Vought reported that operating income for the third quarter was $30.3 million, an increase of $16.0 million over last year. The improved operating income includes higher military program margins of $28.5 million resulting from the absence of losses on H-60 recorded during 2007 and a $14.3 million decrease in 787 period expenses. These improvements were partially offset by lower commercial program margins of $21.5 million resulting from the absence of favorable contract changes recorded in 2007.
Net income for the three months ended Sept. 28, 2008 was $15.6 million, an improvement of $17.7 million over last year. A $1.6 million gain on asset sales combined with the increase in operating income mentioned above led to the increase in net income.