Strong Global Demand for Coal Fuels Mining Giant Bucyrus (BUCY)
Maura Lockwood, Cabot Headline News
November 19, 2009
Bucyrus International (BUCY)
,
a south Milwaukee-based maker of mining equipment, has held up well
during the global recession, Investor’s Business Daily reported. More
than half of Bucyrus' revenue comes from the international coal mining
equipment market, while just 26% comes from U.S. coal mining customers.
While
coal production in the U.S. has slowed in part because of environmental
concerns, such concerns in China and India haven't slowed the headlong
rush to coal to fuel industry and generate electricity, according to
IBD. Developing nations are heavy users of other commodities as well,
including copper and iron that are also mined with Bucyrus equipment.
In
its Q3 report, Bucyrus topped analyst estimates for both sales and
earnings. Sales rose 4.6% from a year ago to $675.8 million. Fully
diluted earnings were reported at $1.21, up from 85 cents a year ago.
Gross margins also rose, benefiting from increased production
efficiency, according to IBD.
Bucyrus shares have rallied from a low near 10 in March to more than 50 now. BUCY is a Cabot Top Ten Report stock. ---
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