Menomonee Falls-based Magnetek Inc. today reported second quarter net income of $3.2 million, or 99 cents per share, up from $1.2 million, or 37 cents per share, in the same period a year ago.
The company’s quarterly sales dipped to $29.0 million, down from $31.1 million a year earlier, due to lower sales of wind power inverters.
“Sales into our traditional served markets continued to grow at a moderate pace during the second quarter. Conditions in those markets remained largely favorable during the period, particularly in material handling, where our sales increased to nearly $19 million during the quarter,” said Peter McCormick, Magnetek’s president and chief executive officer. “Similar to our first quarter, growth in our industrial markets was offset by declining sales of wind inverters, as renewable energy market conditions remain quite challenging. However the favorable shift in our sales mix toward our traditional markets helped us generate gross margins of 35 percent in the second quarter. In addition, we improved our liquidity by increasing our cash balances to more than $27 million.”
