Magnetek Raises First Quarter Rev Guidance
Magnetek (NYSE: MAG) today previewed its expected results for the first quarter of transition period 2011, which ended October 2, 2011.
The Company currently expects revenue for the first quarter of transition period 2011 of approximately $29.0 million, roughly equivalent to bookings during the quarter, compared with the Company's previous revenue expectations of $25.0 million to $26.0 million. The Company attributes the better-than-expected quarterly sales and order rates to continuing strength in its industrial markets, primarily for products with material handling and mining applications.
Given the increase in sales volume over the Company's previous revenue expectations, as well as an improvement in the Company's sales mix, the Company further expects to report net income from continuing operations of $.05 to $.06 per share for the first quarter of transition period 2011.
In its prior year fiscal first quarter, ended on October 3, 2010, the Company recorded revenue of $24.9 million and net income from continuing operations of $0.6 million, or $.02 per share.
The Company expects to release final results for the first quarter of transition period 2011 on or around November 16, 2011.
