $675.77 million from $646.00 million in the prior year quarter. Eleven analysts had consensus revenue estimate of $623.38 million.
Net sales from the company's surface mining segment increased to $312.89 million from $337.15 million, while the underground mining segmented contributed higher at $362.88 million compared with $308.854 million reported for the year-ago period.
Gross profit surged to $223.84 million from $182.331 million reported last year, as direct expenses declined to $451.92 million from $463.67 million year-ago.
For the nine months, net earnings increased to $231.25 million or $3.05 per share from $167.56 million or $2.23 per share. Revenues increased to $2.01 billion from $1.78 billion reported in the same period last year.
BUCY finished Thursday's regular trading at $42.53, down 5 cents or 0.12% on volumes of 2.919 million shares on the Nasdaq. In after hours trading, shares rose 1.81% or 77 cents.
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