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Rail News: Financials
7/26/2005
Rail News: Financials
Portec posts record quarter for sales, earnings
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For Portec Rail Products Inc., the second quarter was one for the books.
The supplier and distributor of a broad range of railroad products had record unaudited net income of $1.71 million, a 17.1 percent increase compared with unaudited net income of $1.46 million for the same 2004 period. The supplier recorded net sales of $24.1 million, a 30.3 percent hike compared with second-quarter 2004.
“All six of our business units contributed to the record performance for both the second quarter and first half of 2005, and our new order bookings increased throughout the second quarter,” said President and Chief Executive Officer John Cooper in a prepared statement, citing “particularly strong” track component and friction management products sales.
Continued strength in the North American transportation sector is helping drive the demand for Portec’s products. The supplier also is “seeing more new order activity in our material handling segment at our United Kingdom operation,” Cooper said.
The supplier and distributor of a broad range of railroad products had record unaudited net income of $1.71 million, a 17.1 percent increase compared with unaudited net income of $1.46 million for the same 2004 period. The supplier recorded net sales of $24.1 million, a 30.3 percent hike compared with second-quarter 2004.
“All six of our business units contributed to the record performance for both the second quarter and first half of 2005, and our new order bookings increased throughout the second quarter,” said President and Chief Executive Officer John Cooper in a prepared statement, citing “particularly strong” track component and friction management products sales.
Continued strength in the North American transportation sector is helping drive the demand for Portec’s products. The supplier also is “seeing more new order activity in our material handling segment at our United Kingdom operation,” Cooper said.
