DRS reports record results
DRS Technologies, which has operations in Hudson and Fitchburg, posted record financial results for the fiscal 2007 third quarter ended Dec. 31, 2006.
Fiscal 2007 Q3 revenues were $680.4 million, representing an increase of 75 percent over the same quarter last year. Operating income of $76.6 million in the quarter was 71 percent higher than the $44.8 million reported for the third quarter of 2006, an increase attributable to overall higher sales volume.
Net earnings for the third quarter of fiscal 2007 were $35.1 million, 78 percent above net earnings $19.7 million for the same quarter last year.
"DRS posted excellent results for the three- and nine- month periods," said Mark Newman, DRS Technologies' chairman, president, and CEO. "Strong new order flow during the third quarter contributed to a record funded backlog at December 31 that exceeded $3 billion for the first time. The results year to date place the company in an exceptional position to complete the fiscal year in outstanding form."
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