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Brush Engineered Materials Inc. (BW) filed Quarterly Report for the period ended 2011-07-01.
Brush Engineered Materials Inc. has a market cap of $403.2 million; its shares were traded at around $0 with a P/E ratio of 14.2.
This is the annual revenues and earnings per share of BW over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BW.
Highlight of Business Operations:
Gross margin was $62.7 million, or 15% of sales, in the second quarter 2011 compared to $55.9 million, or 17% of sales, in the second quarter 2010. For the first six months of 2011, gross margin was $118.5 million, an improvement of $13.3 million from the $105.2 million of margin generated in the first half of 2010. Gross margin was 15% of sales in the first half of 2011 and 17% of sales in the first half of 2010.
Research and development (R&D) expenses were $2.7 million in the second quarter 2011 compared to $1.8 million in the second quarter 2010. R&D expenses of $5.1 million in the first half of 2011 were $1.6 million higher than the expense of $3.5 million in the first half of 2010. R&D activities have increased in the first half of 2011 in order to help support our growth opportunities.
Operating profit was $20.8 million in the second quarter 2011 compared to $20.5 million in the second quarter 2010 as the margin benefits from the higher sales volumes and other factors were predominately offset by the start-up costs of the new beryllium facility, the costs associated with the company name change, higher retirement benefit plan costs, differences in the LIFO inventory benefit and other items. Operating profit was $38.9 million in the first half of 2011, an improvement of $5.2 million over the operating profit of $33.7 million in the first half of 2010.
Net income was $13.9 million (or $0.67 per share, diluted) in the second quarter 2011 compared to net income of 13.7 million (or $0.67 per share, diluted) in the second quarter 2010. For the first half of 2011, net income was $25.7 million (or $1.23 per share, diluted) versus net income of $20.4 million (or $1.00 per share, diluted) in the first half of 2010.
SG&A, R&D and other-net expenses for this segment were $20.7 million in the second quarter 2011 (7% of sales) compared to $18.1 million (8% of sales) in the second quarter 2010. These expenses totaled $39.1 million (7% of sales) in the first half of 2011, an increase of $2.3 million from expenses of $36.8 million (9% of sales) in the first half of 2010.
Operating profit from Advanced Material Technologies was $10.7 million in the second quarter 2011 compared to $9.2 million in the second quarter 2010. Operating profit was $21.4 million in the first half of 2011, an improvement of $3.7 million over the operating profit of $17.7 million in the first half of 2010. Operating profit was 4% of sales in the first half of 2011 and 2010.
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