Sauer-Danfoss Inc. Reports Q4 EPS of $2.60
Sauer-Danfoss Inc. (NYSE: SHS) today announced its financial results for the fourth quarter ended December 31, 2010.
Net sales for the quarter increased 54 percent to $428.9 million, compared to net sales of $278.9 million for the fourth quarter of 2009.
The Company reported net income of $126.0 million, or $2.60 per share, for the fourth quarter of 2010, compared to a net loss of $74.7 million, or $1.55 per share, for the fourth quarter of 2009.
Fourth quarter 2010 results include restructuring costs of $2.8 million, or $0.06 per share. In addition, fourth quarter 2010 results were favorably impacted by $82.8 million, or $1.71 per share, relating to the net reversal of deferred tax asset valuation allowances. Results for fourth quarter 2009 were negatively impacted by restructuring and severance costs of $18.0 million, or $0.35 per share, and by a charge of $18.2 million, or $0.38 per share, to establish non-cash deferred tax asset valuation allowances relating to operating losses which could not be tax benefited. In addition, fourth quarter 2009 results were negatively impacted by unusually high costs of certain product field recall activities, primarily related to the Propel segment, of $9.3 million, or $0.19 per share.
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