Thiokol Corp. reported net income of $28.6 million or $1.51 per share for its first fiscal quarter of 1998 ended Sept. 30, up 49 percent over the same period a year ago. Earnings per share of $1.51 were up 47 percent over the prior quarter.
Excluding unusual items in both quarters, net income increased 122 percent. "Revenues, operating profits, and margins were higher in each of our businesses compared to the same quarter last year," said James R. Wilson, chairman and CEO."We are pleased to see sales growth fueled by strong markets and market-share gains in our commercial (as opposed to government contract) businesses.
Howmet International contributed $10.3 million or 54 cents per share to the quarter's net income. Propulsion systems operating margins increased to 11.5 percent, up from 8.3 percent in last year's first quarter. Fastening systems operating margins increased to 11.5 percent from 4.7 percent last year.
Thiokol directors Thursday declared a dividend of 20 cents per share, payable Dec. 12 to holders of record Nov. 28.