Hawk Corp.’s second quarter earnings soar above analysts’ estimates as stock hits 52-week-high
Hawk Corp. (AMEX:HWK) hit a 52-week-high this morning after reporting that its second-quarter earnings rose to $5 million, or $0.53 per share, soaring above analysts’ estimates of $0.25 per share. The results compared with $2.1 million, or $0.22 per share, in the same period last year.
The Cleveland-based supplier of brakes, clutches and transmissions cited favorable foreign exchange currency rates as a factor that contributed to the improved performance. Hawk also raised its 2008 net sales guidance to between $255 million and $260 million from its previous guidance range of between $245 million and $250 million.
At 1:19 p.m., Hawk had gained 11%, or $2.06, to $20.81, after reaching a new 52-week-high of $22.50 earlier in the day. Previously, the stock had traded between $10.75 and $21.00 during the past year.
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