Astronics Corp.’s second-quarter profits topped analyst forecasts even after plunging sales at the East Aurora aircraft lighting and electronics maker’s test systems business led to a 15 percent drop in earnings.
While Astronics’ business that makes lighting and in-seat power systems for airplanes strengthened, that improvement was more than offset by weakness at its test systems unit, which lost a major contract from Apple Inc.
Astronics’ profits fell to $15 million, or 57 cents per share from $17.7 million, or 67 cents per share, a year ago. Analysts expected the company to earn 48 cents per share. Operating profits from its aerospace business rose by 23 percent, but that was offset by an 89 percent plunge in test systems earnings.
Sales fell to $164 million from $173 million as an 8 percent rise in aerospace revenues was offset by a 47 percent drop in sales from its test systems unit.
Astronics also lowered its sales forecast for this year by $22 million to about $670 million from its previous estimate of around $692 million.