GKN Plc, the U.K. maker of aircraft components for Airbus SAS, said full-year earnings more than doubled as global car production recovered and its cost-cutting program improved margins.
Operating profit from continuing operations surged to 411 million pounds ($668 million) compared with 156 million pounds a year earlier, the company said in a statement today. JPMorgan analysts had predicted profit of 399 million pounds. Revenue rose to 5.4 billion pounds from 4.45 billion pounds.
“The trading environment has seen an improving trend for GKN’s driveline, powder metallurgy and land systems businesses,” Chief Executive Officer Kevin Smith said in the statement.