Menomonee Falls-based Magnetek Inc. reported first quarter net income of $6.9 million of $2.14, up from $971,000, or 30 cents per share, in the same period a year ago.
Magnetek recorded quarterly revenue of $28.7 million, up 3 percent from a year earlier. The increase in sales quarter reflects sales growth of products for material handling and mining markets, partially offset by lower sales of wind power inverters.
“We’re very pleased with the performance of our business during the first quarter, highlighted by significant year-over-year increases in gross profit and income from operations. Conditions in most of our end markets remained favorable during the first quarter, particularly on the industrial side of our business. We capitalized on that during the quarter, growing sales into material handling markets 32 percent year-over-year to more than $18 million, while sales into mining markets increased 36 percent over last year to more than $2.7 million,” said Peter McCormick, Magnetek’s president and chief executive officer. “Over the past several quarters, we’ve demonstrated our ability to outpace overall economic growth rates, and we believe we can continue to do so with our continuing focus on market share gains, new product introductions, and new market penetration.”