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Hutchinson Technology Inc. (HTCH) Posts Prelim Q3 Results, Shipping Expectations for Q4
Global technology company Hutchinson Technology Inc. yesterday reported its preliminary results for the third quarter of fiscal 2011, noting a shift in consumer demand and outlook for the upcoming quarter.
For the three months ended June 26, 2011, Hutchinson said it completed roughly 118 million suspension shipments, reflecting a 15 percent increase over second-quarter shipments of 102.3 million.
Net sales for the quarter were approximately $72 million, up 14 percent over second-quarter net sales of $63.3 million.
Wayne Fortun, Hutchinson’s president and CEO, detailed the company’s expectations for the fourth quarter of 2011 based on changing industry demands.
“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,” Fortun stated in the press release. “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.”
Hutchinson is slated to report its third-quarter results July 26, 2011, after market close.
For more information visit www.htch.com
