Magellan Aerospace (MAL.TO) first quarter net income and revenue both advanced.
Net income jumped 52.2% to $16.5 million, or $0.29 per share, from $10.8 million, or $0.19 per share. Analysts polled by FactSet had expected $0.34 per share.
Revenue climbed 9.3% to $285.1 million from $260.9 million, beating the $279.7 million expected. The company reported revenue increases in all segments with Europe reporting a 20.6% increase to $970,000, due to higher revenue for narrow body and wide body aircraft parts, maintenance, repair and overhaul revenue and favourable foreign exchange. The U.S. segment booked a 6.5% increase and Canadian revenue rose 2.7% over the same period.
Magellan will pay a regular quarterly dividend of $0.05 on June 30, to shareholders of record on June 16.