Mining Equipment Supplier Bucyrus International Posts 6.2 percent Profit on Strong Sales
Strong sales of electric mining shovels have boosted Bucyrus International Incorporated's (South Milwaukee, WI) fourth-quarter earnings 6.2 percent to $65.75 million, compared with $61.91 million in the same period the previous year. According to a report from Industrial Info Resources…
Posted: March 24, 2009
Strong sales of electric mining shovels have boosted Bucyrus International Incorporated's (South Milwaukee, WI) fourth-quarter earnings 6.2 percent to $65.75 million, compared with $61.91 million in the same period the previous year. According to a report from Industrial Info Resources (Sugar Land, TX), sales totaled $721.85 million in the fourth quarter of 2008 compared with $547.95 million year over year.
Sales by Business Segment
? Surface mining: $359.53 million, up from $286.04 million
o Original equipment: $185.27 million
o Aftermarket parts and service: $174.26 million
? Underground mining: $362.31 million, up from $261.91 million
o Original equipment: $224.9 million
o Aftermarket parts and service: $137.41 million
Aftermarket parts and service refers to the replacement, upgrade and service of equipment, including structural and mechanical engineering, equipment management and rebuilds.
"The increase in surface mining sales was the result of the strength of new orders in 2008 for Bucyrus' products and services throughout the world and the positive impact of the substantially completed capacity improvements at Bucyrus' principal surface mining manufacturing facility in South Milwaukee," the company stated. "The expansion of Bucyrus' South Milwaukee facilities was substantially completed in 2008, increasing annual shovel production capacity to at least 24 electric mining shovels and almost doubled manufactured parts capacity from 2006 levels."
Industrial Info reported the completion of the $33 million renovation at Bucyrus' South Milwaukee mining machinery manufacturing plant. The project was completed in December 2008 with CG Schmidt Incorporated acting as the general contractor.
Bucyrus International is a designer and manufacturer of mining equipment. designs and manufactures mining equipment. Founded in 1927, the company operates manufacturing facilities in Australia, China, Germany, Poland and the U.S. Service and sales centers are located in countries including Brazil, Canada, Chile and Russia.
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