Cubic Corp., the San Diego defense contractor and provider of mass transit fare systems, reported fiscal 2014 third quarter revenue of $340.4 million, up 1 percent from the like quarter of last year.
Net income for the quarter was $12.2 million, down from $18.4 million in net income for the like quarter of last year.
For the nine months, Cubic reported sales of $1 billion, compared to $1.02 billion for the like period of last year.
Net income for the nine months came in at $37.6 million, down from $62.4 million for the like period of 2013.
CEO Bradley Feldmann said the company has had a challenging year mostly due to execution issues at its transportation system projects particularly in Chicago and Vancouver, as well as the continued slowdown of federal government spending on its mission support services business.
Because of the constraints, Cubic revised its revenue forecast for its fiscal year that ends in September to $1.39 billion from $1.42 billion. The company’s revised earnings per share was in a range of $2.30 to $2.60 for the year.