With 3Q results, Portec cites positives
Written by William C. Vantuono, Editor-in-ChiefPortec Rail Products, Inc. Thursday reported unaudited net income of $1.24 million, or 13 cents per share, for the third quarter, compared with unaudited net income of $2.02 million, or 21 cents per share, in the third quarter of 2009.
The company also said it recorded unaudited net income of $2.56 million, or 27 cents per share, for the nine months ended September 30, 2010, compared with about $5.4 million, or 56 cents per share, for the nine months ended September 30, 2009, respectively.
Results for the three and nine months ended September 30, 2010 include charges of $0.09 and $0.43 per share for expenses related to the proposed merger with L.B. Foster Co., which was announced on February 17.
Net sales for the three months ended September 30, 2010 increased 14.9% to $27.9 million compared to $24.3 million for the same period in 2009. Net sales for the nine months ended September 30, 2010 increased 14.6% to $83.7 million compared to $73.0 million for the same period in 2009. Average basic and diluted shares outstanding were 9.6 million for all periods presented.
Said President and Chief Executive Officer Richard J. Jarosinski, "Excluding merger-related costs incurred this year, our financial results reflect solid performances from nearly all of our product groups. Our track component, load securement, and non-rail United Kingdom material handling product groups have made significant contributions this year while our friction management and wayside data management product groups continue to have solid performances."
He continued, "While the global railway industry conditions in 2010 are not yet what they were prior to the beginning of the economic downturn that began in late 2008, certain market sectors continue to show positive signs for increased railcar loadings and infrastructure investment. Our financial performance this year combined with our record backlog at the end of the third quarter, are signs of continued investment in the rail transportation industry, which we believe will be able to support a rebounding economy over time."
