Astronics Corporation (ATRO) has reported a 0.89 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $11.59 million, or $0.38 a share in the quarter, compared with $11.48 million, or $0.38 a share for the same period last year. Revenue during the quarter dropped 4.47 percent to $152.40 million from $159.53 million in the previous year period. Gross margin for the quarter expanded 39 basis points over the previous year period to 25.14 percent. Total expenses were 89.09 percent of quarterly revenues, up from 88.97 percent for the same period last year. That has resulted in a contraction of 12 basis points in operating margin to 10.91 percent.
Operating income for the quarter was $16.62 million, compared with $17.60 million in the previous year period.
Peter J. Gundermann, president and chief executive officer, commented "As anticipated, first quarter results were similar to the last few quarters of 2016. We expect revenue to grow sequentially through the remainder of this year and continue to believe we are well-positioned generally. However, we are also sensitive to some gathering headwinds, so we have moved our revenue range down accordingly. Nonetheless, we are making excellent progress on a wide range of substantial opportunities which we believe will become apparent this year, justifying our enthusiasm for the future."
Working capital increases
Astronics Corporation has recorded an increase in the working capital over the last year. It stood at $173.28 million as at Mar. 31, 2017, up 7.03 percent or $11.39 million from $161.89 million on Mar. 31, 2016. Current ratio was at 3.08 as on Mar. 31, 2017, up from 2.70 on Mar. 31, 2016. Days sales outstanding went up to 61 days for the quarter compared with 27 days for the same period last year.
Days inventory outstanding has increased to 48 days for the quarter compared with 44 days for the previous year period.
Debt comes down
Astronics Corporation has recorded a decline in total debt over the last one year. It stood at $141.50 million as on Mar. 31, 2017, down 17.90 percent or $30.85 million from $172.35 million on Mar. 31, 2016. Total debt was 23.45 percent of total assets as on Mar. 31, 2017, compared with 28.08 percent on Mar. 31, 2016. Debt to equity ratio was at 0.41 as on Mar. 31, 2017, down from 0.55 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 14.67 for the quarter from 16.19 for the same period last year.
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