| Segment Information |
Segment Information
Below are the sales and operating profit by segment for the six months ended June 30, 2018 and July 1, 2017 and a reconciliation of segment operating profit to income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.
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Six Months Ended |
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Three Months Ended |
(Dollars in thousands) |
June 30,
2018 |
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July 1,
2017 |
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June 30,
2018 |
|
July 1,
2017 |
Sales |
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Aerospace |
$ |
330,857 |
|
|
$ |
266,374 |
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|
$ |
166,257 |
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|
$ |
129,547 |
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Less Intersegment Sales |
(53 |
) |
|
— |
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(53 |
) |
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— |
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Total Aerospace Sales |
330,804 |
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|
266,374 |
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|
166,204 |
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|
129,547 |
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Test Systems |
56,861 |
|
|
37,136 |
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$ |
42,402 |
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$ |
21,567 |
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Total Consolidated Sales |
$ |
387,665 |
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$ |
303,510 |
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$ |
208,606 |
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$ |
151,114 |
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Operating Profit and Margins |
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Aerospace |
$ |
31,315 |
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$ |
33,738 |
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$ |
18,200 |
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$ |
13,984 |
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|
9.5 |
% |
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12.7 |
% |
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11.0 |
% |
|
10.8 |
% |
Test Systems |
4,318 |
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|
1,750 |
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6,247 |
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1,432 |
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7.6 |
% |
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4.7 |
% |
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14.7 |
% |
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6.6 |
% |
Total Operating Profit |
35,633 |
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35,488 |
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24,447 |
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|
15,416 |
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9.2 |
% |
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11.7 |
% |
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11.7 |
% |
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10.2 |
% |
Deductions from Operating Profit |
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Interest Expense, Net of Interest Income |
4,815 |
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2,313 |
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2,484 |
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1,180 |
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Corporate Expenses and Other |
9,710 |
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7,115 |
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4,781 |
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3,667 |
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Income Before Income Taxes |
$ |
21,108 |
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$ |
26,060 |
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$ |
17,182 |
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$ |
10,569 |
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Total Assets:
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(In thousands) |
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June 30,
2018 |
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December 31,
2017 |
Aerospace |
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$ |
632,365 |
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$ |
621,047 |
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Test Systems |
|
110,903 |
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|
90,859 |
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Corporate |
|
21,155 |
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|
24,050 |
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Total Assets |
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$ |
764,423 |
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$ |
735,956 |
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