TAT Technologies (NASDAQ:TATT) delivered a profit on increasing revenues.
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TAT Technologies Earnings Cheat Sheet
Results: Net income increased to $1.8 million (20 cents per diluted share) in the quarter versus a net loss of $3.28 million in the year-earlier quarter.
Revenue: Rose 6.71% to $22.1 million from the year-earlier quarter.
Quoting Management: Mr. Itsik Maaravi, TAT’s CEO commented, “The increasing fuel costs continue to impact the Commercial Airlines business environment by reducing airlines’ profitability and offsetting the positive impact of growing air traffic. As a result, airlines defer MRO activities and utilizing existing stock (destocking) rather than maintaining inventory levels. On the other hand, we continue to witness positive indications from commercial OEMs in the aerospace industry that increase backlog of new airplanes and/or airborne platforms/systems. The defense market however shows growing weakness and is impacted by budget constraints.”
Revenue decreased 0.14% from $22.13 million in the previous quarter. Net income increased to $1.8 million in the quarter versus a net loss of $4.2 million in the previous quarter.
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(Company fundamentals provided by Xignite Financials.)