Bucyrus Shocks Street with Bullish Quarter

SOUTH MILWAUKEE, Wisc. (TheStreet) -- Bucyrus(BUCY Quote), the mining equipment manufacturer, said its business grew in the third quarter and posted a profit that blew past Wall Street estimates.

Investors (ahem) dug the news, sending shares of Bucyrus up by more than 13% early in Friday's regular session. The stock was recently changing hands at $47.92 on heavy volume.

After the market close Thursday, Bucyrus posted third-quarter earnings of $92 million, or $1.21 a share, up from $64 million, or 85 cents share, a year ago.

Revenue edged up by 4.6% to $676 million.

Analysts, on average, were expected Bucyrus to earn 82 cents a share on revenue of $634 million in the just-ended period.

The strong results appeared to flow from the company's underground-mining machines. Sales in that division jumped 16% to $216 million. The surface-mining group, on the other hand, benefited more from sales of parts and services than actual machines, Bucyrus said.