Magellan Aerospace ups Q4 profit by 6.6%
Appreciation of the US dollar and the British pound against the loonie accounted for most of the increase, company said.
TORONTO — Magellan Aerospace Corp. is reporting a more than 6% increase in both revenue and net income in the fourth quarter.
The Toronto based-supplier of parts to the aerospace industry says net income in the three months ended Dec. 31 was $17.9 million, up from $16.8 million in the same 2013 period.
Revenue rose to $208.9 million from just under $196 million.
Magellan, which also supplies parts to the power generation industry, said higher production volumes on both new and legacy commercial aircraft platforms and the appreciation of the US and the British pound against the Canadian dollar accounted for most of the increase in revenue.
For the full year, Magellan reported net income of $56.6 million or 97 cents per share on revenue of $843 million, up from $45.5 million or 78 cents per share on 2013 revenue of $752.1 million.