On Aug. 6, Blount International, Inc., Portland, Ore., announced results for the second quarter ended June 30, 2014.
Sales in the second quarter were $235.4 million, an increase of $15 million or 6.8 percent compared to the second quarter of 2013. Operating income for the second quarter of 2014, which includes $0.5-million facility closure and restructuring charges, was $22.4 million compared to $19.3 million in the same quarter last year. Second quarter net income was $12.3 million, or $0.25 per diluted share, compared to $9.3 million, or $0.19 per diluted share, in the second quarter of 2013.
“We continued to perform well in the second quarter,” stated Josh Collins, Blount’s chairman and CEO. “Additionally, demand continued to increase across nearly all geographic regions. The improved demand and the results of our profit improvement initiatives over the past year have bolstered our confidence that we will achieve or outperform our sales and profit targets for 2014.”
Collins continued, “We are maintaining a strong focus on our Operational Excellence and other targeted cost-reduction initiatives that will continue to enhance our businesses long term. Additionally, our Board of Directors has authorized a share repurchase program that will return cash to shareholders as our balance sheet and leverage levels continue to improve.”
Blount operates primarily in two business segments – the Forestry, Lawn, and Garden (“FLAG”) segment and the Farm, Ranch, and Agriculture (“FRAG”) segment. The company reports separate results for the FLAG and FRAG segments. Blount’s Concrete Cutting and Finishing (“CCF”) business is included in “Corporate and Other.”
For further details, visit www.blount.com.