Bucyrus reaffirms 2008 revenue outlook

Fri Apr 25, 2008 11:06pm BST
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BANGALORE (Reuters) - Mining equipment maker Bucyrus International Inc (BUCY.O: Quote, Profile, Research) reiterated its 2008 revenue outlook on Friday, a day after posting better-than-expected first-quarter results, helped by its acquisition of German company DBT and sales growth in surface mining segment.

In a conference call, the company said it still sees 2008 revenue of $2.35 billion to $2.43 billion.

Analysts on average expected revenue of $2.40 billion, according to Reuters Estimates.

For the first quarter, Bucryrus posted earnings of $41.1 million, or $1.11 a share, compared with $17.9 million, or 57 cents a share, a year ago.

Revenue for the latest first quarter was $517 million.

Analysts on average were expecting earnings of 96 cents a share, before items, on revenue of $551.9 million.

The first quarter includes results from DBT's underground mining operations, from May 2007, the company said in a statement.

Sales in surface mining nearly doubled to $284.1 million, helped by high international commodity prices.

Sales in the underground mining segment dropped from the previous quarter due to lack of raw materials like steel, the company said in the call.  Continued...

 
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