Cubic Swings To Profit In Q3

(RTTNews) - Cubic Corp. (CUB) Wednesday announced third-quarter net income of $6.291 million compared to the loss of $21.957 million in the prior year. On a per share basis, earnings were $0.23, compared to a loss of $0.81 a year ago. Adjusted EBITDA was $28.2 million.

On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.11 per share. Analysts estimates usually exclude special items.

Net sales for the quarter climbed to $296.212 million from $266.184 million in the previous year. Wall Street analysts were looking for revenue of $280.34 million.

Looking ahead to the fiscal year, the company expects adjusted EBITDA of $90 million to $116 million and sales in a range of $1.135 billion to $1.185 billion. The company confirmed closed sale of Cubic Global Defense Services.

Cubic said its total backlog increased by $1.2 billion to $3.7 billion from September 30, 2017 to June 30, 2018 primarily due to the award of contracts to CTS in New York, Boston and Brisbane