Boston, MA 06/06/2014 (wallstreetpr) – Few people saw it coming but Breeze-Eastern Corp (NYSEMKT:BZC) has confirmed it. Like no other fiscal year in the recent past, the company took its performance data to a whole new level in fiscal 2014. In addition to the record sales in 2014, the company also noted significant growth in bookings in the year.
The better-than-expected results saw shares of the company jumping nearly 26 percent during trading Thursday. The course carried on to Friday trading. BZC released its fiscal 2014 and 4Q2014 results before market opened Thursday.
For fiscal 2014, Breeze-Eastern Corp (NYSEMKT:BZC) noted sales of $85.9 million, breaching the $80 million mark attained in fiscal 2013. The company reported that the increase in sales in the year drew support from strong demand for its engineering products in the international markets. The company provides products and services for the aerospace and defense sectors.
The company expects the demand for its products to remain steady in fiscal 2015.
Encouraging profits
The strong gains noted in Breeze-Eastern Corp (NYSEMKT:BZC)’s top-line had a corresponding effect on the bottom-line. The company reported fiscal 2014 net income of $5.6 million, translating to earnings per share (EPS) of $0.58. That compared with a net income of $4.1 million and EPS of $0.43 in 2013.
The bottom-line in 2014 gained support from aggressive costs and expenses controls.
The company concluded 2014 with bookings amounting to $90.3 million, dwarfing the $83.9 million noted in 2013. As if that was not enough, Breeze-Eastern Corp (NYSEMKT:BZC) registered a backlog of$119.5 million against $115 million in 2013.
As for 4Q, the company saw 29 percent growth in sales on a year-over-year basis.
Looking forward
Buoyed by the strong 2014 performance metric, Breeze-Eastern Corp (NYSEMKT:BZC) is not ready to slow down its revenue and profit growth. As the CEO and President Brad Pedersen noted during the release of the results yesterday, the company is not only excited about the 2014 results, but also expects to aggressively pursue opportunities in the international market, which lent big support to the latest results.
