This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Hardinge Inc. Reports Second Quarter Results

Stocks in this article: HDNG

  • Second quarter diluted earnings per share were $0.19 compared with $0.31 in the prior-year period; Non-GAAP diluted earnings per share were $0.34 after adjusting for acquisition related expenses
  • Operating margin improved by 2.9 points to 3.6% of sales over the trailing first quarter; Non-GAAP operating margin was 5.8% after adjusting for acquisition related expenses
  • Cash generated by operations improved to $8.7 million in the second quarter from $3.8 million in the prior-year's second quarter

ELMIRA, N.Y., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Hardinge Inc. (Nasdaq:HDNG), a leading international provider of advanced metal-cutting solutions, reported financial results for its second quarter ended June 30, 2013. Results for the quarter include the operations of Usach Technologies, Inc. ("Usach"), acquired on December 20, 2012, and the Forkardt operations ("Forkardt") since its acquisition on May 9, 2013.

Net sales ("sales") were $80.8 million in the second quarter of 2013, down $5.5 million, or 6%, from sales of $86.3 million in the prior-year's second quarter. The acquisitions contributed $11.1 million of sales to the quarter. The decline in organic business sales was due to the slowed order environment in the latter half of 2012, primarily impacted by the recessionary environment in Europe. When compared with the trailing first quarter, second quarter 2013 sales were up $13.6 million, or 20%, driven by acquisition related sales and strength in Asia.

Net income for the 2013 second quarter was $2.3 million, or $0.19 per diluted share, compared with net income of $3.6 million, or $0.31 per diluted share, in the prior-year's second quarter. Excluding $1.0 million of acquisition related costs and $0.8 million of valuation adjustments for the step-up of acquired inventory, net income would have been $4.0 million, or $0.34 per diluted share.

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs