Astronics Corp.’s fourth-quarter profits jumped by 10 percent as the East Aurora aircraft lighting and electronics manufacturer’s sales surged by 56 percent because of acquisitions it has made over the past year.
Astronics’ profits and its revenues, however, fell short of analyst forecasts.
While the three acquisitions Astronics made last year made 2013 an “exciting year,” Peter Gundermann, the company’s president and chief executive officer, said the deals have laid the foundation for “a fantastic 2014,” with executives predicting that revenues will surge by 80 percent this year.
“We have very high expectations for 2014,” Gundermann said in a statement.
Astronics fourth-quarter profits rose to $6.4 million, or 34 cents per share, from $5.7 million, or 31 cents per share, a year earlier. The earnings were less than the 39 cents per share that analysts were forecasting.
Sales jumped to $105.5 million from $67.4 million.
The company said it expects its sales this year to jump to between $585 million and $640 million from $340 million last year, mainly because of the acquisitions it has made.