Sevcon Revenues Grow 8%
Sevcon Inc., a Southborough-based manufacturer of drivetrain controls for electric and hybrid vehicles, announced its third-quarter revenues increased 8 percent over last year, to $8.9 million.
The company said the jump is mostly due to increased demand for its Gen4 controller product line, which offset lower demand for its traditional industrial and transportation products.
Operating income for the period, which ended June 30, was $35,000, after recording $49,000 in government grant income in the United Kingdom. This compares with operating income of $177,000 in the same quarter last year. Net income was $156,000, up from $144,000 a year earlier while earnings per share were 5 cents, unchanged from 2011.
President and CEO Matt Boyle said third-quarter revenues in Sevcon's core business, the controls segment, were up 18 percent from a year ago.
"It is a very mixed picture, however, as we have seen global weakness in construction and mining activity which led to soft product demand for traditional off-road industrial electric vehicle (EV) applications," he said. "This was more than offset by higher demand for our Gen4 range of AC motor controllers for on-road vehicles."
Boyle said the company plans to focus on projects underway in Europe, China and North America.
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