Hutchinson Technology Soaring On Sales Rise
Hutchinson Technology Inc. (NASDAQ: HTCH) shares are soaring today, gaining more than 17% after the company issued preliminary results for the third quarter.
The company said that sales rose 15% to $72 million, well above the $65.5 million analysts were looking for.
The company also gave guidance for the fourth quarter, which it expects to be better than the third quarter.
"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," said CEO Wayne Fortun.
At last check, shares of Hutchinson Technology were trading at $2.66, up 39 cents or 17.18% on 2.9 million shares.
Hutchinson Technology Incorporated engages in the design, development, manufacture, and supply of suspension assemblies for disk drives. It operates in two divisions, Disk Drive Components and BioMeasurement.
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