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Todd Shrugs Off Navy Setback

Todd Shipyards (TOD) posted a stronger second-quarter profit Thursday even as revenue shrank amid a slowdown in some Navy repair work.

For its second quarter ended Oct. 3, the Seattle-based boat builder earned $2.4 million, or 43 cents a share. That's up from the year-ago $2 million, or 35 cents a share.

Revenue slipped 18% from a year ago to $36.6 million, reflecting lower Navy volumes caused by the loss of some maintenance contracts to the Military Sealift Command, as well as lower volumes of U.S. Coast Guard and commercial ship repair activity.

However, the company attributed the latest-quarter gain in operating income -- to $3.2 million from the year-ago $2.6 million -- to a rise in other work for the Navy.

Before the news was released late Thursday, Todd rose 11 cents to $15.96.

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