Esterline Technologies Corp., a maker of electronics for the aircraft industry, said first-quarter profit rose 53 percent, lifted by demand for new commercial airliners and business jets.
Net income climbed to $12.8 million, or 49 cents a share, from $8.36 million, or 32 cents, a year earlier. Sales grew 25 percent to $257.2 million in the period ended Jan. 26, the Bellevue-based company said Monday.
Esterline, which supplies cockpit displays and engine sensors for The Boeing Co. and Airbus aircraft, benefited from rising airliner deliveries and record order backlogs for business jets. It also makes parts for General Electric Co. and Spirit AeroSystems Holdings Inc.
The company was projected to earn 43 cents a share last quarter.
Restructuring actions pay off for Data I/O Corp.
Redmond-based Data I/O Corp. said quarterly profit almost tripled because of restructuring actions in the third and fourth quarter to reduce expenses.
Net income for the fourth quarter, which ended Dec. 31, was $909,000, or 10 cents a share, compared with $363,000, or 4 cents, in the same period a year earlier. Quarterly net sales grew less than 1 percent to $8.38 million.
Annual profit fell 92 percent to $46,000, or a penny a share, including a $191,000 charge for restructuring and an income tax benefit of $46,000.
Data I/O makes manual and automated device programming systems.
to buy 10 Boeing 747s
The Boeing Co. will deliver 10 Boeing 747-8 and 747-400 ERF jets to Volga-Dnepr, a Russian cargo carrier whose customers include NATO forces as well as rock stars.
Chicago-based Boeing and Volga-Dnepr will sign a number of agreements on strategic cooperation March 12, the Moscow-based airline said Monday.
Volga-Dnepr is the global leader in oversized cargo, with more than 50 percent of the market. The United Nations uses its big-bellied An-124 airplane for peacekeeping missions and entertainers including Madonna, Michael Jackson and the band U2 use the aircraft for world tours.
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Seattle game maker Front Porch Classics named Erika Cottrell president.
Vessels due at the Port of Seattle today, according to the Marine Exchange of Puget Sound, include Cosco Antwerp from Busan, South Korea, at Terminal 37; OOCL China from Vancouver, B.C., at Terminal 18-3; Xin Ri Zhao from Busan at Terminal 18-4. Due Wednesday: Hanjin Dallas from Long Beach, Calif., at Terminal 46.
This report includes information from P-I staff, The Associated Press and Bloomberg News.