Tektronix sees difficult US market, but Europe stronger
Tektronix sees difficult US market, but Europe strongerNews from E-InSite
Soft demand on the US domestic front is holding Tektronix back, the company said as it announced its fiscal Q3 financial results.
The test and measurement company posted net sales of $188.3m, with net earnings from continuing operations of $900,000 for the quarter ended March 1.
Although sales are fairly stable from the year-ago quarter’s $199.3m, net earnings from continuing operations have declined drastically from $11.9m. Tektronix attributes the decline to business realignment and one-time items, without which its net income from continuing operations would have been $11.5m as compared with $13.4m for the same period last year.
“During the quarter, we saw stronger demand in Europe, Asia-Pacific and Japan. We continued to build on our success in China,” said Rick Wills, Tektronix chairman and CEO.
“However, we saw softer demand in the United States across most product lines resulting from caution caused by geopolitical uncertainty and the continued sluggishness of our underlying markets,” he added.
Looking ahead to its fiscal Q4, the company expects a 5 per cent decline in sales from the year-ago period.
is HyperActive’s affliated US site.