Cubic Corp. closed out its 2018 fiscal year reporting annual net income of $12.3 million. The San Diego business reported a net loss of $11.2 million in fiscal 2017.
Net sales in the fiscal year ending Sept. 30 were a record $1.2 billion, up 8.5 percent from $1.1 billion in 2017.
Cubic (NYSE: CUB) splits its business between defense contracting and technology for government transportation agencies.
During the recently ended fourth quarter, Cubic reported net income of $17.8 million. Quarterly net sales were $380 million — another record. The same quarter of 2017 produced net income of $13.2 million on net sales of $349 million.
In a statement, Cubic said the high points of the year were winning mass transit fare-collection contracts in New York; Boston; Brisbane, Australia; and the San Francisco Bay Area. In addition, Cubic went to full-rate production on an Army contract for satellite dishes, and completed the installation of its SAP business software system across the entire company.
The business sold its Cubic Global Defense services unit at the end of May.
Cubic’s total backlog increased from $2.53 billion at Sept. 30, 2017 to $4.06 billion at the end of September 2018.
For the year, net income from continuing operations was $8.1 million while net income from discontinued operations was $4.2 million.
Cubic predicted sales for its 2019 fiscal year to be in the range of $1.37 million to $1.45 million.