Sevcon sales up 10% in Q1
Sevcon of Southborough saw a 10-percent gain in revenue in the first quarter of its new fiscal year, as more of its customers bought the company’s products as part of their hybrid and electric vehicles.
Sevcon, which makes microprocessor-based controls for those vehicles, said it generated $9.93 million in sales for the quarter, which ended Jan. 3. That’s up from $9.05 million in the same quarter last year. The company churned out profits of $171,000, which was down from $488,000 in the first quarter of its 2014 fiscal cycle.
The quarterly report came on the same day Sevcon announced a deal with a large German manufacturer of trucks and buses to develop and supply controllers for a new line of integrated starter generators, which the company said is a key component in a new “start/stop” system. Sevcon said development will take two years and will be partially funded by the unnamed customer. The parts are expected to be produced starting in 2018.
Sevcon President and CEO Matt Boyle said his company is off to a “solid start” in its new fiscal year. “Since the first quarter of fiscal 2013, market demand has been improving and it has translated into order and revenue growth."
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