Hutchinson Technology Inc. (HTCH) leaps on prelim Q3 numbers

Shares of Hutchinson Technology Inc. (Nasdaq: HTCH) jumped 17.6% to $2.67 after the company reported strong fiscal third-quarter preliminary results. Volume for the stock totaled 2.5 million shares, about eight times its daily average.

The company, based out of Hutchinson, Minn., issued a release Wednesday, saying shipped approximately 118 million suspension assemblies in the fiscal 2011 third quarter, up 15% from its second quarter shipments of 102.3 million. Net sales for the quarter totaled approximately $72 million, up 14% from its second quarter net sales of $63.3 million.

Wayne Fortun, Hutchinson CEO, was quoted in the release as saying “Our shipments over the last nine 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. 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.”

The final numbers are slated to come out on July 26,

Hutchinson Technology is a global technology leader committed to creating value by developing solutions to critical customer problems.

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This entry was posted on Wednesday, July 6th, 2011 at 1:30 pm by Glenn and is filed under Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.