Astronics in the third quarter saw a near 14% decline in sales to the commercial sector, as soft demand for worldwide air travel caused global airlines to defer spending for cabin upgrades that often employ the firm's EmPower in-seat power product line.
However, Astronics' diversification in all three markets in the aerospace industry - commercial, military and business aircraft - and the addition of the FAA/Airport market "has helped to reduce the impact we could have realized from the severe decline in business jet production and reduced spending by commercial airlines for cabin upgrades", says company president and CEO Peter Gundermann.
The FAA/Airport market was added in 2009 as part of Astronics' acquisition of weapons and communications test equipment provider DME Corp.
In an earnings statement released today Astronics says it generated fiscal third quarter net income of $2.5 million, representing a slight increase over the $2.4 million profit recorded in the year-earlier period.
Revenue for the three months ended 3 October rose 20.4% to $48.6 million.
Astronics' organic business, excluding the DME acquisition, had sales of $34.5 million for the third quarter of 2009, down 14.5%, or $5.9 million, from the 2008 third quarter.