HORSEHEADS, N.Y. — Hardinge, Inc. (NASDAQ: HDNG), an international manufacturer of advanced metal-cutting tools, reported today 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 today 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.
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The manufacturer, which is based in the town of Horseheads in New York’s Southern Tier 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.
Hardinge reported its earnings results and forecast before the open of trading today. Its share price fell 50 cents, or nearly 4 percent, to $12.50 as of 2:50 pm.
Contact Rombel at arombel@cnybj.com
