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Hardinge Inc. Reports Earnings Of $4.0 Million For The Third Quarter Of 2012

Stocks in this article: HDNG

Hardinge Inc. (NASDAQ: HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its third quarter 2012.

Net sales (“sales”) were $82.9 million in the third quarter of 2012, down $7.5 million, or 8%, from sales of $90.4 million in the prior-year’s third quarter. Compared with the prior-year quarter, foreign currency translation negatively impacted third quarter 2012 sales by approximately $3.6 million. Excluding the impact of foreign currency translation, sales decreased $3.9 million, or 4%. When compared with the trailing second quarter of 2012, sales were down $3.4 million, or 4%, during the third quarter 2012.

Net income for the third quarter decreased to $4.0 million, down $0.2 million when compared with the prior year’s third quarter. Compared with the trailing second quarter of 2012, net income grew $0.4 million, or 10%. On a per diluted share basis, earnings were $0.34 in the third quarter of 2012 compared with $0.36 in the same period in the prior year and $0.31 in the trailing second quarter of 2012.

Richard L. Simons, Chairman, President and Chief Executive Officer, commented, “We are pleased that our results for the quarter came in as we had expected with $4.0 million of net income and generation of over $5 million of cash from operations.”

Sales by Region

        Quarter Ended
        September 30,       September 30,       June 30,

Sales to Customers in

        2012       % of Total         2011       % Change           2012       % Change  
North America $ 20,161 24 % $ 22,480 (10)% $ 20,735 (3)%
Europe 27,445 33 % 33,293 (18)% 34,028 (19)%
Asia         35,277       43 %         34,616       2%         31,557       12%
Total       $ 82,883       100 %       $ 90,389       (8)%       $ 86,320       (4)%

The economic uncertainty and apparent recession in Europe impacted sales in that region, yet when excluding the negative foreign currency translation impact of $3.7 million, sales in Europe were down $2.2 million, or 7%. In Asia, approximately $9 million of incremental multi-machine sales offset the effects of the decelerating economy in China.

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