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Steinway Music Instruments misses target by a penny

The music conglomerate Steinway Music Instruments revealed that it missed its target by a penny.
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Steinway Musical Instruments announced its latest quarterly figures, revealing that it had missed its target by a penny.

The global manufacturer of music instruments reported first-quarter sales of $73 million (£45 million), which was six per cent up from last year.

However, earnings came in at $0.06 (£0.04) per share, a penny less than were forecasted.

The company was upbeat and optimistic about the future: "We are seeing a nice recovery and the steps taken to lean out our cost structure are having a noticeable effect on our results.

"We delivered solid growth in sales and gross margins, both domestically and overseas."

The outlook does look promising for the company. 2012's projections average $1.57 (£1.00), up 56 per cent.

Steinway Musical Instruments is a leading manufacturer of music instruments. It makes pianos, woodwind, stringed, brass and percussion instruments.

It has over 14 manufacturing facilities in the US and Europe.

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Posted on 15 Jun 2011 09:36 to category : Instruments News

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