Cubic Corp. Slips To Loss In Q3

(RTTNews) - Cubic Corp. (CUB) reported that its third-quarter net loss from continuing operations attributable to the company was $1.4 million or $0.04 per share, compared to net income of $24.1 million, or $0.77 per share in the third quarter of fiscal 2019. The prior year result included $32.6 million gain on sale of fixed assets.

Adjusted earnings per share of $0.74, up 12% from the previous year.

Sales for the third quarter of fiscal 2020 decreased 8% as reported and 9% on an organic basis to $350.4 million, compared to $382.7 million in the prior year period, reflecting declines in Mission Solutions and Global Defense, and partially offset by growth in Transportation Systems. Sales were negatively impacted by COVID-19 due to delayed orders, delays and disruptions to current projects as well as lower transit ridership.