Force Protection Says 1Q Profit Rises 6 Percent

LADSON, S.C. (AP) — Force Protection Inc., which makes military vehicles, said Monday that its first-quarter profit rose 6 percent as it controlled operating costs to improve its gross margin.

The company earned $7.4 million, or 11 cents per share, in the quarter that ended March 31. That compares with $7 million, or 10 cents per share, a year earlier.

Analysts surveyed by Thomson Reuters had expected 8 cents per share profit and $153 million in revenue.

Revenue fell 54 percent to $184.7 million in the most recent period from $403 million a year earlier, when the company received $196.4 million from a General Dynamics Land Systems program, the company said in a statement.

Chief Executive Michael Moody said the company had made progress in increasing its revenue from service and support.

Shares fell 20 cents to $7.31 in late morning trading.