Sun Hydraulics Corp. is a leading designer and manufacturer of high-performance, screw-in hydraulic cartridge valves and manifolds for worldwide industrial and mobile markets. The company recently reported its first quarter 2010 results for the three months ended April 3, 2010.
The company’s net sales came in at $31.6 million, a solid increase of 25 percent from the $25.2 million reported for the three months ended March 28, 2009. Net income for Sun Hydraulics came in at $3.3 million for the period ended April 3, 2010. This is an exceptional increase of 450 percent from the $0.6 million which was reported last year in the period ended March 28, 2009.
Sun Hydraulics exceeded its first quarter sales and earnings estimates due to higher than anticipated activity in March and the trend is continuing. The company’s second quarter sales are expected to be $39 million, an 81 percent increase in revenue compared to the same period last year. Earnings are expected to be $0.34 to $0.36 per share, compared to a loss of $0.03 per share in the same period of the prior year.
The company’s president and CEO, Allen Carlson, commented on the continued strong global demand for its products. He said, “The consistent level of expedited orders indicates to us that inventory throughout the pipeline is exhausted and OEMs [original equipment manufacturers] are building on an as-needed basis.”
Sun Hydraulics is well prepared for the rapid increase in demand. Mr. Carlson went on, “Even with the substantial increase in orders, we are able to meet the rising demand…[and]We have the capacity to meet increasing demand for the foreseeable future. The investments we made last year, including $5.1 million in capital and preserving and investing in our workforce, allow us to respond to our customers’ needs.”
For more information on the company, visit www.sunhydraulics.com