Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.1
Segment Information
3 Months Ended
Mar. 29, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company reports segment information based on the management approach, which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”) for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses the performance of each operating segment based on historical and potential future product sales, gross margin associated with those sales, and operating income (loss) before interest, taxes, and corporate expenses. The Company has determined its reportable segments to be Aerospace and Test Systems based on the information used by the CODM.
Segment information and reconciliations to consolidated amounts are as follows:
Three Months Ended
(In thousands) March 29, 2025 March 30, 2024
Sales:
Aerospace $ 191,388  $ 163,675 
Less Inter-segment Sales (13) (37)
Total Aerospace Sales 191,375  163,638 
Test Systems 14,592  21,436 
Less Inter-segment Sales (31) — 
Total Test Systems Sales 14,561  21,436 
Total Consolidated Sales 205,936  185,074 
Less1
Cost of Products Sold:
Aerospace 132,892  119,257 
69.4  % 72.9  %
Test Systems 12,195  18,303 
83.8  % 85.4  %
Other Segment Items2
Aerospace 36,219  32,284 
Test Systems 4,589  6,212 
Operating Income (Loss) and Margins:
Aerospace 22,264  12,097 
11.6  % 7.4  %
Test Systems (2,223) (3,079)
(15.3) % (14.4) %
Total Operating Income 20,041  9,018 
9.7  % 4.9  %
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income
3,150  5,759 
Corporate Expenses and Other
6,717  7,788 
Income (Loss) Before Income Taxes $ 10,174  $ (4,529)
1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.
2 Other segment items include Selling, General and Administrative Expenses, Research and Development Expenses, and sublease and rental income.
(In thousands)
March 29, 2025 December 31, 2024
Total Assets:
Aerospace
$ 512,912  $ 498,528 
Test Systems
121,465  128,828 
Corporate
27,865  21,408 
Total Assets
$ 662,242  $ 648,764 
Three Months Ended
(In thousands)
March 29, 2025 March 30, 2024
Depreciation and Amortization:
Aerospace
$ 4,498  $ 5,021 
Test Systems
1,078  1,251 
Corporate
12  56 
Total Depreciation and Amortization $ 5,588  $ 6,328 
Capital Expenditures:
Aerospace
$ 2,082  $ 1,470 
Test Systems
23  118 
Corporate
—  10 
Total Capital Expenditures $ 2,105  $ 1,598