Astronics saw its fiscal second quarter net income rise 24.2% to $2.4 million on strong aerospace order activity.
Revenue for the three months ended 3 July reached $47.1 million, up a slight $0.1 million from the year-earlier quarter. Aerospace sales, which represent 93% of total sales, increased 14% to $43.6 million.
"The sales increase to the commercial transport market was a result of increased volume due primarily to a general improvement in the commercial transport market, as airlines increased their procurement and installation of in-flight entertainment and in-seat power systems that utilize the company's cabin electronics products," says Astronics in a statement.
The firm's test systems sales declined by $5.3 million to $3.5 million.
"Overall, we had a solid quarter that was led by our aerospace segment. We had strong cash flow and profitability and our bookings so far this year are very encouraging. New orders over the past six months total almost $106 million, up measurably over the $72 million for the same period last year," says Astronics president and CEO peter Gundermann.
As a result of Astronics' strong bookings over the past six months, the company is increasing its revenue expectations for the year. "We now expect that our sales for the year will be in the range of $185 to $195 million, up from the previous estimate of $170 to $190 million," says Gundermann.
Source: Air Transport Intelligence news