HES April sales up 13.6% YoY, 9.8% rise forecasted for May (POSITIVE)

Hydraulic Elements & Systems (HES) announced preliminary April sales of BGN 4.3m, up 13.6% YoY and surpassing the management’s forecast by 2.5%. EBT for the month surged 87% YoY to BGN 532k as the EBT margin improved to 12.4% from 7.5% for April 2013. Sales for the first four months of the year were up 10.2% YoY to BGN 16.2m with EBT 31% higher YoY at BGN 2.1m. The company expects May sales to reach BGN 3.9m, up 9.8% YoY but down 9.4% MoM. For the full year HES has forecasted 4.8% rise in core revenue to BGN 41.6m.