LiuGong Machinery, a China-based construction equipment manufacturer, announced first quarter earnings, reporting $93.35 million in net profit on $905.58 million total sales revenue. This represents nearly a 72% increase in revenue from the same period the previous year.
After posting record profits for 2010, LiuGong shows no slowdown of its pace of sales as it enters 2011. LiuGong executives noted total 2011 first quarter profits were $111.15 million. The company reported $.12 in earnings per share.
Company performance outstripped first quarter 2010’s reported figures by a huge margin. During the same time last year, LiuGong had reported $507.02 million in total sales revenue.
Company Vice Chairman and President Zeng Guang’an said LiuGong’s careful study and implementation of global best practices in management is paying off.
“We work on meeting our strategic plans, and our many years of pursuing Six Sigma quality processes are reaping dividends for LiuGong. The quality of our machines continues to impress customers,” Zeng said. “Growth worldwide continues because we put in place our support network for customer service, dealers and parts logistics before we enter a market. A LiuGong customer receives superior support and our machines have gained a reputation for value and extreme durability.”
LiuGong employs more than 13,000 workers including more than 750 R&D engineers, and the company produces more than 60,000 machinery units annually. It offers a full line of machines, including wheel loaders, bulldozers, backhoes, skid steers, forklifts, graders, excavators, rollers, truck mounted and crawler cranes, and pavers.