HORSEHEADS — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported on May 8 that it expects its 2014 sales to come in “slightly below 2013 levels.” How much net sales will fall short of last year’s total of nearly $330 million depends on “second quarter order levels of longer lead time […]
HORSEHEADS — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported on May 8 that it expects its 2014 sales to come in “slightly below 2013 levels.”
How much net sales will fall short of last year’s total of nearly $330 million depends on “second quarter order levels of longer lead time products,” Richard L. Simons, chairman, president, and CEO of Hardinge, said in a news release.
Hardinge also announced that it posted a net loss of $453,000, or 4 cents a share, in the first quarter compared to net income of $40,000, or 0 cents a share, in the year-ago period.
The manufacturer, which is based in the town of Horseheads, but generates three-fourths of its sales outside North America, said net sales rose more than 5 percent to nearly $71 million from $67 million in the year-earlier quarter. Sales were boosted by Hardinge’s acquisition of Michigan–based Forkardt from Illinois Tool Works, Inc. (NYSE: ITW) in May 2013.
“The Forkardt acquisition helped to offset the effect of the softness in machine tool solutions sales and provides a steadier base of revenue less affected by the cyclicality of capital goods,” Simons said in the release.
