Asia, U.S. sales keep Sevcon on revenue roll
Revenue grew for the sixth consecutive quarter at Southborough-based Sevcon as the maker of microprocessor-based controls for electric and hybrid vehicles saw increased sales in Asia and the United States.
The company on Tuesday reported an 11 percent year-over-year increase in sales for its third fiscal quarter of 2014, from $8.7 million last year to $9.7 million. And, helped by a 79-percent increase in net income, from $124,000 to $222,000, has profits of $872,000 for the first three quarters of its fiscal year, a nearly $2-million turnaround from the $1.1 million loss it had reported at the same point in 2013.
The third quarter ended June 30.
“We are entering the fourth quarter … with strong momentum,” President and CEO Matt Boyle said in a statement. “Our technology and applications expertise positions us well to capitalize on the worldwide trend toward electrification of drivetrains and ancillary systems, not only for motor vehicles but in commercial and industrial traction and power applications.”
However, Boyle warned that Sevcon expects an earnings hit in the fourth quarter when it expects to pay its share of the costs to establish a joint venture in China and ship products. He said the company will see an after-tax reduction in net income of about $150,000 for the quarter.
Nonetheless, Boyle said Sevcon’s future is “brighter than ever, and we look forward to reporting further progress in the quarters ahead.”
WBJ Web Partners
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