Hutchinson reports strong preliminary FQ1 sales

Hutchinson Technology (HTCH) has reported preliminary FQ1 sales of $70M, +10% Y/Y and easily above a $64.9M consensus. The company cites strong sales of suspension assemblies for 2.5" notebook hard drives. (PR)

115.7M suspension assemblies were shipped in FQ1, +12% Y/Y. Gross margin was in the 7%-8% range, up from -1% in FQ4 but down from 11.6% a year ago.

Cash/investments totaled $40.2M at the end of FQ1, down $400K Q/Q. Assembly shipments are expected to drop Q/Q in seasonally weak FQ2.

Full FQ1 results are due after the Jan. 28 close.

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