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Tough Quarter for Todd

The shipyard operator cites cost overruns on the Stennis.
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Shares of

Todd Shipyards


fell 7% Tuesday, a day after the shipyard operator posted a 48% gain in third-quarter revenue.

For the quarter ended Jan. 1, the Seattle-based company made $1.5 million, or 26 cents a share, up from the year-ago $1.3 million, or 24 cents a share. Revenue rose to $32 million from $21 million a year earlier.

The quarter-to-quarter increase largely results from increased work volumes, primarily attributable to work for the U.S. Coast Guard on the Polar Class Ice Breaker Polar Sea, for the Navy on the

USS Stennis

and work on submarines for Electric Boat Corp. But operating income was flat at $1.8 million, due to cost overruns and production issues.

On Tuesday, Todd shares fell $2.30 to $28.75.