Astronics Corporation reports 2017 third quarter financial results

Astronics Corporation has released its financial results for the three and nine months ended September 30, 2017. Consolidated third quarter sales were down US$5.5m from the same period last year. Aerospace segment sales of US$128.7m were up $3.5 million and Test Systems segment sales of US$21.0m were down US$9.0m. Consolidated gross margin was 21.7% in the third quarter of 2017 compared with 24.9% in the third quarter of 2016. Consolidated gross margin was negatively affected by lower organic sales volumes coupled with the Custom Control Concepts (“CCC”) acquisition, having a significantly lower margin profile at this point in its business cycle, compared with the organic business. Net income was US$6.1m compared with US$12.1m in the prior year.
Consolidated sales for the first nine months of 2017 decreased by US$25.9m, or 5.4%, to US$453.1m. Aerospace segment sales were down US$11.0m, or 2.7%, year-over-year to US$395.0m, while Test Systems segment sales were down US$15.0m, or 20.5%, to US$58.1m. Net income for the first half of 2017 totaled US$25.3m compared to US$38.5m in the prior year.