EARNINGS: Gorman-Rupp grabs record quarterly net sales
At over $52 million, pump makers sales are up 5.3% despite lower earnings. Northwest Pipe enjoys more than doubles net income. Sales at Pentair also are up 45%. See results as well for Clean Harbors Inc., Coca-Cola FEMSA, Tetra Tech Inc., California Water Service Group, Kaydon Corp., Itron Inc., Consolidated Water Co. Ltd., Great Lakes Chemical Corp., Crane Co., National Waterworks Inc., United States Antimony, Badger Meter Inc. and Devcon International Corp...
MANSFIELD, OH, April 28, 2005 (BUSINESS WIRE/PRNewswire-First Call) -- Financial results were announced recently for the following: Gorman-Rupp, Clean Harbors Inc., Coca-Cola FEMSA, Tetra Tech Inc., California Water Service Group, Northwest Pipe Co., Kaydon Corp., Pentair Inc., Itron Inc., Consolidated Water Co. Ltd., Great Lakes Chemical Corp., Crane Co., National Waterworks Inc., United States Antimony, Badger Meter Inc. and Devcon International Corp.
Mansfield, Ohio's Gorman-Rupp Company reports record net sales of $52,037,000 during the first quarter ended March 31 compared to $49,431,000 in the same period in 2004 -- an increase of 5.3%. Net income was $1,654,000 compared to $2,207,000 in 2004.
Record sales during the first quarter 2005 reflected a continuation of positive signs of growth in the economy and the expansion of the capital goods market. The benefit from this on first quarter 2005 margins and earnings continued to be impacted by lower operating results at the company's wholly-owned subsidiary, Patterson Pump Company. Principal factors contributing to these operating results were start-up costs associated with a new line of pumps and pump systems for the heating, ventilating and air-conditioning market and the ability to pass on price increases for such items as steel. But good acceptance of new products and projected increases in shipments of fabricated components and fire pumps during the second half of 2005 should improve Patterson's operating results.
A record $89.0 million in backlog of orders as of March 31 reflects a 57.6% increase from the backlog a year ago and is 29% higher than the $69 million backlog on Dec. 31, 2004.
In March 2005 Gorman-Rupp acquired a submersible pump line from a private European company, the addition of which will complement and expand its family of pumps currently offered to international markets.
The Gorman-Rupp Company is a manufacturer of pumps and related equipment for water, wastewater, construction, industrial, petroleum, original equipment, agricultural, fire and government applications.
Clean Harbors Inc., of Braintree, Mass., a provider of environmental and hazardous waste management services in North America, announced financial results for the first quarter ended March 31 that show 16% revenue growth and 149% growth in income from operations. Revenues rose to $165.0 million from $142.8 million in year ago period. Net income of $4.8 million for the quarter compared to $2.8 million in 2004.
Mexico City's Coca-Cola FEMSA S.A. de C.V., the largest Coca-Cola bottler in Latin America and second-largest in the world in sales volume, reported the following results for the first quarter 2005: 1) Total revenues up 1.5% to 11,230 million pesos (Ps.) [US$1.011 billion], with increases in Brazil, Argentina, Colombia and Venezuela more than offsetting declines in Mexico and Central America; 2) consolidated majority net income was Ps. 695 million [US$62.55 million], a decrease of 23.3%, which was mainly due to non-operating factors.
Announcing plans to exit the wireless communications business, Tetra Tech Inc., a Pasadena, Calif.-based provider of consulting, engineering and technical services, reported results for its second quarter ended April 3 that included a net loss of $123.8 million compared to net income of $13 million for the same period last year. Revenue for the quarter was $292.8 million, down 11.6% over revenue of $331.4 million for the same period last year, primarily due to wireless contract adjustments. Revenue for the six months was $641.2 million, down 4.1% from $668.5 million for fiscal 2004. Including a non-cash impairment charge of $105.6 million, the net loss for the first six months of fiscal 2005 was $115.9 million compared to net income of $26 million a year earlier.
San Jose's California Water Service Group announced net income of $0.7 million for the first quarter of 2005, compared to net income of $1.4 million for the period in 2004. Revenue was basically flat for the quarter at $60.3 million. Rate increases added $2.0 million to revenue and sales to new customers added $0.8 million, but higher than average precipitation resulted in a $2.8 million decline in sales to existing customers.
Portland, Ore.'s Northwest Pipe Company today reported first quarter 2005 results included sales of $78.8 million compared to $66.7 million a year earlier - an 18% increase. Net income was $2.6 million vs. $1.1 million in the prior year period. Sales in the Water Transmission Group were $56.0 million in the first quarter of 2005, compared to $36.3 million for the first quarter last year. The gross profit for this Group was $10.3 million, or 18.4% of sales, compared to $6.6 million, or 18.3% of sales, last year.
Aided by its January acquisition of Purafil Inc., sales increased 13.4% to $94.5 million, on strengthened demand across most product lines for Kaydon Corp. The Ann Arbor, Mich., company also noted that financial results for the first quarter ended April 2 included order entries up 26.5%, and quarter-end backlog up 36.3% compared to the first quarter of 2004. First quarter net income, meanwhile, rose 11.0% to $9.9 million from $8.9 million in 2004. Kaydon acquired Purafil for $42.7 million.
