Bucyrus International's fourth-quarter profit rose 60 percent as the company continued to benefit from rising demand for mined commodities and its purchase last year of Terex Corp.'s mining equipment business.
Bucyrus's results from the quarter topped expectations and are likely to lend further support for Caterpillar Inc.'s decision to (CAT) buy Bucyrus for $7.6 billion. The Nov. 15 acquisition--the largest in the construction machinery company's history--is expected to be completed by the middle of the year.
For the quarter ended December 31, the Milwaukee, Wis.-based company reported a net profit of $129.9 million, or $1.58 a share, compared with $81.5 million, or $1.09 a share. Sales during the quarter rose 91.6% from a year earlier to $1.24 billion.
Excluding one-time charges and special items, Bucyrus earned $1.71 a share. Analysts surveyed by Thompson Reuters expected the company to earn $1.31 a share from sales of $1.15 billion.
Source: Wall Street Journal