Astronics Corporation reported financial results for the fourth quarter and year ended December 31, 2010. Sales in the fourth quarter of 2010 were up 13.7% from the prior year’s fourth quarter. Aerospace sales, which represented 90% of consolidated sales in the fourth quarter, increased 27.8% to $46.8 million in the quarter. Earnings per diluted share were $0.39 in the fourth quarter of 2010 compared with a loss per diluted share of $(0.90) in last year’s fourth quarter. Test Systems sales declined by $3.9 million to $5.1 million when compared with the fourth quarter of 2009.
Sales for the twelve months of 2010 were up 2.4% from the same period last year, reflecting a $24.0 million, or 15%, increase in Aerospace sales, which more than offset a $19.4 million decline in Test Systems sales. Net income in 2010 was $14.9 million compared with a net loss of $(3.8) million, an increase of 493%. Diluted earnings per share increased to $1.32 from a loss per share $(0.35) last year. Last year’s net income was impacted by the $19.4 million pre-tax, or $1.14 per diluted share after tax, impairment charge previously discussed.
