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Thiokol reports 49% boost in profits for 3rd quarter

Thiokol Corp. reported a 49 percent increase in third quarter profits as revenues, operating profits and margins were higher in the Ogden-based aerospace company's defense and commercial businesses.

Thiokol had net income of $28.6 million or $1.51 per share for the quarter, compared with $19.2 million or $1.03 per share for the same quarter last year.The company said its 49 percent share in Howmet International Inc. contributed $10.3 million or 54 cents per share to the quarter's net income.

Earlier this month, Thiokol announced that it has entered into an agreement to acquire an additional 11 percent of the common stock of Howmet, which manufacturers of metal castings for aircraft and industrial gas turbine engines and cast aerospace components.

Thiokol said propulsion systems sales for the quarter increased 16 percent, and income increased 61 percent.

Sales and income from Thiokol's Huck International Inc. subsidiary also rose for the quarter, the company said, as revenue growth and cost control pushed the fastening systems company's operating margins to 11.5 percent.

Thiokol develops and produces solid rocket motors for aerospace, defense and commercial uses.

Huck is a major manufacturer of precision fastening systems for aerospace and industrial markets worldwide.