It's good to know that the Gehl Company is landing on its feet now that it's laid off its West Bend workforce.
GEHL) said third-quarter earnings rose 30.4% before a gain on the sale of its agricultural implement business.
The West Bend maker of compact farm and construction equipment said income from continuing operations rose to $7.37 million, or 59 cents a share, from $5.65 million, or 52 cents, a year ago. Two analysts surveyed by Zack's Investment research had estimated Gehl would earn 56 cents a share.
Sales rose 13% to $121 million from $107.3 million.
"Our record third-quarter results showed continuous progress as we achieved solid revenue growth and improved gross margins," said Chairman and Chief Executive William D. Gehl.
On April 3, Gehl announced the discontinuation of its agricultural implement product lines. Gehl recorded a loss from discontinued operations of 309,000 and income from the disposal of discontinued operations of $1.28 million, or 8 cents a share, making net income for the recent quarter of $8.35 million, or 67 cents a share. The year-ago earnings included a loss from continuing operations of $594,000, or 5 cents a share, making net income for the 2005 quarter $5.06 million, or 47 cents a share.
It's always best, apparently, to lay off workers when they're cutting in to your profits.