April 25, 2012 | last updated June 1, 2012 2:07 pm

Farm'ton's Edac triples 1Q net on record sales

Farmington aerospace-industrial parts maker EdacTechnologies Inc. tripled its fiscal first-quarter net income on record sales across all its product lines.

Edac netted $1.3 million, or 23 cents a fully diluted share, in three months ended March 31, up from $408,000, or 8 cents a share, netted the comparable period last year.

First-quarter sales rose 19 percent to $24 million vs. $20.2 million a year ago.

CEO Dominic A. Pagano said the company's aeroparts, machine-tools and machinery divisions contributed to the year-over-year sales growth.

Profitability benefited, Pagano said, from an optimal sales mix of fully developed, high-margin new and spare parts, plus productivity gains stemming from lean manufacturing practices companywide.

Order backlog -- the financial lifeblood for most manufacturers -- hit a record $310.4 million at March 31, up from $252.1 million at the close of 2011.

The company said the higher backlog reflects record first-quarter sales that include three recently announced multi-year agreements totaling $58 million -- one with Volvo Aero in Newington, another with a division of GE Aviation, and a third with Rolls-Royce Canada.


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