Argon ST Inc. reported a 15 percent jump in quarterly profit Thursday, though results fell short of expectations.
Argon, which makes electronic systems for the Navy and other government customers, earned about $6.1 million, or 28 cents per share, in the quarter ended Sept. 30. That compares with $5.3 million, or 24 cents per share, in the same quarter a year ago.
Revenue held steady at about $95 million.
Analysts surveyed by Thomson Reuters expected earnings of 31 cents per share on revenue of $104.8 million.
Although Argon did not provide a specific reason for the sales shortfall, the company's CEO, Terry Collins, said, "our industry regularly experiences delays in procurements as a result of government staffing and changes in program priorities."
For the full year, Argon said it earned $23.7 million, or $1.08 per share, up from $20.3 million, or 92 cents per share, in 2008. Excluding unusual items, Argon said the most recent year's profit would have come to $1.10 per share.
Full-year sales rose 8 percent to $366.1 million.
The company's stock rose 27 cents, or 1.5 percent, to $18.26 in morning trading.