84.7 F
Los Angeles
Friday, Aug 12, 2022
-Advertisement-

Hi-Shear Dips on Q1 Earnings

Shares in Hi-Shear Technology Corp. dropped 8 percent early Tuesday after the Torrance-based aerospace company said increased expenses cut profit for the first quarter.


Hi-Shear reported net income for the quarter ended Feb. 29 of $769,000 (11 cents per share), a 9 percent decrease from $844,000 (12 cents) from the same period a year earlier.


Hi-Shear said that higher general, selling and administrative expenses were incurred during the quarter compared to the same period last year.


Sales for the Torrance-based maker of satellite equipment were $6.3 million a 17 percent hike from $5.4 million from last year. The increase was in large part due to increased gross margins for the quarter, the company said in a statement.


Shares in Hi-Shear were down 8 percent to $10.74 in early trading Tuesday.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-