67 WALL STREET, New York - May 24, 2013 - The Wall Street Transcript has just published its Industrial Equipment, Aerospace and Defense Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Commercial Aviation and Energy Expenditures - Industrial Restructuring - Emerging Markets Penetration - Heightened M&A Activity - Defense Budget Uncertainty - Capital Equipment Technology Investing
Companies include: Hardinge Inc. (HDNG) and many more.
In the following excerpt from the Industrial Equipment, Aerospace and Defense Report, the Chairman, President and CEO of Hardinge Inc. (HDNG) discusses his company strategy and the outlook for this vital industry:
TWST: I believe just this morning you announced your first-quarter results. What were the key points?
Mr. Simons: In terms of the results, sales were around $67 million, and effectively a breakeven profit. That breakeven was after deducting about $600,000 worth of acquisition costs; I'll talk about the acquisition in a moment. Certainly that sales level was down from the previous year, but it was in line with what we expected it to be, because the European markets have slowed down fairly dramatically for our machine tools and, in China, there was a slowdown toward the end of last year. We are seeing a pickup now, but there was a slowdown at the end of last year.
We do talk about orders in our earnings release, and certainly orders rebounded from a low level in the fourth quarter. We actually saw an increase in orders in the first quarter, and we're encouraged by the direction the orders seem to be going in China. There was a large machine tool show in China in April, and I attended the week-long exhibition in Beijing. The mood there was much more positive than what I saw at the end of last year.
TWST: So would you say you are optimistic sales will pick up as the year progresses?
Mr. Simons: Yes, we are. We did an acquisition in December of a grinding machine company in Chicago, and while we really haven't seen any sales from that yet because of the timing of their backlog, we'll see those sales start to kick in ...
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.