Tat Technologies (TATT) has reported 2,568.89 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.20 million, or $0.14 a share in the quarter, compared with $0.04 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1.28 million, or $0.14 a share compared with $0.06 million or $0.01 a share, a year ago. 

Revenue during the quarter grew 14.58 percent to $27.08 million from $23.63 million in the previous year period. Gross margin for the quarter expanded 387 basis points over the previous year period to 20.52 percent. Total expenses were 93.02 percent of quarterly revenues, down from 98.94 percent for the same period last year. This has led to an improvement of 592 basis points in operating margin to 6.98 percent.

Operating income for the quarter was $1.89 million, compared with $0.25 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $2.92 million compared with $1.12 million in the prior year period. At the same time, adjusted EBITDA margin improved 605 basis points in the quarter to 10.77 percent from 4.72 percent in the last year period.  

Mr. Igal Zamir, TAT’s chief executive officer and president commented on the results: "We had a strong first quarter with sales growing 14.8% compared to the first quarter of 2016, mainly due to strong results in our heat exchangers, landing gear and jet engine blades businesses. In addition, our efficiency and cost reduction measures continue to bear fruit. We are also working to improve cash flow and during the quarter our cash and short term bank deposits have increased by $2.4 million. All this enabled us to declare a $3 million dividend and return value to our shareholders."

The company has spent $0.74 million cash to meet investing activities during the quarter as against cash inflow of $1.19 million in the last year period.

Cash and cash equivalents stood at stood at $23.81 million as at Mar. 31, 2017.