Sevcon earnings improve in Q2
Southborough-based Sevcon Inc., which makes microprocessor-based controls for electric and hybrid vehicles, attributed higher revenue and income in the second quarter to increased shipments across the majority of the company’s markets.
Revenue in the second quarter, ended March 29, was $9.2 million, compared to $8 million a year earlier. Operating income increased to $196,000, after the company posted a loss of $463,000 in the second quarter of 2012, and net income totaled $162,000, compared with $62,000 in 2013.
“Sales for the second quarter increased mid-single digits, year over year, in both Europe and the United States, reflecting demand growth in our traditional off-road markets, primarily for fork-lift truck and aerial work platform applications,” Sevcon President and CEO Matt Boyle said in an earnings statement.
Boyle said demand was particularly strong in Asia, where the company posted high double-digit sales growth in Japan and China.
Second-quarter earnings mark the fifth consecutive quarter of sequential revenue growth, and the third consecutive quarter of year-over-year gains, according to Boyle.
“We believe that underlying demand is slowly gathering strength in the majority of our markets worldwide,” Boyle said.
Fluctuation in foreign currency also had a positive impact on sales, mainly due to a weaker U.S. dollar compared with the British pound and the euro in 2013, the company said.
Earnings for Sevcon shareholders increased to 5 cents per share in the second quarter, up from 2 cents in the second quarter of 2013.
Meanwhile, year-to-date revenue totaled $18.2 million, up from $14.7 million in the first six months of fiscal 2013. Operating income increased to $906,000, compared with a $1.6 million loss a year ago, and net income was $650,000, up from a $1.2-million loss in fiscal 2013. That translated to earnings of 19 cents per share, compared with a loss of 37 cents in the first six months of 2013.
WBJ Web Partners
Most Recent
Most Recent
0 Comments