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Brush Engineered Materials Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 5, 2010 03:19PM

Brush Engineered Materials Inc. (BW) filed Quarterly Report for the period ended 2010-10-01. Brush Engineered Materials Inc. has a market cap of $692.9 million; its shares were traded at around $35.21 with a P/E ratio of 29.3 and P/S ratio of 0.9.

BW is in the portfolios of John Keeley of Keeley Fund Management, Mario Gabelli of GAMCO Investors, Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Sales of $325.3 million in the third quarter 2010 grew $134.8 million, or 71%, from sales of $190.5 million in the third quarter 2009. For the first nine months of the year, sales of $946.3 million in 2010 were 89% higher than sales of $500.0 million in 2009.

Selling, general and administrative (SG&A) expenses totaled $31.6 million in the third quarter 2010 compared to $21.5 million in the third quarter 2009. SG&A expenses of $92.6 million (10% of sales) in the first nine months of 2010 were $27.9 million higher than the expenses of $64.7 million (13% of sales) in the first nine months of 2009. The increased dollar amount of SG&A expenses in the third quarter and first nine months of the year was primarily due to the impact of the expenses incurred by Barr and Academy, incentive compensation expense, higher operating levels and other factors.

Net income was $13.4 million (or $0.65 per share, diluted) in the third quarter 2010 compared to a net income of $0.1 million (or $0.01 per share, diluted) in the third quarter 2009. For the first nine months of the year, we generated a net income of $33.8 million (or $1.65 per share, diluted) in 2010 and a net loss of $8.8 million (or $0.44 per share, diluted) in 2009.

Sales from Advanced Material Technologies and Services of $214.8 million in the third quarter 2010 were 68% higher than sales of $127.9 million in the third quarter 2009 while sales in the first nine months of the year grew $311.4 million, or 97%, from $320.3 million in 2009 to $631.7 million in 2010. The higher sales resulted from a combination of organic growth from the existing operations, the two acquisitions and a higher metal price pass-through.

The gross margin on Advanced Material Technologies and Services’ sales was $27.2 million (13% of sales) in the third quarter 2010 compared to $18.7 million (15% of sales) in the third quarter 2009. Gross margin of $81.6 million in the first nine months of 2010 was a $32.9 million improvement over the gross margin of $48.7 million in the first nine months of 2009. Gross margin was 13% of sales in the first nine months of 2010 and 15% of sales in the first nine months of 2009.

Advanced Material Technologies and Services generated an operating profit of $9.0 million in the third quarter 2010 and $8.5 million in the third quarter 2009. Operating profit of $26.7 million in the first nine months of 2010 was a $9.1 million improvement over the $17.6 million operating profit in the first nine months of 2009. Operating profit was 4% of sales in the first nine months of 2010 and 6% of sales in the first nine months of 2009. Both Barr

Read the The complete Report



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