Hardinge Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Sales Guidance for the First Quarter of 2015
Feb 12 15
Hardinge Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported sales of $93,008,000 against $103,101,000 a year ago. Income from operations was $5,086,000 against $1,311,000 a year ago. Income from continuing operations before income taxes was $4,930,000 against $1,045,000 a year ago. Net income from continuing operations was $4,542,000 or $0.35 per diluted share against $1,126,000 or $0.09 per diluted share a year ago. Net income was $4,542,000 or $0.35 per diluted share against $6,143,000 or $0.50 per diluted share a year ago. Adjusted net income was $4,663,000 or $0.36 per basic and diluted share compared to $8,408,000 or $0.68 per basic and diluted share a year ago. Non-GAAP income from operating as adjusted was $5,207,000 against $8,593,000 a year ago.
For the year, the company reported net sales of $311,633,000 against $329,459,000 a year ago. Loss from operations was $477,000 against income from operations of $6,996,000 a year ago. Loss from continuing operations before income taxes was $1,125,000 against profit of $5,932,000 a year ago. Net loss from continuing operations was $2,358,000 or $0.19 per diluted share against profit of $4,395,000 or $0.37 per diluted share a year ago. Net loss was $2,140,000 or $0.17 per diluted share against profit of $9,927,000 or $0.83 per diluted share a year ago. Net cash provided by operating activities was $3,179,000 against $25,828,000 a year ago. Capital expenditures were $3,186,000 against $3,871,000 a year ago. Adjusted net income was $2,824,000 or $0.22 per share compared to $14,889,000 or $1.25 per diluted share a year ago. Non-GAAP income from operating as adjusted was $5,064,000 against $17,316,000 a year ago. The decline from the prior year was mostly the result of lower sales and under absorption of fixed costs due to lower production volumes in the company's grinding operations. Full year EBITDA was around $15 million. The last year was unusually high due to a shipment of Usach products.
Acknowledging the first quarter of last year, around $71 million in sales and given the high level of shipments the company had in the fourth quarter of 2014, the company actually expects the first quarter to be somewhere around that $71 million number in terms of sales for the first quarter of 2015.