Chattanooga area companies with international exposure made a tidy profit this quarter, as others struggled to stay afloat amid anemic domestic conditions, analysts said.
“Astec [Industries’] international sales were up 34 percent, but their domestic sales were up zero,” said Jim Campbell, chief investment manager and principal of Campbell Asset Management in Chattanooga.
CBL & Associates Properties Inc. also did well improving its portfolio through several mall sales, and “managing to do well in a difficult retail environment,” which Campbell said investors find attractive.
TEXTBOX:Dow Jones Industrial Average, 2010:End of 3rd quarter – 10,788.05End of 2nd quarter – 9,774.02End of 1st quarter – 10,856.63Source: Yahoo
Campbell was also bullish on floorcovering maker Mohawk Industries, which has raised prices between 5 and 7 percent and also has drastically cut costs, he said, resulting in a 40 percent increase in earnings last quarter.