SIFCO Industries Inc (NYSE:SIF) reported a strong rise in its earnings for the fourth quarter. The company’s quarterly net income climbed to $0.86 per share from $0.43 per share in the year-ago quarter. However, net sales fell 6.7% to $29.1 million.
EBITDA was $6.9 million in the fourth quarter of fiscal 2020, compared with $4.5 million in the fourth quarter of fiscal 2019. Adjusted EBITDA in the fourth quarter of fiscal 2020 was $4.3 million, compared with Adjusted EBITDA of $1.9 million in the fourth quarter of fiscal 2019.
Net income, EBITDA and Adjusted EBITDA results for the fourth quarter and fiscal year ended September 30, 2020 include higher margins due to productivity improvements as well as insurance recoveries in connection with the fire that occurred in fiscal 2019 at the Company's facility in Orange, California.
CEO Peter W. Knapper stated, "2020 was an unprecedented year. The COVID-19 outbreak and subsequent worldwide response has impacted all of us personally and professionally. Through it all, we focused on maintaining the health and safety of our team while continuing to safely provide our customers with products, services and expertise they needed from us during uncertain times.
"As the effects of the pandemic weighed on the commercial aerospace market in the year and is expected to continue to impact such segment, we saw growth in our revenues from our support of the military aerospace market."
SIF shares obtained $1.76, or 45.1%, to $5.66.
