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BRIEF-Hardinge reports Q1 loss per share $0.16
May 5, 2017 / 10:41 AM / 5 months ago

BRIEF-Hardinge reports Q1 loss per share $0.16

May 5 (Reuters) - Hardinge Inc:

* Hardinge reports first quarter 2017 results

* Q1 adjusted non-gaap loss per share $0.05

* Q1 loss per share $0.16

* Sales for quarter were soft at $64.6 million, down 5 pct from prior year’s Q1

* Orders for Q1 increased 12 pct to $72.9 million compared with prior-year period

* Initiated a new restructuring program to rationalize product lines and further streamline operations

* New restructuring program was initiated to generate $2.0 million to $2.5 million annualized pre-tax savings

* Restructuring program is anticipated to be substantially complete by mid-2018

* Restructuring costs are expected to be in range of approximately $3.8 million to $4.3 million, of which approximately $1.6 million is non-cash

* Order backlog at march 31, 2017 increased 9 pct over trailing Q4 of 2016 on strong order volume to $127.2 million Source text for Eikon: Further company coverage:

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