Sevcon reports another sales jump
Sales for Southborough-based Sevcon surged again in its third quarter as the maker of microprocessor-based controls for hybrid and electric vehicles reported strong customer demand from the automotive sector.
Sevcon said revenue jumped 6.2 percent, to $10.3 million and would have topped $11 million had it not been for foreign currency fluctuations tied to a stronger U.S. dollar against European currencies, the company said in a statement accompanying its report.
The company reported net income of $279,000, a jump of 26 percent over the third quarter of its 2014 fiscal year. For the first nine months, its revenue of $30.6 million is up nearly 10 percent over $27.9 million last year. Its profits have surged even higher, just under 36 percent to $1.19 million.
“We are continuing to build momentum in our markets," President and CEO Matt Boyle said. "We are seeing steadily growing product demand not only for on-road electric and hybrid vehicle applications but also for applications in off-road sectors such as marine and agriculture.”
Boyle also pointed to ongoing investments in engineering and technical innovation to help accelerate growth. The investments “have enabled us to forge strong partnerships with some of the largest companies in the world,” he said. “These alliances are creating lasting relationships that get our products 'designed in' and help us grow as our customers grow."
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