WSI Industries, Inc. (NASDAQ: WSCI) jumped following reports the company posted Q3 earnings of $0.16 per share on sales of $9.79 million.
The Minneapolis-based company reported sales for its fiscal 2018 third quarter ending May 27, 2018 of $9,791,000 versus the prior year amount of $9,594,000, or an increase of 2%.
Year-to-date sales totaled $25,873,000 versus $22,237,000 in the prior year, or an increase of 16%.
WSI also reported net income in its fiscal 2018 third quarter of $466,000 or $0.16 per diluted share versus a net loss of $220,000 or $(.08) per diluted share in the fiscal 2017 third quarter. Year-to-date, the Company has net income of $1,081,000 or $0.36 per diluted share versus a net loss of $904,000 or $(0.31) per diluted share in the prior year.
Included in the fiscal 2018 year-to-date earnings is an income tax benefit of approximately $600,000 related to the revaluation of the Company’s net deferred tax liability due to the passage of H.R.1, known as the "Tax Cuts and Jobs Act".
CEO Michael Pudil commented: "We are also pleased to report that gross margins for the diversified business were in the mid 20% range for the quarter and gross margin percentage for the entire business was up 38% from the year ago quarter. Our new business sales and margin growth have come from improvements in all facets of our operation."
Shares increased five cents in price to $5.35.
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