Farmington jet-engine component and machine-tool maker Edac Technologies Corp. said today net income dropped 70 percent in the third quarter on slumping aerospace and industrial sales.
In the three months ended Sept. 30, Edac said it earned $80,000, or 2 cents a share, down from $255,000, or a nickel a share, the same period last year.
Third-quarter sales fell to $15.1 million from $10.6 million a year ago, the company said.
Edac CEO Dominick A. Pagano blamed the results on the downturn in demand for aerospace and machine-tool products. Pagano also cited costs associated with developing new engine components for the military’s proposed F-35 Joint Strike Fighter.
In May, Edac bought the assets of aerospace component maker MTU AENA in Newington, and followed up that deal three months later with the acquisition of Service Network Inc., a Massachusetts maker of machine spindles and tooling.
Pagano said both deals fit Edac’s strategic plan to build sales and earnings in those markets.
