Sevcon Boosts Annual Revenue
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Sevcon manufactures parts for electric vehicles, such as this electric truck, manufacturered by Chinese automaker AUCMA Electric Vehicle Co.
Though revenue decreased in the fourth quarter of fiscal 2012 for Southborough-based Sevcon Inc., annual revenue is on the rise.
The manufacturer of drivetrain controls for electric and hybrid vehicles reported revenue of $8 million in the quarter ended Sept. 30, down from $9.4 million in the same period last year. The decrease is due to lower demand for the company's Gen4 controller product line in the fourth quarter, Sevcon said. Changes in foreign currency exchange rates also reduced revenue by 3 percent.
For the 12 months ended Sept. 30, revenue increased 10 percent to $35.5 million, up from $32.3 million a year ago. The company said demand for the Gen4 controller this year helped drive revenue.
Net income improved for Sevcon in the fourth quarter and for the year, according to the company. Profit for the quarter was $285,000, compared to $58,000 a year ago, and $1.2 million for fiscal 2012, up from $712,000 in fiscal 2011.
"Fourth-quarter revenues in Sevcon's core business, the controls segment, were down 15 percent from a year ago, a trend continuing into this current year," said Sevcon CEO Matt Boyle. "This reflects slower demand in Europe and North America, while sales in the Far East were higher."
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