Hardinge Inc. releases third quarter earnings
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ELMIRA, N.Y. -- Sales are down for a Chemung County company. Hardinge Incorporated says third quarter sales dipped eight percent from the same time last year.
The Elmira-based facility provides advanced metal-cutting solutions to customers worldwide. Net sales for the third quarter were at $82.9 million.
The company says the main reason for the drop is a $3.6 million negative impact from foreign currency. Despite that, Hardinge actually saw a twelve percent increase in Asian sales, but that's not expected to last.
"Now this improvement was the result of a couple of multi-machine orders received in 2011 that we shipped in the third quarter of this year. These sales, which won't repeat in the foreseeable future more than offset the significantly negative impact of the slowing economic growth in China," said Rick Simons, Hardinge Inc. CEO.
Company officials are concerned with sales moving forward due to the decelerating economies in Asia and China.