In-seat power supplier Astronics projects 2009 revenue slide
After a record 2008 that saw its power systems selected for Thales IFE installations in the Boeing 787, New York State-based power and lighting specialist Astronics expects revenues from the aircraft side of its business to fall by up to 10 per cent in the coming year.
“We expect revenue from our aircraft business to be down 5-10 per cent from 2008 levels,” said chief executive Peter Gundermann in recent comments on the company’s results for the last financial year.
He continued: “We think our aircraft business will hold up reasonably well in 2009. About 60 per cent of our aircraft business comes from the air transport market, which appears to be holding production rates at around 2008 levels. Another 20 per cent comes from defence, which we expect to be strong and stable. But the final 20 per cent comes from the business-jet manufacturers, whose 2009 production rates will be significantly lower than expected.”
Astronics reported sales of $44.4 million for the fourth quarter of last year, up 22 per cent on the same period in 2007, and a loss of $0.2 million compared with net income of $2.1 million. The result was influenced by losses from the bankruptcy last November of very light jet manufacturer Eclipse, to which Astronics is a major supplier.
Air transport sales grew 26 per cent in the quarter to $26.5 million, primarily as a result of increased cabin electronics sales. But business jet sales fell $2.0 million to $7.3 million, dragged down by the tail-off in shipments to Eclipse.
Over the full 12 months Astronics grew its sales 9.8 per cent to $173.7 million. But at $10 million net income was down 35 per cent on 2007. Air transport sales advanced 3.6 per cent to $104.1 million, while business jet sales were up 8.7 per cent to $34.0 million.
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