Sales growth at Tektronix indicates ‘solid recovery’ - Embedded.com

Sales growth at Tektronix indicates ‘solid recovery’

LONDON — Net sales of continuing operations at Tektronix in the fourth quarter ended May 29 were $257.8 million up from $202.3 million for the same period last year while net earnings were $26.5million compared to $4.3million for the same period a year ago.

“For the quarter, all regions showed growth, especially the U.S. and Japan,” said Rick Wills, Tektronix Chairman and CEO. “Overall, this was our best quarter for orders in over three years, and the third quarter in a row with 20% or greater order growth, further indicating that the recovery is solidly underway and our customers are responding well to new products. We saw stronger than expected sales growth of 27% in the quarter, to $258 million – our highest quarter in three years.”

For fiscal year 2004 the company reported net sales of $920.6million, 16%growth over sales of $791.0million in fiscal year 2003. Net earnings from continuing operations were $118.2 million o compared with net earnings from continuing operations in the previous year.

Wills , said, “The investments we made over the last few years gave us a strong start to the recovery. We added key members to our executive management team and our employees remained dedicated and focused on executing our plans. The integration of our acquisition in Japan delivered results ahead of expectations. Our continued investment in research and development enabled us to bring new products to market, addressing customer needs head-on. We made changes to our cost structure, which contributed to growth in earnings per share of nearly 100% this year, and should provide significant leverage in our model.”

For the first quarter of fiscal 2005, the company expects net sales to beapproximately $235 – $245 million.

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