CALABASAS, Calif. (AP) -- National Technical Systems Inc. said Thursday that its fiscal first-quarter net income surged 70 percent as revenue improved partly due to strength in its space business.
CEO William McGinnis said in a statement that the space business was particularly strong partly because of the federal government's commercialization of the space program. McGinnis said National Technical Systems has several bids out for projects as NASA looks to invest $800 million in cargo transportation.
The testing and engineering services provider earned $954,000, or 8 cents per share, for the three months ended April 30 compared with $560,000, or 5 cents per share, a year earlier.
Revenue increased 17 percent to $43.5 million from $37.1 million, helped by acquisitions and strong results in the aerospace, automotive, energy and space segments.
The Calabasas, Calif. company maintained its fiscal 2013 outlook for revenue between $164 million and $169 million.
Its shares rose 34 cents, or 6.1 percent, to $5.94 in morning trading. They have risen 48 percent since bottoming out at $4.02 in early November. Their 52-week high was $7.32 per share a year ago.