Astronics reports USD12m in Q3 2016 net income

Astronics Corporation (NASDAQ: ATRO) has reported net income in the third quarter 2016 was USD12.1 million, or USD0.41 per diluted share, a decrease of 51 percent compared to USD24.69 in the third quarter of 2015, the company said.

Consolidated sales were down USD45.0 million from the same period last year. Aerospace segment sales of USD125.2 million were down USD13.5 million and test systems segment sales of USD29.9 million were down USD31.5 million.

Consolidated sales for the first nine months of 2016 decreased by USD55.9 million, or 10.4 percent, to USD479.1 million. Aerospace segment sales were down 1.8 percent year-over-year to USD406.0 million, while test systems segment sales were down 40.0 percent to USD73.1 million.

During the third quarter, the company repurchased approximately 157,000 shares at an aggregate cost of USD5.3 million under its share repurchase program. Since the inception of the program in February 2016, the company has repurchased approximately 517,000 shares at an aggregate cost of USD17.5 million.

Astronics Corporation is a supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries.