Astronics Corp. shares shot up by 13 percent on Friday after the East Aurora aircraft electronics and lighting systems manufacturer said its third-quarter profits more than doubled on a 36 percent jump in sales.
At the same time, the company increased its sales forecast for this year by $5 million, while warning that revenue growth next year likely will slow to the 10 percent to 20 percent range, down from the roughly 40 percent jump expected this year.
The strong earnings extended Astronics' streak of steep gains in quarterly sales and profits as the commercial aircraft market remains robust.
The company's profits jumped to $4.1 million, or 48 cents per share, more than twice the $1.65 million, or 20 cents per share, from a year ago.
Astronics' stock, which is up 163 percent this year, jumped $5.13 to $45.10.
Part of the profit increase was due to an $850,000 adjustment in manufacturing overhead costs, which had been overestimated during the first half of the year.
Astronics sales rose to $37.7 million from $27.8 million a year ago.