Dickten Masch Plastics earns automotive certification; Bucyrus profits up significantly, Sullivan to leave; Winter sales spark Generac
Dickten Masch Plastics earns automotive certification
Dickten Masch Plastics (DMP), a Nashotah-based thermoplastics and thermoset molder with metal stamping and assembly capabilities, recently earned ISO/TS 16949:2009 certification as a Tier 1 automotive supplier.
“Our goal has always been to provide maximum efficiency, service and value to our customers,” said DMP CEO Steve Dyer. “By showing that we surpassed a third party auditing body’s high standards of excellence, this certification demonstrates that we’re always striving to deliver greater value and quality to all of our customers.”
Achieving ISO/TS 16949:2009 certification requires the highest standards of excellence in predictive maintenance, continuous improvement, customer satisfaction and other areas. A third-party registrar recommended DMP for certification after conducting initial audits in December 2010, within the scope of design and manufacture of custom molded plastic products, metal stampings and assemblies.
The registration also will support DMP’s Fluid Level Indicator business to Tier 1 automotive OEM’s.
"The implementation of an ISO/TS 16949:2009 certified system further emphasizes DMP’s Quality Policy,” said Carl Lider, general manager of Wisconsin operations. “It’s an example that we maintain a mindset of continuous improvement in all facets of our business, so that we can continue providing advanced, high-quality technical solutions that meet all of our customers’ evolving needs.”
Bucyrus profits up significantly, Sullivan to leave
South Milwaukee-based Bucyrus International Inc. announced that its fourth quarter profit was up 59.5 percent, and its yearly profit increased by 7.8 percent.
In addition, Bucyrus president and chief executive officer Tim Sullivan said in an earnings conference call that he plans to leave the company once its acquisition by Peoria, Ill.-based Caterpillar Inc. is complete.
Bucyrus said its fourth quarter and 2010 results were boosted by its acquisition early in the year of Terex Corp.
Bucyrus reported fourth quarter net earnings of $129.95 million, or $1.58 per diluted share, up 59.5 percent compared to 2009 fourth quarter net earnings of $81.46 million, or $1.07 diluted earnings per share.
For all of 2010, Bucyrus reported net earnings of $145.13 million, or $3.88 per diluted share, up 7.8 percent compared to 2009 net earnings of $134.57 million.
In January, Bucyrus announced that it will be acquired by Peoria, Ill.-based Caterpillar Inc. When the acquisition was announced, there was speculation that Sullivan may stay with Caterpillar in some capacity.
But today Sullivan said that he and Craig Mackus, chief financial officer and secretary of the company, would not be staying with Bucyrus once its acquisition by Caterpillar is completed.
“We’re done at closing,” Sullivan said. “I think that’s for certain.”
Brady Corp. caps robust quarter
Milwaukee-based Brady Corp. reported that its fiscal second quarter net income increased 61 percent to $24.2 million, or 46 cents per share, from $15.0 million, or 28 cents per share, in the same period a year ago.
Brady’s quarterly sales grew 11.2 percent to $329.0 million from $295.8 million a year earlier.
"We are pleased to see strong organic sales growth in all our regions, and are encouraged by the substantial growth in earnings resulting from the increased organic sales and our on-going focus on improving profitability," said Frank Jaehnert, Brady’s president and chief executive officer.
"Cash generation remains a highlight for Brady as we delivered $41.4 million of cash flow from operating activities in the quarter, resulting in an increase in our cash balance to $362.3 million at Jan. 31, 2011. Our strong cash position along with our untapped $200 million line of credit provides us with adequate flexibility to take advantage of future growth opportunities," said Brady chief financial officer Thomas Felmer. "As a result of our strong second quarter earnings, we are increasing our full year fiscal 2011 guidance range for earnings per diluted Class A Common share from between $2.05 and $2.25 to between $2.15 and $2.35, excluding pre-tax restructuring charges of $7 to $10 million, or $0.10 to $0.14 per share. We also expect mid-single digit organic sales growth for the balance of fiscal 2011 as sales comparisons become more challenging in the second half of fiscal 2011. Our guidance reflects all cost savings we expect to realize this year from restructuring activities as well as from our Brady Business Performance System initiatives for operational improvements."
Winter sales spark Generac
Waukesha-based Generac Holdings Inc., a designer and manufacturer of backup power generation products, reported fourth quarter net income of $18.6 million, up from $11.9 million in the same period a year ago.
Generac’s quarterly net sales increased 4.6 percent to $161.0 million from $154.0 million a year earlier.
The company’s quarterly net income per common share was 28 cents.
"I am very proud of our accomplishments in 2010 which enabled us to deliver net sales growth for the third consecutive year, generate strong cash flows, and position the Company for growth moving forward," said Aaron Jagdfeld, president and chief executive officer of Generac. "Despite certain headwinds, sales of our residential generators proved resilient throughout the year and we built a strong foundation for the future through the introduction of new products and the addition of new distribution outlets. Sales of our commercial and industrial products rebounded nicely this year and delivered solid double-digit year-over-year growth in the second half of 2010. Throughout the year, we continued to invest in our business by making strong commitments to research and development and through the addition of several key hires in our sales, marketing and service functions. These investments will allow us to maintain our position as the innovation leader in the standby generator market and support our strategic growth initiatives. Our attractive cash flows and stronger balance sheet will provide us the flexibility to drive our business in 2011 and beyond."