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Cordant Technologies has `another excellent quarter’

SHARE Cordant Technologies has `another excellent quarter’

Cordant Technologies Inc., formerly Thiokol Inc., Tuesday reported net income of $38.5 million for its third fiscal quarter ended Sept. 30, up 34.61 percent over the same period last year.

Earnings per share were 76 cents, up 26.21 percent."We had another excellent quarter," said James R. Wilson, chairman and CEO of the Salt Lake City-based aerospace contractor.

"Margins increased in all segments as a result of strong cost controls and lean manufacturing initiatives. Sales remained strong in all of our commercial aerospace and industrial markets."

Income from the company's propulsion systems group was up 4 percent for the quarter. Income from its fastening systems increased 64 percent and earnings from investment castings jumped 119 percent.

For the first nine months of Cordant's fiscal year, net income totaled $112.4 million or $2.99 per share, up 54 percent over the first three quarter of last year.