Todd Shipyards' ( TOD) fourth-quarter earnings rose on the back of strong Navy and submarine volume.

For the quarter ended April 3, earnings surged to $4 million, or 72 cents a share, from the year-ago $2.5 million, or 45 cents a share. Revenue rose to $44 million from $41.9 million a year earlier.

Todd, which has operated a shipyard in Seattle since 1916, fell 26 cents Thursday to $18.85.