Astronics Corp. up on Q3 profit surge
Astronics Corp. (Nasdaq: ATRO) shares are up after the supplier of lighting, electronics and power distribution systems for the aerospace industry reported third-quarter net income of $4.1 million, or $0.48 per share, above analyst estimates of $0.26 per share and up 156% from $1.6 million, or $0.20 per share, a year earlier.
“We continue to see strong demand across the aerospace industry for the full range of our products,” CEO Peter Gundermann said in a statement. “We aim to compel our customers to choose us as partners as they develop new aircraft by offering innovative technology and high-value systems.”
Quarterly net sales jumped 36% to $37.7 million, higher than Wall Street projections of $33.4 million and from $27.8 million during the same period of 2006. Gundermann said fiscal year sales are anticipated to increase about 40% to a range of $155 million to $160 million, from $110.8 million last year.
In explaining the results, the company cited improved commercial transport sales, as many airlines are currently refurbishing older aircraft.
In midday trading, ATRO shares are up 6.2%, or $2.48, at $42.45. Over the last 52 weeks, shares have ranged from $14.56 to $45.44.
