BTU Heats Up in Q1
NORTH BILLERICA, MA -- BTU International today reported first-quarter net sales rose 75.3% year-over-year to $17.2 million. The maker of reflow and other ovens said its net loss for period ended April 4 was $300,000, up from a net loss of $4.6 million a year ago.
In a press statement, chairman and CEO Paul J. van der Wansem said, “Net sales for the first quarter exceeded our guidance and reflected a strengthening of our electronics business with a solid contribution from our alternative energy business. Although we continue to have active discussions with key solar customers regarding future orders, several of these projects have seen delays."
BTU guided for second-quarter revenues to be flat sequentially with continued strong bookings in its electronics business. "We are experiencing increased quoting activity in our alternative energy business, especially solar, and expect additional growth in our solar business later this year. Based on an expected greater mix of electronics business in the second quarter, we expect that our overall margins will be lower as compared to the first quarter," said van der Wansem.
