MANATEE — Third quarter profits at Sun Hydraulics Corp., a company that manufactures screw-in hydraulic cartridge valves in South Manatee, fell 23 percent compared to numbers from 2011.
Sun reported $8.8 million in net income in the third quarter that ended Sept. 29, or about 34 cents per share, down from $11.4 million during the same time last year.
The company attributed its drop to the sluggish economy in both the U.S. and Europe with sales decreasing by 8 percent.
Sun, which expects to add 361 jobs in the next five years, is building a new 78,000-square-foot plant located at 803 Tallevast Road near the Sarasota-Bradenton International Airport. Once the expansion is complete, Sun will employ more than 1,000 workers in Southwest Florida.