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Lufkin reports buoyant second quarter
Pump Industry Analyst
STRONG SECOND QUARTER FOR FMC FMC Corporation’s second quarter results saw sales of US$lS billion, up 16 per cent from US$1.3 billion last year. After-tax income from continuing operations of US$73 million increased 27 per cent compared with US$57 million in last year’s quarter. Earnings per share from continuing operations were US$l.90 in the second quarter 1997 compared with US$1.5 1 in the 1996 period. According to FMC chairman and chief executive officer Robert N Burt, the second quarter results reflect strong performance in several businesses. Burt added that the efforts to integrate acquisitions and earn a payback on recent investments were gaming momentum. Machinery and Equipment sales of US$505 million increased 36 per cent from US$371 million in 1996. Profits of US$31 million were up 70 per cent from last year’s quarter, with substantial contributions from petroleum equipment and food machinery.
LUFKIN REPORTS BUOYANT SECOND QUARTER L&kin Industries Inc’s second quarter results saw sales rise 24 per cent to US$68.7 compared with million US$55.6 million in the second quarter a year ago. Sales increased 60 per cent to US$18.7 million for oilfield products; trailer products increased 49 per cent to US$23.9 million; foundry products increased 8 per cent to US$8.4 million; and power transmission products decreased 11 per cent to US$17.7 million. Net earnings for the second quarter increased 33 per cent to US$3.9
July 1997
million compared with US$2.9 million in the second quarter last year.
A0 SMITH SEES EARNINGS SOAR A0 Smith Corporation has announced second quarter 1997 net earnings from continuing operations of US$11.7 million or US$O.62 per share, 60 per cent higher than the US$7.3 million earned in the second quarter last year. Sales for the quarter ended 30 June increased nearly nine per cent to US$224.9 million, compared with sales of US$206.5 million during the same period in 1996. The Electric Motor Technologies division continues to suffer the effects of an abnormally cool summer which is depressing sales of air conditioners and swimming pool pumps. Hermetic motor and fractional horsepower motor sales were flat quarter over quarter, while pump motor sales declined. A0 Smith Corporation is a Milwaukee-headquartered diversified manufacturer, whose major product lines include fractional horsepower, hermetic and subfractional horsepower electric motors; residential and commercial water heaters; municipal, industrial and agricultural storage tanks; and fibreglass piping systems. FRANKLIN ELECTRIC IN STOCK REPURCHASE PROGRAM Franklin Electric Co Inc’s board of directors has authorised the repurchase of up to 500 000 shares of its common stock or approximately 8 per cent of its outstanding shares, subject to certain conditions and limitations.
The company completed a previously authorised repurchase of 500 000 shares earlier this year. William H Lawson, Franklin Electric’s chairman and chief executive officer, said that they continue to believe that a repurchase program represents an attractive use of the company’s excess cash which will benefit both the shareholders and the corporation. Purchases will be made using various means, at such times and at such prices as management may decide. Franklin Electric is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty motors and electronic products for residential, industrial and municipal applications.
COORS CERAMICS TO ACQUIRE TETRAFLUOR Coors Ceramics Company, a subsidiary of ACX Technologies Inc, has entered into an agreement to purchase the assets and business of Tetrafluor Inc, located in El Segundo, California. Privately held Tetrafluor had 1996 revenues of approximately US$14 million and manufactures sealing systems for use in aerospace, industrial and transportation applications.
SKF PREDICTS RISE IN DEMAND Despite announcing a 27 per cent drop in first half profits, SKF of Sweden, the world’s largest bearing company, foresees improving markets and rising sales in western Europe for the second half of the year. SKF’s consolidated income, after financial income and expense, in the first half of 1997 amounted to SKrl103million,
down from SKr1475 million reported in the first half of 1996. Group operating income for the period under review was SKr1557 million, compared with SKr1657 million in the year-earlier period. Group sales during the first six months of 1997 amounted to SKrl8 747 million, an increase of 7 per cent, reflecting a volume increase, price and mix changes and currency fluctuations. In terms of bearings, operating income for rolling bearings in the first half of 1997 was SKr1244 million, while sales reached SKr16 201 million. In Europe, the largest increase in industrial sales occurred in the Scandinavian countries and in France and Spain. The growth in Italy and the UK was slower, however. The German market saw rising demand, driven by industrial exports and investments. Sales to customers in the machinery segments in the North American market continued positively as did sales to the industrial after-market, but at a slower pace. In terms of seals, operating income for seals in the first half of 1997 reached SKr202 million, while sales were SKr1928 million. Strikes at automotive plants in the USA resulted in a certain reduction in the volume of sales but this was more than offset by increased sales tomanufacturers of farming and construction equipment, as well as to the industrial aftermarket. The valve stem seals segment performed well and an initial order from Daewoo in Korea was secured during the second quarter. The comprehensive cost-reduction program implemented at CR Elastomere in Germany helped to improve earnings.
