TORONTO – Magellan Aerospace Corp. (TSX:MAL) is reporting a more than six per cent increase in both revenue and net income in the fourth quarter.
The Toronto based-supplier of parts to the aerospace industry says net income in the three months ended Dec. 31 was $17.9 million or 31 cents per share, up from $16.8 million or 29 cents in the same 2013 period.
Revenue rose to $208.9 million from just under $196 million.
Magellan, which also supplies parts to the power generation industry, said higher production volumes on both new and legacy commercial aircraft platforms and the appreciation of the U.S. and the British pound against the Canadian dollar accounted for most of the increase in revenue.
For the full year, Magellan reported net income of $56.6 million or 97 cents per share on revenue of $843 million, up from $45.5 million or 78 cents per share on 2013 revenue of $752.1 million.