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Eclipse overshadows Astronics? 3Q results

31st October 2008 - 18:11 GMT | by The Shephard News Team

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In-seat power specialist Astronics today reported sales of $40.4 million for the third quarter of the year, up 7 per cent compared with the same period last year. But at $2.4 million the New York State-based company?s net income for the quarter was well down on last year?s $4.1 million.

Air transport revenues improved 10.3 per cent to $25.5 million, a result primarily of increased cabin electronics sales. But sales to the business jet market fell $0.5 million to $7.1 million following a cut in orders from troubled VLJ manufacturer Eclipse Aviation.

?Our third-quarter results were solid despite weakening economic conditions and the production cut by Eclipse Aviation,? said chief executive Peter Gundermann. ?However, strong sales to our customers in the air transport and military markets, as well as to other business jet manufacturers, more than offset the impact of Eclipse?s decline.?

Third-quarter orders were $30.8 million compared with $33.3 million last year, and backlog at September 27 stood at $92.1 million, up from $90.0 million. About half of the current backlog is due to ship in the present quarter.

Over the first nine months of the year sales rose six per cent to $129.3 million, though net income was down to $10.1 million compared with $13.3 million in the first three quarters of 2007.

?Bookings in the third quarter were lower than our recent pace due in part to the removal of $3.6 million in Eclipse orders,? Gundermann concluded. ?While we recognise that there are serious economic issues, our market continues to show strength, with most of our OEM customers planning production levels next year that will be at or above the current rates. We continue to forecast total revenues of about $175 million for this year, up 11 per cent on 2007.?

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