San Diego-based Cubic Corp. Monday reported a net loss of $11 million on lower sales in its second fiscal quarter due to restructuring costs and the rising value of the U.S. dollar.
The defense and mass transit contractor reported a net loss of $11.0 million, or 41 cents per share, on sales of $338.8 million in the quarter ended March 31, compared to net income of $16.1 million, or 60 cents per share, or revenue of $354.5 million a year ago.
In February the company announced plans to consolidate its Defense Systems and Mission Support Services divisions into a single Global Defense division. The company’s separate Transportation Systems division provides fare collection infrastructure, services and technology for public transit authorities and operators worldwide
“Our underlying business fundamentals remain strong, and we are taking important actions across the board to improve the company’s operating efficiency,” said Bradley H. Feldmann, president and chief executive officer. “We are encouraged by the positive trends we see in our business segments and are focused on the continued advancement of our OneCubic Strategy.”
Cubic’s order backlog stood at $3.102 billion on March 31, but it revised downward its estimate for full-year earnings to a range of $1.10 to $1.30 per share.
The company’s stock closed up 30 cents to $48.37 per share on Monday, and was unchanged in after-hours trading.