Sun Hydraulics (SNHY) Misses Q3 EPS by 2c, Revenues Miss; Lowers FY18 Revenue Guidance Below Consensus

Sun Hydraulics (NASDAQ: SNHY) reported Q3 EPS of $0.44, $0.02 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $135.8 million versus the consensus estimate of $141.42 million.

Mr. Dangel stated, “Due to continued strong order rates, we are able to narrow our guidance in the Electronics segment to the high end of previous guidance. For Hydraulics, we are reducing our revenue guidance for the year based on a few factors: 1) our shipment outlook which has been temporarily dampened due to the CVT site consolidation project, 2) slower growth rates in the agriculture market, and 3) currency impact of the strong U.S. dollar relative to the Euro and Australian Dollar. Demand continues to be strong globally even as agriculture shows signs of some slowdown from the high growth we have experienced. Further, refinement of our operating margin guidance was warranted based on the current dynamics impacting our top line revenue and operations. Over the year, our cost structure has shifted resulting from inflationary material costs which are further exacerbated by recent tariffs.”

GUIDANCE:

Sun Hydraulics sees FY2018 revenue of $500-507 million, versus the consensus of $515.05 million.

For earnings history and earnings-related data on Sun Hydraulics (SNHY) click here.

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