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Goulds posts record earnings

Goulds Pumps Inc. today announced all-time-high second-quarter and first-half earnings.
Net earnings for the company were up 18.4 percent at $9.8 million on sales of $197.6 million for the three months ended June 30. Earnings of $17 million for the first six months of the year were up 24.3 percent on sales of $381.2 million.
Second-quarter 1996 new orders held steady as compared with the same period last year at $184.8 million. Orders for the first half of this year were up 3.6 percent at $362.4 million.
Goulds’ stock price, which has fallen some $2 a share in the past 30 days’ jittery market, at midday was up 37 cents at $23.50.
A soft pulp and paper market could portend some slowdown in Goulds’ industrial-products division. The segment showed record gains for the second quarter and first half. But second-quarter orders of $89.4 million were 4.5 percent off second-quarter 1995 numbers.
The company in a prepared statement attributed the dip to pulp and paper manufacturers’ deferral of capital spending in the soft market, but also noted that other sectors are holding steady in capital-equipment spending and that second-quarter orders from the pulp and paper segment were higher than the previous quarter.
Second-quarter earnings and sales for industrial products were up, showing gains of 50.1 percent and 11.6 percent respectively. The company reported second-quarter earnings of $11.6 million on sales of $99 million for the division.
Orders for Goulds’ consumer-pumps water-technologies division picked up, showing an 8.1 percent increase over the first six months of 1995.
Earnings for the period fell 10.9 percent, however, despite record sales of $183.2 million.
The company attributed the earnings slide to higher raw-materials costs during the first three months of 1996 and to the cost of first-quarter management changes in Europe.
Second-quarter earnings for the division were up 5 percent over the same period last year at $9.3 million.
Citing improved gross margins and improved control over European spending, Goulds’ chairman, president and CEO Thomas McDermott released an upbeat statement on the results.
“We believe the momentum generated in the first half of 1996 will continue and result in a good year for our company.”

Goulds posts record earnings

Goulds Pumps Inc. today announced all-time-high second-quarter and first-half earnings.
Net earnings for the company were up 18.4 percent at $9.8 million on sales of $197.6 million for the three months ended June 30.

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