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Magellan’s revenue dips, but income up in 2011 Q4

March 30, 2012, Toronto - Magellan Aerospace says its net income grew in the fourth quarter of 2011 to $16.6 million, or 31 cents per share.


March 30, 2012
By The Canadian Press

The company netted $15.4 million,. or 29 cents per share, in the same period of 2010.

Magellan's quarterly revenue was $173.2 million, a drop of 7.8 per cent from revenue in the same three-month period a year earlier.

The Toronto-based manufacturer of sophisticated equipment for civil and military aircraft as well as certain components for the power generation industry says it benefited from sustained growth in demand for commercial aircraft in 2011.

The company says it expects civil airline production rates will continue to increase in 2012 with peak rates now being projected into 2013 and 2014.

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This growth is fuelled by the pent-up and growing demand in the Asian countries and the worldwide airline demand for cleaner, more fuel efficient aircraft.

However, Magellan says it "remains sensitive to, and closely monitors uncertainties in the world that could destabilize and impact'' its market sectors. It says economic challenges and political unrest continue to be the major areas of concern.