Magnetek revenue increases 5% in second quarter

Freeman Staff

Aug. 4, 2015

MENOMONEE FALLS — Magnetek Inc. reported that during its second quarter it had revenue of $28.3 million, a 5 percent increase from the prior year second quarter sales of $27 million. The Menomonee Falls-based company said its sales of products for material handling applications increased $1.3 million year-over-year to $21.1 million.

Income from continuing operations and earnings per share were both up year-over-year, due to higher sales volume, lower pension expense, and lower tax provisions, according to the report.

As a result, second quarter earnings per share from continuing operations increased 18 percent to $0.87 per share compared to prior year earnings from continuing operations of $0.74 per share.

“Most of our end markets remained healthy throughout our second quarter, and we achieved organic sales growth of 5 percent over last year’s second quarter. We expanded our profit margins on a year-over- year basis, with increased gross profit, operating profit, and net income,” said Peter McCormick, Magnetek’s president and chief executive officer, in a statement.