Nothing Spartan about Sparton Corporation (NYSE:SPA) 68% net income Q4 growth

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Dallas, Texas 09/06/2013 (Financialstrend) – Sparton Corporation (NYSE:SPA) announced its Q4 results for the financial year that ended 30 June 2013. It reported fourth-quarter sales of $87.1M which was a rise of 41% from the $61.3M sales that the company had in the 2012 Q4. The reported Q4 net income for the quarter was $6.8M or $0.67/share in comparison to the $4.1M net income or $0.40/share that existed a year ago in the same period.

Excellent Q4 results

The President and Chief Executive Officer of the company, Cary Wood stated that they are very pleased with their financial year results. There was a 19% rise in sales to $266.0M and a 33% adjusted-EBITDA expansion to $22.1M. The earnings per share were $1.17 which was 29% more than the EPS of $0.91 in the previous year.

As per the projections over the past few quarters, the Q4 sales got a boost from delays in sales from the previous quarters. Soft medical sales in the Q3 in combination with the timing of foreign and domestic sonobuoy sales right through the year gave that added push. Wood said that the company’s full-year results finished well in line with their projections and a bit ahead of analyst projections.

Bright 2014 projected

He said that the company has continued to see growth right through the year from their strategic growth-plan. This included the 5% y-o-y organic growth within the company’s legacy business in addition to closure of the Creonix and Onyx acquisitions. The company hopes to carry this momentum into the 2014 financial year as new program gains have risen 78% in the 2013 fiscal year. He said that SPA continues being highly-engaged in compatible and complementary acquisitions.

Sparton Corporation (NYSE:SPA) stock rose by 3.95% in Thursday’s trading session. The opening price of the shares was $20.50 which rose to an intraday high of $21.50 and closed at $21.31.

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