Sequa 4Q profit surges |
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Fri, 16 Mar 2007 22:25
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NEW YORK (AP) - Sequa Corp., a manufacturer of aerospace and automotive parts, on Friday said its fourth-quarter net income more than tripled on strong aerospace sales and one-time gains.The company reported a profit of $23.5 million, or $2.06 per share, compared with $7.4 million, or 69 cents per share, in the fourth quarter of 2005. The recent period's results included $8.4 million in gains from a property sale and insurance proceeds from a damage claim, while the 2005 quarter included a $6.3 million charge on the repatriation of foreign earnings.Sales rose to $547.3 million from $516.1 million a year ago. Aerospace revenue jumped 12 percent to $268.6 million.For 2006, Sequa reported a profit of $65.4 million, or $5.77 per share, compared with $24.8 million, or $2.32 per share, in 2005.Sales rose to $2.18 billion from $2 billion in 2005, with aerospace revenue rising to $1.05 billion from $898.3 million.Shares of Sequa dipped $2.31, or 2 percent, to close at $116.57 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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