Crown Crafts Inc., a Gonzales-based baby products maker, reported its net income rose to $2 million, or 20 cents per share, for the three months ending Dec. 28. A year ago, Crown turned a profit of $1.8 million, or 18 cents per share, during the third quarter of its fiscal year.
Crown’s sales also rose to $23.7 million, compared to $20.6 million a year ago.
Crown’s results beat Wall Street’s expectations. Stock analysts surveyed by Thomson Reuters had forecast earnings of 18 cents per share on revenue of $21.2 million.
For the nine-month period, Crown has earned $3.6 million, or 36 cents per share, down from $3.7 million, or 38 cents per share, a year earlier. However, the fiscal 2014 results include a $530,000 charge in the second quarter related to a lawsuit settlement. Without the charge, Crown’s profit was $4.1 million, or 41 cents per share.
E. Randall Chestnut, Crown’s chairman, president and chief executive officer, said the third-quarter results improved as a result of stronger product offerings and tightly controlling costs.