Servotronics' third-quarter profits increased 25 percent from a year ago, fueled by higher sales to its customers in the U.S. government.
The Elma-based maker of aircraft technology and cutlery reported net income of $154,000, or 7 cents per diluted share, for the quarter ending Sept. 30. Its revenues rose 20 percent from last year, to $5.4 million.
Just like a year ago, 56 percent of its net revenues were derived from its advanced technology products segment. Its current projects are in areas including the Joint Strike Fighter and new generations of jet engines.
The remaining 44 percent came from its consumer products sector, which includes a combat knife and bayonet system being supplied to Marines around the world.
Through the first nine months of 2004, 45 percent of Servotronics' revenues were generated by its contracts with U.S. government agencies, while 39 percent came from contracts with government agencies' prime contractors or their subcontractors.
Servotronics said its improved results this year have been due to a combination of increased shipments, productivity gains and cost-control efforts.
Some previous engineering and marketing efforts have reached the production stage, and new orders continue to be strong, company officials said.
Servotronics' stock closed at $4.32 per share on Monday on the American Stock Exchange, up 2 cents.