| Segment Information |
Segment Information The Company reports segment information based on the management approach, which designates the internal reporting used by the 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:
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Six Months Ended |
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Three Months Ended |
| (In thousands) |
July 4, 2026 |
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June 28, 2025 |
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July 4, 2026 |
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June 28, 2025 |
| Sales: |
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| Aerospace |
$ |
451,135 |
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$ |
385,035 |
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$ |
237,292 |
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$ |
193,647 |
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| Less Inter-segment Sales |
(23) |
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(34) |
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— |
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(21) |
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| Total Aerospace Sales |
451,112 |
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385,001 |
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237,292 |
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193,626 |
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| Test Systems |
39,498 |
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25,933 |
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22,674 |
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11,341 |
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| Less Inter-segment Sales |
(34) |
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(320) |
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(9) |
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(289) |
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| Total Test Systems Sales |
39,464 |
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25,613 |
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22,665 |
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11,052 |
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| Total Consolidated Sales |
490,576 |
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410,614 |
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259,957 |
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204,678 |
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Less1
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| Cost of Products Sold: |
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| Aerospace |
298,267 |
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271,627 |
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155,140 |
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138,735 |
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66.1 |
% |
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70.6 |
% |
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65.4 |
% |
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71.7 |
% |
| Test Systems |
30,279 |
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25,311 |
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17,920 |
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13,116 |
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76.7 |
% |
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98.8 |
% |
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79.1 |
% |
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118.7 |
% |
Other Segment Items2
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| Aerospace |
69,249 |
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73,071 |
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33,888 |
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36,852 |
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| Test Systems |
8,190 |
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9,235 |
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4,153 |
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4,646 |
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| Operating Profit and Margins: |
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| Aerospace |
83,596 |
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40,303 |
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48,264 |
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18,039 |
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18.5 |
% |
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10.5 |
% |
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20.3 |
% |
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9.3 |
% |
Test Systems3
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995 |
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(8,933) |
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592 |
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(6,710) |
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2.5 |
% |
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(34.9) |
% |
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2.6 |
% |
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(60.7) |
% |
| Total Operating Profit |
84,591 |
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31,370 |
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48,856 |
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11,329 |
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17.2 |
% |
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7.6 |
% |
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18.8 |
% |
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5.5 |
% |
| Deductions from Segment Measure of Operating Profit: |
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Interest Expense, Net of Interest Income |
4,668 |
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6,247 |
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2,332 |
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3,097 |
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Corporate Expenses and Other |
17,284 |
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13,098 |
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8,670 |
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6,381 |
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| Income Before Income Taxes |
$ |
62,639 |
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$ |
12,025 |
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$ |
37,854 |
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$ |
1,851 |
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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.
3 In the three and six months ended June 28, 2025, revisions of estimated costs to complete certain long-term mass transit Test contracts had an adverse impact to operating profit of $6.9 million and $8.8 million, respectively.
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| (In thousands) |
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July 4, 2026 |
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December 31, 2025 |
| Total Assets: |
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Aerospace |
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$ |
614,128 |
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$ |
570,294 |
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Test Systems |
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126,664 |
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119,603 |
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Corporate |
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20,052 |
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16,781 |
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| Total Assets |
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$ |
760,844 |
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$ |
706,678 |
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Six Months Ended |
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Three Months Ended |
(In thousands) |
July 4, 2026 |
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June 28, 2025 |
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July 4, 2026 |
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June 28, 2025 |
| Depreciation and Amortization: |
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Aerospace |
$ |
11,205 |
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$ |
8,955 |
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$ |
5,826 |
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$ |
4,457 |
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Test Systems |
1,002 |
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1,990 |
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497 |
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912 |
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Corporate |
28 |
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21 |
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18 |
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9 |
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| Total Depreciation and Amortization |
$ |
12,235 |
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$ |
10,966 |
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$ |
6,341 |
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$ |
5,378 |
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| Capital Expenditures: |
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Aerospace |
$ |
16,221 |
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$ |
6,525 |
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$ |
5,490 |
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$ |
4,443 |
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Test Systems |
605 |
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185 |
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176 |
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162 |
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Corporate |
43 |
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— |
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43 |
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— |
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| Total Capital Expenditures |
$ |
16,869 |
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$ |
6,710 |
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$ |
5,709 |
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$ |
4,605 |
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