The Energy Equipment Group reported revenues of $167.3 million in the fourth quarter of 2012 compared to revenues of $125.0 million in the same quarter of 2011. Revenues increased compared to the same period in 2011 as a result of higher structural wind tower shipments and increased demand for containers and tank heads. Operating profit for the fourth quarter of 2012 increased to $8.5 million compared to a loss of $0.9 million in the same quarter last year due to manufacturing challenges that negatively impacted the Group's 2011 results. The backlog for structural wind towers as of December 31, 2012 was $680 million compared to $754 million as of September 30, 2012. Approximately $413 million of this backlog is subject to litigation with a customer for the customer's breach of a long-term supply contract for the manufacture of towers.
Revenues in the Construction Products Group were $109.8 million in the fourth quarter of 2012 compared to revenues of $115.2 million in the fourth quarter of 2011. The Group recorded an operating profit of $9.4 million in the fourth quarter of 2012 compared to an operating profit of $11.7 million in the fourth quarter of 2011. The decline in revenues and operating profit for the fourth quarter of 2012 compared to the same period in 2011 was primarily attributable to competitive pricing pressures and higher operating expenses in the Highway Products business offset partially by higher volumes and improved operating efficiencies in the Aggregates business. In December 2012, the Company entered into an agreement to sell its remaining ready-mix concrete operations which have been historically reported as a component of the Construction Products Group. This divestiture, expected to close during 2013, is considered a discontinued operation and, accordingly, the effects of its operations have been excluded from the Construction Products Group for financial reporting purposes.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV