United Dominion Earns $95 Million in 2000
FEB 01, 2001
Today, United Dominion announced its earnings for 2000. Net income, before non-recurring items, totaled $94.7 million ($2.42 per share) on sales of $2.4 billion. Earnings per share before non-recurring charges were flat year-over-year on a 10% increase in sales. Per share results for the year were calculated on 39.1 million shares outstanding, compared to 39.6 million shares last year.
Non-recurring items totaled $38.2 million, net of tax, and included restructuring charges, expenses related to actions involving the possible sale of the company, and costs associated with the December retirement of the company's long-time chief executive officer, William R. Holland. After non-recurring charges, the company reported net income of $56.6 million, or $1.45 per share. This compares to reported net income in 1999 of $86.3 million, or $2.18 per share.
2000 was a challenging year for the company," said Glenn A. Eisenberg, president and chief operating officer. "Poor results at Marley Pump were exacerbated by our inability to address its operating issues on a timely basis due to an extended dispute with the U.S. Justice Department over its efforts to block a planned joint venture. Combined with the impact of the weak Euro, these factors accounted for a 30-cents per share decline in earnings. Even though we did experience some softness in the petrochemical and infrastructure markets, we were very pleased with strong results at most of our larger divisions including Marley Engineered Products, Weil-McLain, Waukesha Cherry-Burrell, Lunaire/LDS, Test Measurement, and Dock Products. Results in local currencies for our Compaction Equipment and Bran+Luebbe divisions were excellent as well, but the weak Euro depressed those results when translated into U.S. dollars."
Source: SPX Corporation