Sun Hydraulics Reports Strong First Quarter Results With Sales of $55 Million and Earnings of $0.41 per Share
(firmenpresse) - SARASOTA, FL -- (Marketwire) -- 05/07/12 -- Sun Hydraulics Corporation (NASDAQ: SNHY) today reported financial results for the first quarter of 2012 as follows:
"First quarter sales and earnings rebounded nicely after a soft fourth quarter," said Allen Carlson, Sun's CEO and president. "Results were driven by strong North American demand, which was responsible for most of the year-over-year first quarter increase in both sales and earnings. Asian and European sales, which decreased in the second half of 2011, rebounded to first quarter 2011 levels. European sales were consistent with last year despite non-recurring sales of about $1.8 million relating to a onetime project in the prior year."
"As we announced in January, we have begun site work for a third factory in Sarasota," Carlson continued. "Total spending for site work and the building in 2012 will be approximately $6 million. The new capacity is expected to be completed in the first half of 2013, with a total expenditure of $16 million. This expansion will provide the infrastructure necessary for Sun's future growth
"North American demand continues to drive our second quarter forecast," Carlson concluded. "European and Asian demand is expected to be stable in the second quarter. The first half of 2012 will be strong. The 54.8 PMI number announced last week indicates the U.S. manufacturing sector's expansion, in place now for 33 months, is continuing. This signals a good environment for accelerated growth in the second half of 2012."
Second quarter 2012 revenues are expected to be approximately $56 million, up approximately 2% from the second quarter of 2011. Earnings per share are estimated to be $0.41 to $0.43, compared to $0.41 in the same period a year ago.
Sun Hydraulics Corporation will broadcast its 2012 first quarter financial results conference call live over the Internet at 9:00 A.M. E.T. tomorrow, May 8, 2012. To listen to the webcast, go to the Investor Relations section of .
If an individual wishes to ask questions directly during the webcast, the conference call may be accessed by dialing 1-888-278-8471 and using 3117204 as the access code. Questions also may be submitted to the Company via email by going to the Sun Hydraulics website, , and clicking on Investor Relations on the top menu. Scroll down to the bottom of the page and click on contact email: , which will open an email window to type in your message. Sun management will then answer these and other questions during the Company's webcast. A copy of this earnings release is posted on the Investor Relations page of our website under "Press Releases."
Sun Hydraulics Corporation is a leading designer and manufacturer of high performance screw-in hydraulic cartridge valves and manifolds for worldwide industrial and mobile markets. For more information about Sun, please visit our website at .
FORWARD-LOOKING INFORMATION
Certain oral statements made by management from time to time and certain statements contained herein that are not historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and, because such statements involve risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements, including those in Management's Discussion and Analysis of Financial Condition and Results of Operations are statements regarding the intent, belief or current expectations, estimates or projections of the Company, its Directors or its Officers about the Company and the industry in which it operates, and assumptions made by management, and include among other items, (i) the Company's strategies regarding growth, including its intention to develop new products; (ii) the Company's financing plans; (iii) trends affecting the Company's financial condition or results of operations; (iv) the Company's ability to continue to control costs and to meet its liquidity and other financing needs; (v) the declaration and payment of dividends; and (vi) the Company's ability to respond to changes in customer demand domestically and internationally, including as a result of standardization. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that the anticipated results will occur.
Important factors that could cause the actual results to differ materially from those in the forward-looking statements include, among other items, (i) the economic cyclicality of the capital goods industry in general and the hydraulic valve and manifold industry in particular, which directly affect customer orders, lead times and sales volume; (ii) conditions in the capital markets, including the interest rate environment and the availability of capital; (iii) changes in the competitive marketplace that could affect the Company's revenue and/or cost bases, such as increased competition, lack of qualified engineering, marketing, management or other personnel, and increased labor and raw materials costs; (iv) changes in technology or customer requirements, such as standardization of the cavity into which screw-in cartridge valves must fit, which could render the Company's products or technologies noncompetitive or obsolete; (v) new product introductions, product sales mix and the geographic mix of sales nationally and internationally; and (vi) changes relating to the Company's international sales, including changes in regulatory requirements or tariffs, trade or currency restrictions, fluctuations in exchange rates, and tax and collection issues. Further information relating to factors that could cause actual results to differ from those anticipated is included but not limited to information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 10-Q for the quarter ended March 31, 2012, and under the heading "Business" and particularly under the subheading, "Business Risk Factors" in the Company's Form 10-K for the year ended December 31, 2011. The Company disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Richard K. Arter
Investor Relations
941-362-1200
Tricia Fulton
Chief Financial Officer
941-362-1200
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 07.05.2012 - 21:00 Uhr
Sprache: Deutsch
News-ID 143515
Anzahl Zeichen: 0
contact information:
Town:
SARASOTA, FL
Kategorie:
Machinery & Tools
Diese Pressemitteilung wurde bisher 273 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Sun Hydraulics Reports Strong First Quarter Results With Sales of $55 Million and Earnings of $0.41 per Share"
steht unter der journalistisch-redaktionellen Verantwortung von
Sun Hydraulics Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
