BTU’s Q2 Sales Growth of 5.6% Reflects Strength in Electronics Segment
NORTH BILLERICA, MA – BTU International reported second-quarter net sales of $19 million, down 25.2% sequentially, and up 5.6% year-over-year.
The reflow soldering equipment maker said net income was basically breakeven, down from $1.8 million in the preceding quarter, and up from $300,000 in the second quarter 2010. Net sales for the first six months of 2011 were $44.4 million, up 26.1% compared to the first six months of 2010. Net income for the six months ended July 3 was $1.8 million, basically breakeven compared to the same period last year. "Sales reflected solid contributions from our electronics business, which delivered the majority of our major systems revenue for the second quarter," said Paul J. van der Wansem, chairman and CEO. "We believe that the pause in capacity expansion in the solar industry is likely to continue through 2011. The worldwide slowdown in the solar marketplace has impacted our outlook for the year, and our near-term revenue will be weighted toward our electronics products rather than solar products, with revenue in the $17 to $18 million range and somewhat lower gross margins than the previous quarter." BTU makes thermal processing equipment for the alternative energy and electronics manufacturing markets.
