Astronics Corporation Reports 2018 Third Quarter Financial Results

EAST AURORA, N.Y. — (BUSINESS WIRE) — November 5, 2018 — Astronics Corporation (Nasdaq: ATRO), a leading supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries, today reported financial results for the three and nine months ended September 29, 2018. Results for the quarter and the first nine months of 2018 include the results of Telefonix PDT, which was acquired on December 1, 2017 and Custom Control Concepts (“CCC”), which was acquired on April 3, 2017. Earnings per share for all periods are adjusted for the 3 for 20 (15%) distribution of Class B Stock for shareholders of record on October 12, 2018.

  Three Months Ended   Nine Months Ended
($ in thousands)

September 29,
2018

 

September 30,
2017

 

%
Change

September 29,
2018

 

September 30,
2017

 

%
Change

 
Sales $ 212,674 $ 149,636 42.1% $ 600,339 $ 453,146 32.5%
Gross profit $ 46,320 $ 32,493 42.6% $ 133,024 $ 104,960 26.7%
Gross margin 21.8 % 21.7% 22.2% 23.2%
SG&A $ 27,976 $ 22,099 26.6% $ 87,919 $ 65,573 34.1%
SG&A percent of sales 13.2 % 14.8% 14.6% 14.5%
Income from Operations $ 18,344 $ 10,394 76.5% $ 45,105 $ 39,387 14.5%
Operating margin % 8.6 % 6.9% 7.5% 8.7%
Net Income $ 16,999 $ 6,060 180.5% $ 34,318 $ 25,332 35.5%
Net Income % 8.0 % 4.0% 5.7% 5.6%
 

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