MissionIR's  Instablog

Send Message
We know our reputation is based on the integrity of our clients and go to great lengths to ensure the companies represented adhere to sound business practices. It is our unwavering commitment to connect the investment community with companies that have great potential and a strong dedication to... More
My company:
My blog:
MissionIR Blog
  • Hutchinson Technology Inc. (HTCH) Posts Prelim Q3 Results, Shipping Expectations for Q4  0 comments
    Jul 8, 2011 1:59 PM | about stocks: HTCH
    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 htch.com
    Please see disclaimer on the MissionIR website www.missionir.com/disclaimer.html 
    Stocks: HTCH
Back To MissionIR's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.