Hutchinson: Preliminary Fiscal 3Q11 Financial Results
Suspension shipments grow 15% sequentially.
This is a Press Release edited by StorageNewsletter.com on July 7, 2011 at 2:00 pmHutchinson Technology Incorporated reported its preliminary results for its fiscal 2011 third quarter ending June 26, 2011.
The company shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15 percent compared with its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14 percent compared with its second quarter net sales of $63.3 million.
Wayne Fortun, Hutchinson Technology’s president and chief executive officer, said: "Our shipments over the last 9 weeks of our third quarter averaged approximately 10 million suspensions per week, and we expect this pace to continue into the fourth quarter. As a result, we currently expect our fourth quarter shipments to exceed our third quarter shipments. It appears that demand has shifted to some customer programs where we have stronger positions, and we believe that we are beginning to regain market share. We are leveraging available capacity to respond to the additional customer demand."
Fiscal 2011 third quarter results will be reported on July 26, 2011.