Astronics Corporation (ATRO) has reported a 51.11 percent plunge in profit for the quarter ended Oct. 01, 2016. The company has earned $12.07 million, or $0.41 a share in the quarter, compared with $24.69 million, or $0.82 a share for the same period last year.
Revenue during the quarter dropped 22.51 percent to $155.10 million from $200.14 million in the previous year period. Gross margin for the quarter contracted 476 basis points over the previous year period to 24.93 percent. Total expenses were 88.70 percent of quarterly revenues, up from 81.45 percent for the same period last year. That has resulted in a contraction of 725 basis points in operating margin to 11.30 percent.
Operating income for the quarter was $17.52 million, compared with $37.13 million in the previous year period.
Peter J. Gundermann, president and chief executive officer, commented "Third quarter results were obviously disappointing. While our Test segment continued to manage with lower volume, as it has all year, our Aerospace segment, on the heels of a very strong second quarter, experienced a drop off of volume, margins and bookings. And, all this is reported in the shadows of our highest level of consolidated revenue and profits in the comparator quarter of 2015."
Working capital remains almost stable
Working capital of Astronics Corporation remained almost stable for the quarter at $172.74 million, when compared with the previous year period. Current ratio was at 2.85 as on Oct. 01, 2016, up from 2.53 on Oct. 03, 2015.
Days sales outstanding went up to 64 days for the quarter compared with 51 days for the same period last year.
Days inventory outstanding has decreased to 47 days for the quarter compared with 82 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 $163.99 million as on Oct. 01, 2016, down 21.36 percent or $44.54 million from $208.53 million on Oct. 03, 2015. Total debt was 26.47 percent of total assets as on Oct. 01, 2016, compared with 32.16 percent on Oct. 03, 2015. Debt to equity ratio was at 0.50 as on Oct. 01, 2016, down from 0.73 as on Oct. 03, 2015. Interest coverage ratio deteriorated to 15.89 for the quarter from 29.87 for the same period last year.
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