Hardinge Inc.(www.hardinge.com), a global provider of advanced material-cutting solutions, generated increases in net sales of 14.3 percent, and net income and earnings per share of 99 percent during the second quarter of 2007, compared to the same quarter in 2006.
The company produced net income of $6.0 million during the second quarter of 2007, or $0.57 per diluted share, compared to the $3.0 million, or $0.34 per diluted share, it earned in the second quarter of 2006. There were 1.8 million more weighted average shares outstanding in 2007, following the company's secondary stock offering, completed in April 2007. Net income for the first six months of 2007 was $11.3 million, or $1.18 per diluted share, compared to $5.0 million, or $0.56 per diluted share, for the first six months of 2006.
Hardinge grew net sales by 14.3 percent in the second quarter of 2007 to $89.7 million, compared to the $78.5 million it sold in the year-ago quarter. Its net sales for the first six months of 2007 rose by 14.8 percent to $176.7 million, compared to $154.0 million in the first six months of 2006.
"From an orders perspective, strong growth in European and Chinese orders was offset by softness in the North American region, coupled with non-repeating orders for specialty grinding products in 'Asia & Other’," said J. Patrick Ervin, chairman, president and CEO of Hardinge. “In addition to our strong financial performance, we raised $55.9 million in new capital during the quarter through a successful follow-on stock offering, positioning Hardinge to continue building upon its strong global manufacturing and sales presence."