Bucyrus International Surges On Big 3Q Revenue

NEW YORK (AP) — Bucyrus International Inc. surged Friday, a day after the mining equipment maker posted third-quarter revenue that beat analyst estimates due to an unexpectedly high number of new orders.

After the market closed Thursday, the South Milwaukee, Wis., company reported revnue rose to $675.8 million in the July-September quarter compared with $646 million a year ago.

Analysts expected revenue of $623.4 million, according to a Thomson Reuters survet.

"We are particularly encouraged by robust new awards much greater than our expectations," Barclays analyst Andy Kaplowitz said.

Sterne Agee analyst Nicholas P. Heymann on Friday raised his target price to $60 from $41, saying the company's "significant order growth confirms rising confidence for global mining companies."

He also reiterated his "Buy" rating on the shares "as we believe higher production rates at mines will drive aftermarket revenues and stabilize lower original equipment orders over the next six months."

In afternoon trading, shares jumped $5.73, or 13.5 percent, to $48.26.