Quarterly report [Sections 13 or 15(d)]

Segment Information

v3.25.2
Segment Information
6 Months Ended
Jun. 28, 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 profit (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:
Six Months Ended Three Months Ended
(In thousands) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Sales:
Aerospace $ 385,035  $ 340,623  $ 193,647  $ 176,948 
Less Inter-segment Sales (34) (42) (21) (5)
Total Aerospace Sales 385,001  340,581  193,626  176,943 
Test Systems 25,933  42,607  11,341  21,171 
Less Inter-segment Sales (320) —  (289) — 
Total Test Systems Sales 25,613  42,607  11,052  21,171 
Total Consolidated Sales 410,614  383,188  204,678  198,114 
Less1
Cost of Products Sold:
Aerospace 271,627  242,181  138,735  122,924 
70.6  % 71.1  % 71.7  % 69.5  %
Test Systems 25,311  37,925  13,116  19,622 
98.8  % 89.0  % 118.7  % 92.7  %
Other Segment Items2
Aerospace 73,071  67,023  36,852  34,739 
Test Systems 9,235  13,097  4,646  6,885 
Operating Profit (Loss) and Margins:
Aerospace 40,303  31,377  18,039  19,280 
10.5  % 9.2  % 9.3  % 10.9  %
Test Systems (8,933) (8,415) (6,710) (5,336)
(34.9) % (19.8) % (60.7) % (25.2) %
Total Operating Profit 31,370  22,962  11,329  13,944 
7.6  % 6.0  % 5.5  % 7.0  %
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income
6,247  11,615  3,097  5,856 
Corporate Expenses and Other
13,098  14,617  6,381  6,829 
Income (Loss) Before Income Taxes $ 12,025  $ (3,270) $ 1,851  $ 1,259 
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)
June 28, 2025 December 31, 2024
Total Assets:
Aerospace
$ 517,145  $ 498,528 
Test Systems
111,046  128,828 
Corporate
18,497  21,408 
Total Assets
$ 646,688  $ 648,764 
Six Months Ended Three Months Ended
(In thousands)
June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Depreciation and Amortization:
Aerospace
$ 8,955  $ 9,966  $ 4,457  $ 4,945 
Test Systems
1,990  2,453  912  1,202 
Corporate
21  112  56 
Total Depreciation and Amortization $ 10,966  $ 12,531  $ 5,378  $ 6,203 
Capital Expenditures:
Aerospace
$ 6,525  $ 2,799  $ 4,443  $ 1,329 
Test Systems
185  585  162  467 
Corporate
—  10  —  — 
Total Capital Expenditures $ 6,710  $ 3,394  $ 4,605  $ 1,796