Astronics shares rise after 4Q financial results

Astronics' 4Q profit grows, but canceled Air Force program, AMR bankruptcy lead to write-downs

Associated Press

EAST AURORA, N.Y. (AP) -- Shares of Astronics Corp. rose Monday after the company, which makes lighting and electrical products for commercial and military planes, reported higher revenue than analysts had expected in the fourth quarter.

The shares rose $1.86, or 5.6 percent, to $35.27 in afternoon trading. They had slipped nearly 7 percent in 2012 through Friday, and have ranged between $19.70 and $38.02 in the past 52 weeks.

Fourth-quarter net income rose 16 percent to $5.2 million, or 40 cents per share, compared with $4.5 million, or 35 cents per share, the year before. That included write-downs of $2.5 million, or 12 cents per share, for a canceled U.S. Air Force order. Astronics said it learned recently that the Air Force canceled purchasing under an automated testing-equipment program that the company had expected to be a big portion of its test-systems business.

The company also recorded $500,000 for bad debt on money it's owed by American Airlines, which filed for bankruptcy protection on Nov. 29.

Analysts polled by FactSet had expected earnings of 40 cents per share, but analysts' estimates typically exclude one-time charges and gains.

Revenue rose 18 percent to $61.2 million, topping the $56.4 million expected by analysts.

Shares rose even after Astronics predicted 2012 revenue of $235 million to $250 million, below analysts' prediction of $252.5 million.

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