Astronics Corporation (ATRO) has reported a 28.92 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $9.88 million, or $0.33 a share in the quarter, compared with $13.91 million, or $0.46 a share for the same period last year.
Revenue during the quarter went down marginally by 2.08 percent to $154.07 million from $157.34 million in the previous year period. Gross margin for the quarter contracted 104 basis points over the previous year period to 23.68 percent. Total expenses were 90 percent of quarterly revenues, up from 89.85 percent for the same period last year. That has resulted in a contraction of 15 basis points in operating margin to 10 percent.
Operating income for the quarter was $15.40 million, compared with $15.97 million in the previous year period.
Peter J. Gundermann, president and chief executive officer, commented, "The fourth quarter was somewhat softer than we anticipated primarily due to customer-driven delays in certain aerospace programs. While we continued to invest in new products and projects, our fourth quarter income from operations remained in line with the comparator quarter."
Working capital increases
Astronics Corporation has recorded an increase in the working capital over the last year. It stood at $168.51 million as at Dec. 31, 2016, up 15.63 percent or $22.78 million from $145.74 million on Dec. 31, 2015. Current ratio was at 2.95 as on Dec. 31, 2016, up from 2.40 on Dec. 31, 2015.
Debt comes down
Astronics Corporation has recorded a decline in total debt over the last one year. It stood at $148.12 million as on Dec. 31, 2016, down 12.76 percent or $21.67 million from $169.79 million on Dec. 31, 2015. Total debt was 24.51 percent of total assets as on Dec. 31, 2016, compared with 27.87 percent on Dec. 31, 2015. Debt to equity ratio was at 0.44 as on Dec. 31, 2016, down from 0.57 as on Dec. 31, 2015. Interest coverage ratio improved to 13.90 for the quarter from 13.88 for the same period last year.
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