Specialized electronic manufacturer and designer OSI Systems Inc. announced this week $19.1 million in profit on revenue of $303 million for its second quarter ended Dec. 31, 2018.
The earnings were bolstered by record revenues, as the company’s backlog jumped 20 percent to nearly $1 billion. And it’s forecasting a 6 percent to 9 percent increase in sales that could top out at $1.185 billion in its fiscal 2019 ending June 30.
“With a substantial backlog, we continue to see the company well positioned for the remainder of fiscal 2019,” executive officer Deepak Chopra said in a statement.
OSI’s security division, which provides cargo inspections devices, accounted for the largest revenue source sue to an increase in demand, according to the company.
The Hawthorne-based company announced earlier this month it secured an $11 million contract to build an explosive detection system for an undisclosed European airport. OSI stock jumped more than 10 percent during day trading Friday.
Manufacturing, retail and trade reporter Rachel Uranga can be reached at firstname.lastname@example.org or (323) 549-5225 ext. 251. Follow her on Twitter @racheluranga
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