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Astronics Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 10:57AM

Astronics Corp. (ATRO) filed Quarterly Report for the period ended 2012-03-31. Astronics Corp has a market cap of $390.9 million; its shares were traded at around $30.38 with a P/E ratio of 16.8 and P/S ratio of 1.7. Astronics Corp had an annual average earning growth of 18% over the past 10 years.



Highlight of Business Operations:

Our consolidated sales for the first quarter of 2012 increased by 18.2% to $65.1 million compared to $55.1 million for the same period last year. Aerospace sales increased by $11.8 million while Test Systems revenue decreased by $1.8 million.

Selling, general and administrative (“SG&A”) expenses were approximately $8.9 million, or 13.6% of sales in the first quarter of 2012, compared to $6.3 million, or 11.5% of sales in the same period last year. The increase was due primarily to the November 2011 acquisition of Ballard Technology, which added $1.2 million to SG&A in the first quarter of 2012 as well as increased compensation costs and increased legal expenses incurred during the first quarter of 2012 when compared to the prior year.

The effective tax rates for the three months ended March 31, 2012 and April 2, 2011 were 32.3% and 31.7%, respectively, lower than would be expected by applying the U.S. federal statutory tax rate to earnings before income taxes. The first quarter of 2012 was lower than the federal statutory rate due to the domestic production activity deduction as well as a lower tax rate on foreign income. The first quarter of 2011 tax rate was lower than the federal statutory rate due to the domestic production activity deduction, a lower tax rate on foreign income and the impact of domestic R&D tax credits.

Net income for the first quarter of 2012 was $6.1 million or $0.46 per diluted share, an increase of $0.9 million from $5.2 million, or $0.41 per diluted share in the first quarter of 2011. The earnings per share increase in 2012 compared to 2011 is due primarily to higher net income.

Aerospace operating profit for the first quarter of 2012 was $11.9 million, or 19.2% of sales, compared with $9.3 million, or 18.6% of sales, in the same period last year. The increase in the 2012 first quarter operating margin was due to leverage from the increased sales volume partially offset by increased engineering and development costs and increased SG&A expense. The increased SG&A expense was due primarily to the November 2011 acquisition of Ballard Technology, which added $1.2 million to SG&A in the first quarter of 2012 as well as increased compensation costs and increased legal expenses incurred during the first quarter of 2012 when compared to the prior year.

Read the The complete Report



Stocks Discussed: ATRO,
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