Tektronix logged a strong second quarter fueled by strong demand for its test and measurement products.
Excluding business realignment costs and one-time items, Tek reported net earnings of $19.3 million, ($0.22 per share) compared to earnings of $11.7 million ($0.13 per share) in the same quarter a year ago. Net sales totaled $217.9 million, up five percent from $203.6 million from the same period last year. Included in one time items is a non-cash gain from settlement of a pension plan at the company's recently acquired Japanese subsidiary.
"At 25 percent growth, this was our strongest order level in more than two and a half years," said Rick Wills, Tektronix chairman and CEO. "During our first quarter, we saw pockets of stronger demand in selected sectors and regions, and this quarter the improvement continued with growth across all of our core product areas and regions. Finally, earnings outpaced sales growth as expected, due in part to the leverage we have built into our business model during the past two years."
Wills said demand for new Tek products including the TDS7704B, which it touts as the world's fastest digital oscilloscope, helped fuel sales.
