Edac Technologies Inc. said robust demand for its machine tools and industrial machinery drove surging fourth-quarter revenues for the Farmington manufacturer.
Meantime, Edac says it is tooling up to make engine parts for a European maker of jet engines that will yield sales of around $36 million over the next five years.
Edac’s sales for the three months ended Jan. 1 rose 10 percent to $17.9 million from $16.3 million the comparable period a year earlier.
Despite higher operating income, net income for the quarter fell in half to $56,000, or a penny a share, from $113,000, or 2 cents a share, earned a year earlier. Edac said its year-ago bottom line benefited from favorable tax treatment of its Edac Aero acquisition.
For the full year, Edac earned $845,000, or 17 cents a share, on $73.1 million in revenue. That compares to $7.6 million, or $1.54 a share, earned on $54.6 million in revenue a year earlier.
The company said strong sales in its APEX Machine Tool and EDAC Machinery product lines, offset 4 percent lower sales in its Edac Aero product line.
Edac was coy in naming the engine maker in Thursday’s earnings release, but it has previously disclosed its manufacturing relationship to supply aerospace for jetcraft built by Airbus owner EADS.
Edac also makes parts for Pratt & Whitney Co.’s PurePower line of fuel- and noise-efficient jet engines, which also will propel Airbus’ new A320neo line of narrow-body jetliners.
