SARASOTA -- Sun Hydraulics Corp. (NASDAQ: SNHY) reported strong financial results for the first quarter.
"Sales were in line with our forecast with higher-than- expected earnings," said Allen Carlson, Sun Hydraulics' President and CEO. "Sales, while down year-over-year, showed sequential improvement, which is our normal seasonal pattern. We expect this trend to continue in the second quarter as we remain optimistic about the global economy.
"In April, we acquired the remaining portion ofWhiteOak Controls, the electronics company that developed and supplies our integrated amplifiers," Carlson reported.
"We will fold WhiteOak into HCT, which we expect to accelerate innovative product development and further strengthen both HCT's offerings and theWhiteOak technology."
Carlson added that an improving economy is certain to lend to the company's bottom line.
"There are many positive signals -- housing, industrial production, PMI and GDP -- to name a few, that indicate to us the global macro economy is slowly regaining its health," Carlson concluded. "In the short term, Sun is well positioned to take advantage of any general economic strength.
"We have the capacity to meet our customers' delivery requirements with superior service levels. In the intermediate and longer term, we are adding new capacity through the construction of a new manufacturing plant, our third in the Sarasota area, that will be ready for use later this year. The layout of
the new facility will make us more productive and efficient, as we continue to develop and launch new products and services that anticipate market needs."
The company's outlooksshows second quarter 2013 revenues are expected to be approximately $55 million, down approximately 4 percent from the second quarter of 2012, but up 8 percent from the first quarter of 2013. Earnings per share are estimated to be $0.41 to $0.43 compared to $0.43 in the same period a year ago.
Sun Hydraulics Corp.will broadcast its 2013 first quarter financial resultsconference call live over the Internet at 9 a.m. Tuesday. To listen to the webcast, go to the Investor Relations section ofsunhydraulics.com.