Bucyrus International, Inc. (BUCY) Reports 124% Increase in Second Quarter Net Income on 66% Increase in Revenues, Handily Beating Estimates
Bucyrus International, Inc. (BUCY), a leading manufacturer of heavy earthmoving equipment for surface and underground mining, reported better than expected second quarter results yesterday after the close. Revenues rose 66% year-over-year to $621.0 million vs. analysts’ estimates of $583.0 million. Net income soared 124% to $62.3 million, or 84 cents per diluted share, significantly beating analysts’ expectations by 18 cents per share. Bucyrus is benefiting globally from the commodities boom. Strong demand and high prices for coal and iron ore provide clear visibility for the strength of Bucyrus’ business in the near future. New orders during the quarter increased 69%…