Outlook turns upbeat for heavy equipment makers
Oct 29, 2010 | 12:20 PM
| Corinna Petry
Demand for and investment in heavy equipment manufacturing will finish 2010 strong and continue to improve over the next couple of years, according to executives participating in quarterly conference calls over the past week.
Bucyrus International Inc., a Milwaukee-based manufacturer of mining equipment such as trucks, shovels, excavators, draglines and drills, boosted its capital expenditures by nearly 29 percent this year vs. 2009. Sales through September rose 20 percent compared with the same period last year, and order backlogs have increased 35 percent since the end of last year, with new orders in the third quarter alone jumping 63 percent from a year earlier.
"Our backlog increase is a good indication of strong shipments to follow," Bucyrus president and chief executive officer Tim Sullivan said. "Quoting activity remains high. Primarily that's the phenomena of the large mining companies. Sullivan said emerging markets remain strong, but China will see corrections "and some clean-off period" following "hyper" growth activity.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.