TransTechnology Reports 12% Drop in 3rd Quarter
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TransTechnology’s earnings fell 12% in the third quarter that ended Dec. 31 to $2.9 million, or 57 cents a share. Revenue rose 13% to $60.2 million.
The Sherman Oaks aerospace company attributed the drop in earnings to lower results at its Breeze-Eastern/Aerospace business. The unit, which makes chains that are used to tie down jet fighters on aircraft carriers, completed a contract a year earlier. However, TransTechnology said its backlog of orders is a healthy $121 million.
For the nine months, TransTechnology’s earnings fell 34% to $5.6 million, or $1.08 a share, as revenue climbed 14% to $163.0 million.
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