Magnetek earnings up on higher sales

Menomonee Falls-based Magnetek Inc. today reported third quarter net income of $3.2 million, or 88 cents per share, up from $1.1 million, or 34 cents per share, in the third quarter of 2013.

Revenue was $29.6 million, up from $26 million in the same period a year ago.

The digital and motion control system manufacturer attributed the increase to higher sales into material handling markets and elevator markets. Material handling sales were up $2.3 million to $21.9 million, while elevator markets were up $1 million to $6.2 million year-over-year.

“The improvements we saw in end market conditions in our second quarter continued into the third quarter, and manufacturing activity in the U.S. continued to accelerate. The combination of higher sales volume, cost control, and strong execution resulted in exceptional profitability at both the gross profit and operating profit lines,” said Peter McCormick, president and chief executive officer.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display