Rohr Profits Up as Sales Hit Year, Quarter Records
Rohr Industries on Wednesday reported improved earnings on record fourth-quarter and fiscal 1991 sales.
The Chula Vista-based aerospace manufacturer said it earned $11.2 million on $405.1 million in revenue over the quarter. That compares with a profit of $7 million on $318.8 million in revenue for the same quarter the previous year.
For all of fiscal 1991, Rohr’s profit was $30.5 million on sales of $1.385 billion, contrasted with a “break-even” profit of $39,000 on sales of $1.078 billion for the previous 12 months. Rohr makes a number of aerospace components, principally jet engine “nacelles” or housings for military and commercial aircraft.
The company’s fiscal 1990 performance was negatively impacted by the cost of complying with what it called “redefined acceptance criteria” on certain government contracts and by costs related to “program performance difficulties” on some commercial contracts.
In recent weeks, Rohr has said it will move some operations out of state over the next two years because of the high cost of doing business in San Diego County in particular and California in general.
Rohr Industries shares closed up $.375 per share at $25.75 in New York Stock Exchange trading Wednesday. Rohr’s financial results were released after the exchange had closed Wednesday.
Rohr’s firm backlog of customer authorizations to begin manufacturing stood at $2.2 billion, down from $2.5 billion a year earlier. The percentage of Rohr’s sales represented by commercial contracts continued to grow in 1991, accounting for 80% of total sales, up from 75% in fiscal 1990.
