ELMIRA — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported that its profit fell 63 percent in the third quarter as acquisitions couldn’t offset declining internal sales. The Elmira–based manufacturer, which generates three-fourths of its sales outside North America, posted net income of $1.5 million, or 13 cents a share, in […]
ELMIRA — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported that its profit fell 63 percent in the third quarter as acquisitions couldn’t offset declining internal sales.
The Elmira–based manufacturer, which generates three-fourths of its sales outside North America, posted net income of $1.5 million, or 13 cents a share, in the third quarter. That’s down from $4 million, or 34 cents, in the year-earlier period.
Net sales in the third quarter totaled $82.3 million, off slightly from $82.9 million in the third quarter of 2012. A pair of acquisitions contributed $10.5 million of Hardinge’s sales in the latest quarter, but couldn’t fully make up for declining organic sales.
“Results for the quarter were as we expected. Organic sales reflect the general weakness that we have seen over the last year, but were favorably offset by our acquisitions.” Richard L. Simons, chairman, president, and CEO of Hardinge, said in the earnings report. “Of note, we are generating strong cash from operations and are making solid strides at reducing debt, providing us the financial flexibility to continue our acquisition strategy.”
Hardinge acquired Usach Technologies, Inc., a privately held machine tool company based in Illinois, last Dec. 20. And, it bought Michigan–based Forkardt from Illinois Tool Works, Inc. (NYSE: ITW) this May 9.
Hardinge said that net income when adjusted to exclude acquisition-related items and a separate tax charge totaled $2.4 million, or 20 cents a share, in this year’s third quarter.
The company’s sales rose 9 percent in North America, increased 7 percent in Europe, and fell 13 percent in Asia, respectively in the third quarter when compared to the year-ago period.
Hardinge reported its earnings before the open of trading Thursday. Its share price fell almost 5 percent yesterday. However, year to date, the company’s stock is up more than 43 percent.
Contact Rombel at arombel@cnybj.com
