Sun Hydraulics (SNHY) Misses Q3 EPS by 1c; Issues Light Profit Outlook
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November 7, 2016 4:55 PM EST
SARASOTA, FL -- (Marketwired) -- 11/07/16 --
Sun Hydraulics Corporation (NASDAQ: SNHY) today reported financial results for the third quarter of 2016 as follows:
(Dollars in millions except net income per share)
October 1, September 26, Increase/
2016 2015 Decrease
------------- ------------- ------------
Three Months Ended
Net sales $ 45.2 $ 48.0 (6)%
Net income $ 5.0 $ 8.4 (41)%
Net income per share:
Basic $ 0.19 $ 0.32 (41)%
Diluted $ 0.19 $ 0.32 (41)%
Nine Months Ended
Net sales $ 147.1 $ 156.4 (6)%
Net income $ 20.2 $ 28.0 (27)%
Net income per share:
Basic $ 0.75 $ 1.05 (29)%
Diluted $ 0.75 $ 1.05 (29)%
"Third quarter sales were slightly below expectations," reported Wolfgang Dangel, Sun's President and CEO. "Overall, global demand declined 6% due to persistent headwinds. Sluggish end... More
November 7, 2016 4:01 PM EST
SARASOTA, FL -- (Marketwired) -- 11/07/16 --
Sun Hydraulics Corporation (NASDAQ: SNHY) has entered into an agreement with Enovation Controls, LLC, an Oklahoma-based and privately held provider of electronic control, display and instrumentation solutions, to acquire its Power Controls (PC) and Vehicle Technologies (VT) lines of business. The acquisition is expected to close in 30 days, subject to regulatory approval and other customary closing conditions.
Key Transaction Highlights:
Acquisition value at initial consideration of $200M and additional earn-out potential of $50M over 27 months
Expected to be immediately accretive to Sun's 2017...
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