Todd Shipyards (TOD) swung to a profit in its first quarter as Navy work rose.
For the quarter ended June 27, the Seattle-based shipyard company posted a profit of $1.2 million, or 22 cents a share. That reverses the year-ago loss of $2.2 million, or 42 cents a share. Revenue surged to $32.1 million from $21.1 million a year earlier.
The company said the rise in Navy work was partly offset by falling Coast Guard activity.
Todd pointed out that in the first quarter it won a new five-year contract with the Navy to provide long-term maintenance on the Nimitz Class aircraft carriers home ported in Puget Sound.On Monday, Todd rose a penny to $15.65.