MTS Systems Corp. missed Wall Street expectations on second-quarter earnings Monday, but delivered better-than-expected revenue.
The second-quarter results were hurt by soft industrial and mobile equipment sales in the sensors business, and by delayed orders in the test equipment segment, CEO Jeffrey Graves said. The company's numbers also were affected by some low-margin projects, higher operating costs and the costs of investing in the business, he said.
"We continue to be optimistic about MTS' future growth potential, and are committed to making the investments necessary to capture it," Graves said.
The Eden Prairie test systems and position sensors company earned $11.1 million, or 69 cents a share, compared to an average Wall Street analyst estimate of 86 cents a share. Second-quarter revenue was $136.9 million, beating Wall Street's expectation of $135 million. Earnings were down slightly from $11.2 million a year ago, and revenue rose 6.1 percent.