February 5, 2013
Astronics Corporation reports fourth quarter and full year 2012 results
Astronics Corporation (ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, reported financial results for the three and twelve months ended December 31, 2012. Consolidated sales for the fourth quarter of 2012 increased by 10.2% to $67.4m, including $4.7m associated with acquisitions, compared with $61.2m for the same period last year. Aerospace sales increased by $6.5m and Test Systems sales decreased by $0.2m. Consolidated gross margin decreased to 26.0% in the fourth quarter of 2012 compared with 28.4% in the fourth quarter of 2011. Consolidated sales for the full year of 2012 increased by 16.8%, or $38.3m, to $266.4m. Organic sales increased $23.4m, while sales associated with acquisitions added $14.8m. Aerospace sales increased by $41.1m, while Test Systems sales decreased by $2.8m in the full year of 2012. Consolidated gross margin decreased slightly to 26.1% in 2012 compared with 26.5% in 2011. The decrease in margin was a result of leverage that was achieved from increased sales volumes offset by increased E&D costs and higher inventory and warranty reserves.