LONGUEUIL, Que. – Aerospace parts manufacturer Heroux-Devtek (TSX:HRX) says it lost $1.6 million in the fourth quarter after booking costs from a legal settlement with one of its competitors.
The Montreal-area company said Thursday the results were equal to a loss of five cents per share, compared with a profit of $1.2 million or four cents per share a year ago.
Quarterly sales increased to $106.1 million from $91.2 million a year earlier.
Heroux-Devtek also announced that it resolved a lawsuit with UTC Aerospace Systems that led to a charge of $11.6 million before taxes in the period.
The manufacturer settled with UTC after the firm launched a lawsuit focused on the interpretation of a non-compete covenant included in an agreement between a division of Heroux-Devtek and with Goodrich Corp., part of UTC’s operations.