Farmington manufacturer Edac Technologies Corp. said fiscal first-quarter profit rose six-fold on a sharp rise in sales tied to the 2009 expansion of its aerospace-parts and spindles businesses.
Edac earned $360,000, or 7 cents a share, in the three months ended April 3, up from $56,000, or a penny a share, the same period a year ago.
Revenues rose in the period to a record $17.8 million from $9.6 million last year.
Last May, Edac bought the Newington aerospace-parts manufacturing unit of Germany’s MTU Aero Engines North America. It followed up that deal three months later, with the acquisition of the assets of Massachusetts spindle-maker Service Network Inc.
Edac said its sales backlog – a harbinger of future revenues – was about $136.1 million at April 3, up from $125.9 million the comparable period last year.
CEO Dominick A. Pagano said the company continues prowling for acquisitions and investments that complement its product lines and manufacturing capacity.
