Mine Safety Appliances boosts 2Q profit
PITTSBURGH (AP) — Mine Safety Appliances Co. saw its second-quarter earnings rise 43 percent, topping expectations as sales boomed in emerging markets.
The company, which sells safety gear to mine operators, oil and gas companies and the military, reported net income of $28 million, or 75 cents per share, compared with $19.6 million, or 53 cents per share, a year ago.
Net sales were flat at $294.7 million.
Analysts expected earnings of 67 cents per share on revenue of $299.6 million, according to FactSet.
The company said sales of core products including head gear and breathing equipment rose 10 percent but 18 percent in emerging markets. The figures exclude currency-rate effects.
The company, based in Cranberry Township, Pa., said it increased in gross profit margin by controlling costs.
The stock rose 81 cents, or 2.4 percent, to $35.26 by midday on volume of 81,000 shares. Average daily volume is 148,000.
