Astronics shares dip after 4Q update
Astronics Corp. Thursday reported lofty sales growth in the fourth quarter while profits more than doubled but failed to reach analysts’ expectations.
The aerospace manufacturer said sales increased by 25.4 percent to $36.3 million from $28.9 million in the comparable period of 2006.
Net income was $2.1 million, or 24 cents per share, compared with $800,000, or 10 cents per share, for the same period the prior year.
Analysts, however, anticipated net income of 31 cents per share. Shares declined by 30 percent at midday to $22.80 from Wednesday’s close of $32.59 $500 payday loan.
Full-year net income was $15.4 million, or $1.80 per share, compared with net income of $5.7 million, or 69 cents per share.
The East Aurora company (NASDAQ: ATRO) said commercial transport sales led sales growth for the full year, increasing 64 percent to $100.5 million from $61.3 million in 2006. Military sales, however, were relatively flat at $25.4 million compared with sales of $25.3 million in 2006.