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SARASOTA — Shares of Sun Hydraulics Corp.'s stock (symbol: SNHY) were riding high Tuesday, after the release of the firm's quarterly financial results showed huge gains in revenues and profits.
But unfortunately for shareholders, the Sarasota-based manufacturer was unable to maintain those gains: after lifting off from $47 to as high as $54 in per share value on May 10, the stock is back down to a $47 per-share value in early trading today.
Still, shareholders can't be too disappointed with Sun's performance so far this year; even after the stock's drop over the past two days, shares are up more than 24% in value from the beginning of 2011.
Sun Hydraulics's first quarter operating income nearly tripled over the year, from $5 million in 2010 to $13.9 million this year. Net sales were $50.7 million, up from $31.6 million, and profits were $9.7 million, up from $3.3 million. The Sarasota-based company manufactures hydraulics equipment.
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