CLEVELAND — SIFCO Industries, Inc. (NYSE MKT: SIF) announced Friday the financial results for its third quarter of fiscal year 2014, which ended June 30, 2014.
Third Quarter
- Net sales from continuing operations in third quarter fiscal 2014 increased 8.1 percent to $31.0 million, compared to $28.7 million in third quarter fiscal 2013.
- Income from continuing operations before income taxes in third quarter fiscal 2014 was $2.6 million compared to $4.2 million in third quarter fiscal 2013.
- Net income from continuing operations for third quarter fiscal 2014 was $2.0 million, or $0.37 per diluted share, compared with net income of $2.9 million, or $0.53 per diluted share in third quarter fiscal 2013.
First Nine Months
- Net sales from continuing operations increased 3.1 percent in the first nine months of fiscal 2014 to $86.7 million, compared to $84.1 million in the comparable period in fiscal 2013.
- Income from continuing operations before income taxes in the first nine months of fiscal 2014 was $6.6 million compared to $8.5 million in the comparable period in fiscal 2013.
- Net income from continuing operations in the first nine months of fiscal 2014 was $4.6 million, or $0.86 per diluted share, compared with net income of $5.8 million, or $1.08 per diluted share in the comparable period in fiscal 2013.
CEO Michael S. Lipscomb stated, "SIFCO’s year-over-year sales from its continuing operations reflect sustained growth in its aerospace component sales and a recovery in its energy component sales during the quarter. We foresee strong aerospace sales volume and even though we see looming problems with long term volume in energy, we see continuing recovery in the energy markets during the remainder of fiscal 2014. SIFCO is well positioned for sales growth for the remaining quarter in fiscal 2014.”