STRONG SECOND QUARTER FOR FMC FMC Corporation’s second quarter results saw sales of US$lS billion, up 16 per cent from US$1.3 billion last year. After-tax income from continuing operations of US$73 million increased 27 per cent compared with US$57 million in last year’s quarter. Earnings per share from continuing operations were US$l.90 in the second quarter 1997 compared with US$1.5 1 in the 1996 period. According to FMC chairman and chief executive officer Robert N Burt, the second quarter results reflect strong performance in several businesses. Burt added that the efforts to integrate acquisitions and earn a payback on recent investments were gaming momentum. Machinery and Equipment sales of US$505 million increased 36 per cent from US$371 million in 1996. Profits of US$31 million were up 70 per cent from last year’s quarter, with substantial contributions from petroleum equipment and food machinery.
LUFKIN REPORTS BUOYANT SECOND QUARTER L&kin Industries Inc’s second quarter results saw sales rise 24 per cent to US$68.7 compared with million US$55.6 million in the second quarter a year ago. Sales increased 60 per cent to US$18.7 million for oilfield products; trailer products increased 49 per cent to US$23.9 million; foundry products increased 8 per cent to US$8.4 million; and power transmission products decreased 11 per cent to US$17.7 million. Net earnings for the second quarter increased 33 per cent to US$3.9
July 1997
million compared with US$2.9 million in the second quarter last year.
A0 SMITH SEES EARNINGS SOAR A0 Smith Corporation has announced second quarter 1997 net earnings from continuing operations of US$11.7 million or US$O.62 per share, 60 per cent higher than the US$7.3 million earned in the second quarter last year. Sales for the quarter ended 30 June increased nearly nine per cent to US$224.9 million, compared with sales of US$206.5 million during the same period in 1996. The Electric Motor Technologies division continues to suffer the effects of an abnormally cool summer which is depressing sales of air conditioners and swimming pool pumps. Hermetic motor and fractional horsepower motor sales were flat quarter over quarter, while pump motor sales declined. A0 Smith Corporation is a Milwaukee-headquartered diversified manufacturer, whose major product lines include fractional horsepower, hermetic and subfractional horsepower electric motors; residential and commercial water heaters; municipal, industrial and agricultural storage tanks; and fibreglass piping systems. FRANKLIN ELECTRIC IN STOCK REPURCHASE PROGRAM Franklin Electric Co Inc’s board of directors has authorised the repurchase of up to 500 000 shares of its common stock or approximately 8 per cent of its outstanding shares, subject to certain conditions and limitations.
The company completed a previously authorised repurchase of 500 000 shares earlier this year. William H Lawson, Franklin Electric’s chairman and chief executive officer, said that they continue to believe that a repurchase program represents an attractive use of the company’s excess cash which will benefit both the shareholders and the corporation. Purchases will be made using various means, at such times and at such prices as management may decide. Franklin Electric is the world’s largest manufacturer of submersible electric motors and a leading producer of engineered specialty motors and electronic products for residential, industrial and municipal applications.
COORS CERAMICS TO ACQUIRE TETRAFLUOR Coors Ceramics Company, a subsidiary of ACX Technologies Inc, has entered into an agreement to purchase the assets and business of Tetrafluor Inc, located in El Segundo, California. Privately held Tetrafluor had 1996 revenues of approximately US$14 million and manufactures sealing systems for use in aerospace, industrial and transportation applications.
SKF PREDICTS RISE IN DEMAND Despite announcing a 27 per cent drop in first half profits, SKF of Sweden, the world’s largest bearing company, foresees improving markets and rising sales in western Europe for the second half of the year. SKF’s consolidated income, after financial income and expense, in the first half of 1997 amounted to SKrl103million,
down from SKr1475 million reported in the first half of 1996. Group operating income for the period under review was SKr1557 million, compared with SKr1657 million in the year-earlier period. Group sales during the first six months of 1997 amounted to SKrl8 747 million, an increase of 7 per cent, reflecting a volume increase, price and mix changes and currency fluctuations. In terms of bearings, operating income for rolling bearings in the first half of 1997 was SKr1244 million, while sales reached SKr16 201 million. In Europe, the largest increase in industrial sales occurred in the Scandinavian countries and in France and Spain. The growth in Italy and the UK was slower, however. The German market saw rising demand, driven by industrial exports and investments. Sales to customers in the machinery segments in the North American market continued positively as did sales to the industrial after-market, but at a slower pace. In terms of seals, operating income for seals in the first half of 1997 reached SKr202 million, while sales were SKr1928 million. Strikes at automotive plants in the USA resulted in a certain reduction in the volume of sales but this was more than offset by increased sales tomanufacturers of farming and construction equipment, as well as to the industrial aftermarket. The valve stem seals segment performed well and an initial order from Daewoo in Korea was secured during the second quarter. The comprehensive cost-reduction program implemented at CR Elastomere in Germany helped to improve earnings.