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WHITE PLAINS, N.Y. (AP) â¿¿ Shares of Handy & Harman Ltd. rose Wednesday after the industrial manufacturer said its profit more than doubled in the second quarter on higher silver prices.
Handy & Harman said its profit rose to $16.8 million, or $1.32 per share. A year earlier it reported a profit of $6.3 million, or 52 cents per share. Revenue climbed 19 percent, to $191.2 million from $160.9 million as sales grew at four of its five businesses.
The company said revenue from its precious metals business rose 60 percent to $54.1 million, with greater silver prices responsible for most of the growth. At its engineered materials business, revenue rose 10 percent to $74.2 million on greater sales of commercial roofing products and branded fasteners. Revenue from the Arlon Electronic Materials business rose 20 percent to $21.8 million as it sold more printed circuit board materials to Chinese telecommunications infrastructure companies. Sales from the Kasco meat-room products and maintenance service business rose 11 percent to $16.7 million.
Revenue from the company's tubing business revenue fell 7 percent to $24.5 million on lower sales of specialty products.
The quarter also included a $3.7 million gain from derivatives, contracts based on the financial performance of Handy & Harman's underlying subordinated notes and warrants.
Shares of Handy & Harman shrugged off a large decline in the broad market, rising 83 cents, or 7.1 percent, to close at $12.53 Wednesday.