Wisconsin Manufacturing News

Ladish projects continued growth in 2011; Magnetek reports strong quarter

Ladish projects continued growth in 2011

Ladish Co. reported fourth quarter net earnings of $6.3 million, or 40 cents per share, compared with net income of $6.5 million, or 41 cents per share, in the same period a year ago.

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The Cudahy-based company reported quarterly sales of $104.5 million, up from $83.2 million a year earlier.

The fourth quarter of 2009 had a tax benefit of $3.1 million.

"The 2010 fourth quarter results reflect continued solid performance from each of our operating units," said Gary J. Vroman, Ladish’s president and chief executive officer. "With improved productivity, further investment in tooling and equipment, and a focus on better serving our customers, we have positioned the Company for long-term growth."

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Vroman called 2010 a “transitional year,” with sales up 15% from 2009 levels.

"Fourth quarter pretax income came in at more than 3.5 times the 2009 level, reflecting the impact that better absorption of fixed costs has on our business. Orders of $456 million exceeded shipments, thereby raising our year-end 2010 backlog to $556 million, an increase of 10 percent over 2009," Vroman said.  "Looking ahead to 2011, we are optimistic.  Our internal forecast is for continued growth in our largest served markets."

Magnetek reports strong quarter

Menomonee Falls-based Magnetek Inc. reported fiscal second quarter net income of $1.2 million, or 4 cents per share, which was an improvement over a net loss of $1.2 million, or 4 cents per share, in the same period a year ago.

The company’s quarterly net sales grew to $26.1 million from $19.2 million a year earlier.

"During the second quarter we continued to build on the positive momentum of the past couple of quarters, as evidenced by achieving our highest levels of sales, profit margin and earnings per share since the economic downturn began. Our end markets showed signs of continuing recovery during the quarter, as each of our primary served markets experienced a sales increase over prior year second quarter levels. Total company sales through the first six months of fiscal 2011 are back to pre-recession levels, led mainly by growth in sales of our E-Force wind inverters. Our prospects for continued growth with renewable energy opportunities, combined with expected increasing demand for our traditional products, have us well positioned to outpace overall economic growth rates," said Peter McCormick, Magnetek’s president and chief executive officer. "Recent order rates and backlog levels have remained healthy in both our traditional markets as well as in renewable energy. Current economic data points to a continuing expansion in U.S. manufacturing activity, and as a result, we remain optimistic that conditions will continue to improve in our business throughout fiscal 2011.”

 

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