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MTS Systems' CEO Discusses Q2 2012 Results - Earnings Call Transcript

In Q2, total company orders of $136 million were up strongly, achieving 15% growth year-over-year despite an environment of very modest global economic growth. Growth was Test driven which was up 20%, including one large $5 million order. Sensors was down 4% year-over-year with half the decline due to unfavorable currency comparisons. As we mentioned in our Q1 call, Sensors' order momentum is improving with sequential quarter growth of 7%. For the company in total, base orders were up 10%, a very good result. Finally, our backlog is up 15% year-over-year and another record high.

Now I'd like to provide you with more details by business beginning with Sensors. At $25.7 million, Sensors orders were down 4%, 2 points of which was the result of unfavorable currency in Q2. From a market perspective, the industrial market was down 6%. The weakness was primarily in wind, medical and food packaging machinery similar to Q1. China increased 8% in Q2 versus last year to $3.6 million and is up 16% sequentially, but it was not enough to offset the softness in Europe and the U.S. The mobile hydraulics market grew again in the quarter by 7%. Design wins in construction and agriculture are driving U.S. growth up 33%. Europe declined 7%, primarily due to road building machinery. Geographically, all regions declined, 6% in the Americas, 1% in Europe and 9% in Asia. Backlog was $15.8 million, down 13%.

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