Sun Hydraulics Corp. (SNHY, Financial) filed Quarterly Report for the period ended 2010-04-03.
Sun Hydraulics Corp. has a market cap of $464.2 million; its shares were traded at around $27.4 with a P/E ratio of 249.1 and P/S ratio of 4.8. The dividend yield of Sun Hydraulics Corp. stocks is 1.3%. Sun Hydraulics Corp. had an annual average earning growth of 15.3% over the past 10 years.SNHY is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates.
The U.S. reporting segment had sales of $19.0 million in the first quarter of 2010, up $3.3 million or 21.4%, compared to sales of $15.6 million during the first quarter last year. The increase was driven by demand in our end markets and the general upturn in the global economy. International sales out of the U.S. were $6.8 million during the first quarter of 2010, up 31.3 % or $2.1 million, compared to $4.7 million during the first quarter last year. Significant increases in sales were noted in almost all geographic regions.
The U.S. reporting segment contributed $2.9 million to our consolidated operating income during the first quarter of 2010, compared to an operating loss of $0.6 million during the first quarter of 2009, an increase of $3.4 million. The increase in the U.S. operating segments is primarily related to productivity gains and leverage of its overhead costs. Productivity gains contributed $1.2 million and decreases in variable and fixed overhead costs added $1.8 million to operating income. The remaining increases in operating income were primarily from absorption of selling, engineering, and administrative expenses which are relatively fixed.
The Korean reporting segment contributed $0.6 million to our consolidated operating income during the first quarter of 2010 compared to $0.1 million during the first quarter last year, an increase of $0.5 million. The increase in operating income was primarily related to material costs due to the strength of the Korean Won against the U.S. Dollar for material purchases made in U.S. Dollars, and productivity improvements totaling $0.3 million. The increase in sales volume resulted in $0.1 million of additional operating income.
The German reporting segment contributed $1.1 million to our consolidated operating income during the first quarter of 2010 compared to $0.7 million during the first quarter last year, an increase of $0.4 million. The increase was primarily related to material costs due to the strength of the Euro against the U.S. Dollar for material purchases made in U.S. Dollars, and productivity improvements totaling $0.2 million. The increase in sales volume resulted in $0.1 million of additional operating income.
Cash from operations for the three months ended April 3, 2010, was $2.1 million, compared to $4.9 million for the three months ended March 28, 2009. The $3.0 million decrease in the Companys net cash flow from operations during the period was due primarily to the increase in accounts receivable and inventories of $5.5 million compared to a decrease of $2.7 million in the prior year. These amounts were partially offset by the increase in net income of $2.8 million and changes in income taxes receivable/payable of $2.4 million. Cash on hand decreased $3.8 million from $30.4 million in 2009 to $26.8 million in 2010. However, this decrease was largely the result of net purchases of marketable securities totaling $3.1 million. Days sales outstanding (DSO) were 41 and 40 at April 3, 2010, and March 28, 2009, respectively. Inventory turns increased to 9.7 as of April 3, 2010, compared to 9.1 as of March 28, 2009.
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Sun Hydraulics Corp. has a market cap of $464.2 million; its shares were traded at around $27.4 with a P/E ratio of 249.1 and P/S ratio of 4.8. The dividend yield of Sun Hydraulics Corp. stocks is 1.3%. Sun Hydraulics Corp. had an annual average earning growth of 15.3% over the past 10 years.SNHY is in the portfolios of John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
North American sales increased 15.0% or $1.8 million, to $13.8 million, Asian sales increased 94.5% or $3.3 million, to $6.8 million, and European sales increased 11.0% or $1.0 million, to $10.1 million.The U.S. reporting segment had sales of $19.0 million in the first quarter of 2010, up $3.3 million or 21.4%, compared to sales of $15.6 million during the first quarter last year. The increase was driven by demand in our end markets and the general upturn in the global economy. International sales out of the U.S. were $6.8 million during the first quarter of 2010, up 31.3 % or $2.1 million, compared to $4.7 million during the first quarter last year. Significant increases in sales were noted in almost all geographic regions.
The U.S. reporting segment contributed $2.9 million to our consolidated operating income during the first quarter of 2010, compared to an operating loss of $0.6 million during the first quarter of 2009, an increase of $3.4 million. The increase in the U.S. operating segments is primarily related to productivity gains and leverage of its overhead costs. Productivity gains contributed $1.2 million and decreases in variable and fixed overhead costs added $1.8 million to operating income. The remaining increases in operating income were primarily from absorption of selling, engineering, and administrative expenses which are relatively fixed.
The Korean reporting segment contributed $0.6 million to our consolidated operating income during the first quarter of 2010 compared to $0.1 million during the first quarter last year, an increase of $0.5 million. The increase in operating income was primarily related to material costs due to the strength of the Korean Won against the U.S. Dollar for material purchases made in U.S. Dollars, and productivity improvements totaling $0.3 million. The increase in sales volume resulted in $0.1 million of additional operating income.
The German reporting segment contributed $1.1 million to our consolidated operating income during the first quarter of 2010 compared to $0.7 million during the first quarter last year, an increase of $0.4 million. The increase was primarily related to material costs due to the strength of the Euro against the U.S. Dollar for material purchases made in U.S. Dollars, and productivity improvements totaling $0.2 million. The increase in sales volume resulted in $0.1 million of additional operating income.
Cash from operations for the three months ended April 3, 2010, was $2.1 million, compared to $4.9 million for the three months ended March 28, 2009. The $3.0 million decrease in the Companys net cash flow from operations during the period was due primarily to the increase in accounts receivable and inventories of $5.5 million compared to a decrease of $2.7 million in the prior year. These amounts were partially offset by the increase in net income of $2.8 million and changes in income taxes receivable/payable of $2.4 million. Cash on hand decreased $3.8 million from $30.4 million in 2009 to $26.8 million in 2010. However, this decrease was largely the result of net purchases of marketable securities totaling $3.1 million. Days sales outstanding (DSO) were 41 and 40 at April 3, 2010, and March 28, 2009, respectively. Inventory turns increased to 9.7 as of April 3, 2010, compared to 9.1 as of March 28, 2009.
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