Quarterly Profit Rises 46% at TransTechnology
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TransTechnology, citing contributions from its recently acquired Lundy Electronics & Systems business and a turnaround by its Space Ordnance Systems division, said its earnings rose 46% in the first quarter ended June 30, to $534,000, or 12 cents a share.
Revenue for the Sherman Oaks-based aerospace and defense firm increased 114% in the quarter from the same period last year to $41.6 million. Most of the increase stemmed from revenue from Lundy, a Glen Head, N.Y.-based defense firm TransTechnology agreed to buy in March after a monthlong takeover battle.
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