Hardinge (HDNG) Misses Q2 EPS by 5c; Sees Stronger Second Half
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Hardinge (NASDAQ: HDNG) reported Q2 EPS of $0.06, $0.05 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $70.2 million versus the consensus estimate of $80 million.
Richard L. Simons, President and Chief Executive Officer, commented, “We achieved better than break-even net income at just $70 million in revenue for the quarter. This low level of revenue reflects the impact of the weak global economy on the machine tool market. Our improved earnings capability was a direct result of savings generated by our restructuring program which we began in September of last year."
He added, “We expect that the second half of 2016 will have stronger sales than the first half. We are pleased with a higher order level in the second quarter, but we remain cautious with our near-term outlook. Nonetheless, we are somewhat encouraged by early indications of strong participation at the International Manufacturing Technology Show (“IMTS”) in Chicago this September. Over the long term, we believe we can expand our market share with our ability to provide customization of machine tools and workholding products for our customers that meet the rigorous requirements of their applications. We also expect demand for machine tools will grow over time as automation of manufacturing processes continues to evolve and precision manufacturing requirements expand globally.”
For earnings history and earnings-related data on Hardinge (HDNG) click here.
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