OSI Posts Unexpected Profit
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OSI Systems Inc., which makes airport X-ray and weapon-screening systems, had an unexpected fiscal first-quarter profit as the company sold more security products.
Shares of Hawthorne-based OSI rose $3.59, or 34%, to close at $14.09 Tuesday on Nasdaq.
About 2 million shares changed hands, more than 23 times the three-month daily average. The stock has more than tripled since the Sept. 11 terrorist attacks.
Earnings were 3 to 5 cents a share in the quarter ended Sept. 30. One analyst had forecast a loss of 2 cents, the company said.
The stronger sales are continuing in the second quarter, OSI said. Final first-quarter results will be released Oct. 25.
OSI “was investing in technology and now the benefits will come home to roost,” said Dale Benson, chief investment officer at Benson Associates, which manages just under $600 million and owns about 600,000 OSI shares.
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