Dynamic Materials up on higher Q2 profit
Shares of Dynamic Materials Corp. (Nasdaq: BOOM) are higher following news the provider of explosion-welded clad metal plates reported a rise in its second-quarter profit.
The net income for the three months ended June 30 was $5.7 million, or $0.46 per share, up 13% compared with net income of $5.0 million, or $0.41 per share, during the same three months of 2006, the Boulder, Colo.-based company announced after Thursday’s close.
Sales increased 24% to $34.5 million from $27.82 million a year earlier.
Analysts were looking for earnings of $0.42 per share and $33 million in revenues, according to Reuters.
“We are very encouraged by our achievements during the second quarter, which was a period marked both by strong operational performance and robust order volume,” CEO Yvon Cariou said.
Cariou also said that the company’s sales efforts resulted in a sharply higher order backlog, creating supply chain tension.
Dynamic Materials is expanding its facility in Mt. Braddock, Penn., in order to handle the increase in production.
“Most of our new capacity is now on line, and we expect the final equipment will arrive during the third quarter,” Cariou said.
At 3:32 p.m. ET, the stock had added $5.07, or 13%, to $44.28.
