For the year, sales to North America, which had the strongest regional growth, were up $31.6 million to $90.0 million. Sales to Europe were up $30.4 million, or 41%, while sales to Asia & Other grew $22.6 million to $146.7 million. Included in sales to Asia & Other in 2010 and 2011 were approximately $29 million and $15 million, respectively, related to the orders from a China-based supplier to the consumer electronics industry. The Company believes that its geographic diversity helps to offset economic impacts that can vary from region to region around the world.Approximately 23% of sales in both the fourth quarter and full year 2011 were from parts and service, which is representative of the typical mix of machine tools and repair parts/service given the large installed base of Hardinge brands around the world.
Hardinge Inc. Reports Net Income Grows 69% On 11% Increase In Sales For Fourth Quarter 2011
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