Magnetek’s sales increase 15 percent during fourth quarter

Freeman Staff

March 12, 2015

MENOMONEE FALLS —During the fourth quarter of 2014, Magnetek reported net sales of $29 million, an increase of 15 percent compared to the same period in 2013, which the Menomonee Falls company attributes mainly to higher sales into material handling and elevator markets.

In addition, the fourth quarter gross margin increased compared to last year’s fourth quarter by more than 400 basis points to 38.5 percent of sales.

Income continuing operations during the fourth quarter, excluding a pension settlement charge was $3.7 million, or $1.01 per share, compared to $0.7 million, or $.22 per share in 2013, according to the announcement.

For fiscal 2014, Magnetek’s total sales were $109.7 million, an increase of 6 percent compared to fiscal 2013, and total year gross margin increased 220 basis points to 36.4 percent of sales.

“We experienced continuing strength in our end markets during the fourth quarter, manufacturing activity in the U.S. remained healthy, and we performed at a very high level in closing the fiscal year. Continued strong demand along with our focus on cost control and efficiency combined to deliver exceptional year-over-year gains in both gross profit and adjusted operating income,” said Peter McCormick, Magnetek’s president and chief executive officer, in a statement.

Magnetek, Inc. manufactures digital power and motion control systems used in material handling, people moving and energy delivery.