| Segment Information |
Segment Information
Below are the sales and operating profit by segment for the three and nine months ended September 28, 2019 and September 29, 2018 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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Nine Months Ended |
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Three Months Ended |
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| (In thousands) |
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September 28, 2019 |
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September 29, 2018 |
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September 28, 2019 |
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September 29, 2018 |
| Sales |
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| Aerospace |
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$ |
520,495 |
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$ |
500,445 |
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$ |
157,702 |
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$ |
169,588 |
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| Less Intersegment Sales |
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(5) |
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(62) |
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— |
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(9) |
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| Total Aerospace Sales |
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520,490 |
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500,383 |
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157,702 |
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169,579 |
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| Test Systems |
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53,995 |
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99,956 |
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19,346 |
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43,095 |
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| Less Intersegment Sales |
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(195) |
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— |
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(30) |
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— |
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| Total Test Systems Sales |
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53,800 |
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99,956 |
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19,316 |
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43,095 |
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| Total Consolidated Sales |
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$ |
574,290 |
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$ |
600,339 |
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$ |
177,018 |
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$ |
212,674 |
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| Operating Profit and Margins |
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Aerospace |
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$ |
48,949 |
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$ |
47,525 |
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$ |
8,789 |
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$ |
16,210 |
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9.4 |
% |
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9.5 |
% |
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5.6 |
% |
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9.6 |
% |
Test Systems |
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4,166 |
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10,151 |
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2,075 |
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5,833 |
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7.7 |
% |
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10.2 |
% |
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10.7 |
% |
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13.5 |
% |
| Total Operating Profit |
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53,115 |
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57,676 |
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10,864 |
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22,043 |
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9.2 |
% |
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9.6 |
% |
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6.1 |
% |
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10.4 |
% |
| Additions/Deductions from Operating Profit |
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| Net (Gain) Loss on Sale of Businesses |
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(78,801) |
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— |
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1,332 |
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— |
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Interest Expense, Net of Interest Income |
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4,576 |
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7,326 |
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1,547 |
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2,511 |
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Corporate Expenses and Other |
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15,755 |
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13,662 |
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6,225 |
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3,952 |
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| Income Before Income Taxes |
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$ |
111,585 |
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$ |
36,688 |
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$ |
1,760 |
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$ |
15,580 |
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Total Assets:
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(In thousands) |
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September 28, 2019 |
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December 31, 2018 |
Aerospace |
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$ |
657,169 |
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$ |
647,870 |
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Test Systems |
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88,662 |
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97,056 |
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Corporate |
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32,137 |
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29,714 |
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Total Assets |
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$ |
777,968 |
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$ |
774,640 |
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