This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Hardinge Inc. Reports Net Income Grows 69% On 11% Increase In Sales For Fourth Quarter 2011

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.

Fluctuations in Hardinge’s sales in total and among geographic locations and industries can vary from quarter-to-quarter based on the timing and magnitude of orders and projects. Hardinge does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which the Company believes are more apparent on a trailing twelve-month basis.

Leverage Realized on Higher Sales

Gross profit was $23.1 million, or 25.4% of sales, in the 2011 fourth quarter compared with $19.7 million, or 24.1% of sales, in the same period of the prior year. When compared with the 2011 third quarter gross margin of 28.3%, gross margin was negatively impacted approximately 120 basis points as a result of year-end inventory adjustments and an additional 110 basis points due to product and geographic mix. For the year, gross profit in 2011 was $91 million, or 26.6% of sales, compared with $61.3 million, or 23.8% of sales, in the prior fiscal year as a result of the leverage gained on higher sales volume.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs