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The manufacturer reported $343.3 million in revenue, up 66 percent from the same period last year. The intake helped it earn $19.9 million, or 29 cents per share.
"Our results in the third quarter reinforce our belief that we are a fundamentally strong company with an important, ongoing role to play in the survivability solutions market," said chief executive Michael Moody in a statement.
Hours after the earnings were released, the investment research firm Collins Stewart upgraded the company's stock to "buy," estimating that shares could trade at $5. Shares closed Monday at $2.98, up 23 cents, or 8.3 percent.
The company's financial gains were possible, in part, after another round of layoffs at the company's main factory on U.S. Highway 78. Throughout the third quarter, its workforce was reduced by about 100 employees, putting payroll at about 1,400.
"We really need to make sure that the business is the right size for the business that we have and the business we can reasonably expect to win," Moody said.
It's unclear what the company's future work force needs will be.
The company still has orders for about 335 vehicles that have yet to be produced, which will keep employees busy until at least the end of the first quarter, Moody said.
On a Monday morning conference call, company officials sounded optimistic about getting more orders. They estimate that the government needs about 2,000 lightweight vehicles such as Force Protection's Cheetah model for fighting in the mountainous terrain of Afghanistan.
Moody said the company also is pushing a heavier armored vehicle that's designed to transport cargo in convoys.
To see more of The Post and Courier, or to subscribe to the newspaper, go to http://www.charleston.net. Copyright (c) 2008, The Post and Courier, Charleston, S.C. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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