Pentair Inc., of Golden Valley, Minn., reported a 45% sales increase, a 50% jump in earnings per share and a 50 basis point margin gain in financial results for the first quarter of 2005. Net sales totaled $709.6 million, up from $488.5 million in the same period a year ago. Organic sales -- removing the effects of acquisitions and excluding favorable foreign currency exchange -- grew about 5%. Operating income for the first quarter totaled $76.4 million, 52% greater than the $50.1 million reported in the same period last year. The Water Group enjoyed first quarter 2005 sales of $512.1 million, 63% higher than the $314 million recorded in the same period last year. Strong Asian sales and improved North American sales of pumps, and foodservice, marine and recreational vehicle filtration sales drove organic growth. This growth was somewhat offset by the contraction of sales in Europe, resulting in organic growth for the Water Group in the low single digits. Integration of the former WICOR businesses proceeded as expected during the quarter with 10 facilities closed or consolidated to date, and another five closings or consolidations in progress. In February, Pentair also completed construction of a water products manufacturing facility near the campus of Pentair's existing operations in Reynosa, Mexico, and production began in March. Operations at the new facility will continue to ramp-up throughout 2005.
Spokane, Wash.'s Itron Inc. reports revenues of $116.5 million in strong first quarter 2005 results for the period ending March 31. This compares with $65.6 million in the first quarter of 2004. The majority of the increase results from the Electricity Metering acquisition completed July 1, 2004 - the unit enjoyed $54.1 million in revenues for the quarter. Software Solutions revenues were $12.7 million in the quarter, up from $10.9 million in the first quarter of last year. On a GAAP basis, net income was $817,000 for the quarter, compared with a net loss in the first quarter of 2004 of $738,000. The company shipped about 935,000 automatic meter reading (AMR) modules in the first quarter of 2005 compared with 820,000 in the first quarter of 2004.
Consolidated Water Co. Ltd., the George Town, Cayman Islands, outfit that develops and operates seawater conversion plants and water distribution systems in areas where natural supplies of drinking water are scarce, reported a 27% jump in EPS and 22% increase in total revenue to $23.3 million for the 12 months ended Dec. 31, 2004, compared to $19.1 million a year earlier. Net income rose 48% to a record $6,197,383 vs. $4,177,081 in 2003.
Indianapolis' Great Lakes Chemical Corp. announced first quarter 2005 net sales from continuing operations of $420.4 million, a 17% increase, compared to $358.1 million in the period in 2004. It reported net income of $12.5 million for the first quarter 2005, compared to a loss of $5.0 million for the period in 2004. Included in the results is a net after-tax benefit of $3.2 million for certain significant items that include an insurance recovery from property loss due to a warehouse fire at the company's Conyers, Ga., complex in 2004, offset by additional fire-related costs, as well as expenses associated with its planned merger with Crompton Corp.
Crane Co., of Stamford, Conn., reported first quarter 2005 sales increased 13% to $507.1 million, operating profit increased 8% to $41.9 million and 14% higher EPS. Net income rose to $25.0 million compared with $22.2 million reported in the first quarter 2004. In its Fluid Handling Segment, first quarter sales increase of $24.7 million, or 12%, to $228.6 million, including $17.3 million (8%) from core businesses and $7.4 million (4%) from favorable foreign currency translation. Valve Group sales of $124.7 million increased $11.3 million, or 10%, from the prior year. Excluding favorable foreign currency translation of $3.5 million, sales increased $7.8 million (7%) from generally stable to improving industrial valve market demand and customer price increases. Crane Pumps & Systems sales of $23.9 million increased $1.5 million, or 7%, reflecting price increases and continued strength in the professional plumbing market. Crane Supply sales of $35.5 million increased $7.2 million, or 25%, from continued strong demand for core pipe and fitting products, particularly in the commercial construction, industrial maintenance, repair and overhaul ("MRO"), mining and petrochemical segments (16%) and favorable foreign currency translation (9%). The segment's backlog was $200.6 million at March 31 compared with $183.2 million at Dec. 31 and $164.0 million at March 31, 2004. The Controls Segment had sales of $20.5 million, up 22% from a year earlier.
WACO, Texas' National Waterworks Inc., a U.S. distributor of water and wastewater transmission products, announced net sales for the three months ended March 25 had increased $59.4 million, or 21.2%, to $339.4 million from $280.0 million for the 2004 period. The increase reflects the significant price increases on pipe, including PVC pipe, as well as increased volume and prices for most other major product lines. Net income was $9.3 million compared to $5.7 million in the first quarter of 2004.
United States Antimony, of Thompson Falls, Mont., reports a major interest in use of product of its wholly owned subsidiary Bear River Zeolite as a filter media to replace sand, sand and anthracite, and multi-media in swimming pool, drinking water, wastewater, industrial water, stormwater, and in reverse osmosis filtration plants. First quarter 2005 zeolite sales were a record compared to other first quarters. March sales also hit a record for any one-month of 1,865 tons. This is on top of a 126% increase in sales in 2004.
Celebrating its 100th anniversary on March 9, Milwaukee's Badger Meter Inc. reported record sales, earnings and earnings per share for the first quarter. Net sales rose 9.7% to $54,432,000 from $49,602,000 for the same period in 2004. Net earnings were $3,556,000, a 41.7% increase from $2,450,000 for the prior year period.
Deerfield Beach, Fla.'s Devcon International Corp. reported an increase of $19.3 million in net income to $10.6 million for the year ended Dec. 31, compared to a net loss of $8.6 million for the previous year. In 2004, revenue increased $13.8 million to $69.2 million, a 25% increase vs. $55.3 million in 2003.