Sun Hydraulics: 2Q Earnings Snapshot
SARASOTA, Fla. (AP) _ Sun Hydraulics Corp. (SNHY) on Monday reported second-quarter earnings of $6.8 million.
The Sarasota, Florida-based company said it had net income of 22 cents per share. Earnings, adjusted for one-time gains and costs, were 43 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 54 cents per share.
The maker of screw-in hydraulic cartridge valves and manifolds posted revenue of $136.2 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $139.7 million.
Sun Hydraulics expects full-year revenue in the range of $510 million to $525 million.
Sun Hydraulics shares have declined 18 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $53.02, a climb of 27 percent in the last 12 months.