Titan Profit Rises Despite Bribery Probe
Titan Corp. posted a slight increase in third-quarter profit as the defense contractor’s expanding business of providing translators to the U.S. military offset charges related to a federal probe into whether it bribed foreign officials.
Titan earned $15.8 million, or 18 cents a share, compared with $15.2 million, or 18 cents, a year earlier. The latest period includes a charge of $2.9 million in legal costs for the bribery probe and the termination of its planned merger with Lockheed Martin Corp. Revenue grew 12% to $526 million.
Earnings per share missed Wall Street’s estimates by a penny. Shares of Titan fell 8 cents to $14.85 on the New York Stock Exchange.