European sales accounted for approximately 35 percent of the companys revenues during its second quarter. "The economies in Europe, especially in the Germanic countries, continued to show weakness in the second quarter," Martin noted on a conference call discussing the earnings. [Ed. note: Bitte, bitte, kaufen Sie mehr Autoloaders!]
And while favorable currency exchange helped boost the companys revenue and earnings this quarter, analysts say that's not likely to repeat itself in the current quarter, since the Euro has grown a bit stronger.
Martin, however, remains upbeat. He points out that the company now expects its revenues for 2003 to be at the high end of previous estimates of low- to mid-single-digit growth. The company anticipates revenues for the year to be around $2.14 billion, and earnings to range between $125 million and $135 million.
"We are committed to grow the company this year regardless of what happens to the economy," he says. "And were on track with that."
Eugénie Larson, Senior Editor, Byte and Switch
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