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Servotronics Posts Higher FY11 Profit

Servotronics Inc. (SVT), a consumer products manufacturer, reported full-year 2011 net income of $2.6 million or $1.24 per share, up from $2.1 million or $1.01 per share the previous year.

The company attributed the increase mainly to higher sales at its Advanced Technology Group along with cost containment activities and a decrease in the effective tax rate associated with the applicability of appropriate tax credits.

Revenues for the full year 2011 increased to $34.2 million from the year-ago revenue of $31.7 million.

by RTTNews Staff Writer

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