Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its second quarter 2012.
Net sales (“sales”) were $86.3 million in the second quarter of 2012, down $0.3 million, or 0.4%, from sales of $86.7 million in the prior year’s second quarter. Compared with the prior-year quarter, foreign currency translation negatively impacted second quarter 2012 sales by approximately $2.1 million. When compared with the trailing first quarter of 2012, sales were up $11.7 million, or 16%, during the second quarter 2012.
Net income for the second quarter increased to $3.6 million, up $0.5 million when compared with the prior year’s second quarter. Compared with the trailing first quarter of 2012, net income grew $1.2 million, or 49%. On a per diluted share basis, earnings were $0.31 in the second quarter of 2012 compared with $0.27 in the same period in the prior year and $0.21 in the trailing first quarter of 2012.
Richard L. Simons, Chairman, President and Chief Executive Officer, commented, “Sales to Europe and North America remained stable in the quarter despite economic concerns. Sales to Asia remain challenged by tough comparatives with last year’s surge and a general slowing of growth in that region. Importantly, a favorable product mix resulted in measurable net income growth during the quarter.”Sales Distribution More Balanced Among Geographic Regions
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