February 5, 2009 / 12:46 PM / 10 years ago

UPDATE 1-Cubic Corp fiscal Q1 beats Street view on higher sales

* EPS of $0.53 beats street view by $0.10

* Net income rises about 23 percent

Feb 5 (Reuters) - Supplier of combat training systems Cubic Corp (CUB.N) reported better-than-expected quarterly results, helped by increased sales in its defense and transportation systems segments.

Net income rose to $14.2 million, or 53 cents a share, compared with $10.7 million, or 40 cents a share, in the year ago quarter.

Sales for the company’s defense segment increased 16 percent to $169.8 million, and sales for the transportation systems segment rose 32 percent to $74.4 million.

Revenue rose about 21 percent to $24.5 million.

Analysts on average were expecting earnings of 43 cents a share, excluding items, on revenue of $22.6 million, according to Reuters Estimates.

The company, whose rivals include General Dynamics (GD.N) and The Lockheed Martin Corp (LMT.N), said backlog increased to $1.84 billion from $1.77 billion in the previous quarter.

Shares of the San Diego-based company closed at $26.87 Wednesday on the New York Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Jarshad Kakkrakandy)

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