Mesa Labs posts higher 2Q results; shares rise
Testing instrument maker Mesa Labs reported Thursday that second-quarter profit rose 44 percent on higher sales growth and tightly controlled costs.
Revenue increased 20 percent to $9.3 milllion from $7.8 million for the period ended Sept. 30.
Net income was $2 million, or 59 cents per share, up from $1.4 million, or 43 cents per share, in the prior-year period. Excluding one-time charges and gains, the company would have earned $2.3 million, or 66 cents per share.
CEO John Sullivan said the company's results were helped by completing the relocation of certain manufacturing operations. He added that gross margins improved by 3.4 percent to 62.1 percent for the period.
Shares of Mesa Laboratories Inc. rose $1.58, or 4.4 percent, to $37.95 in midday trading.