CHULA VISTA — Riding a wave of new orders and rate increases on existing contracts, Rohr Industries on Wednesday reported a 24% increase in net income to a record $47 million for the fiscal year ended June 30. The increase came despite a 1% drop in revenue to $607 million.
Rohr's fourth-quarter earnings were $12.4 million, up 19%--the 20th consecutive quarter of improved profitability at the Chula Vista-based aerospace manufacturer. Revenue in the quarter rose 3% to $153.4 million.
Reduced interest expenses, a lower effective tax rate and a healthy blend of commercial, military and space programs contributed to a record 13.5% operating profit margin, according to Harry W. Todd, Rohr chairman, president and chief executive.
Rohr produces components for commercial, military and business aircraft. Although the company once relied heavily on government contracts, commercial orders now account for 65% of its revenue, Rohr said.