| Segment Information |
Segment Information
Below are the sales and operating profit by segment for the nine months ended September 30, 2017 and October 1, 2016 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 |
(Dollars in thousands) |
September 30,
2017 |
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October 1,
2016 |
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September 30,
2017 |
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October 1,
2016 |
Sales |
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Aerospace |
$ |
395,037 |
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|
$ |
406,356 |
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$ |
128,663 |
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$ |
125,179 |
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Less Intersegment Sales |
— |
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(367 |
) |
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— |
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— |
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Total Aerospace Sales |
395,037 |
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|
405,989 |
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128,663 |
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|
125,179 |
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Total Test Systems Sales |
58,109 |
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|
73,066 |
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|
20,973 |
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29,920 |
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Total Consolidated Sales |
$ |
453,146 |
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$ |
479,055 |
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$ |
149,636 |
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$ |
155,099 |
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Operating Profit and Margins |
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Aerospace |
$ |
46,753 |
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$ |
61,099 |
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$ |
13,015 |
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$ |
17,557 |
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11.8 |
% |
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15.0 |
% |
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10.1 |
% |
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14.0 |
% |
Test Systems |
2,843 |
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6,524 |
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1,093 |
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3,240 |
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4.9 |
% |
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8.9 |
% |
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5.2 |
% |
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10.8 |
% |
Total Operating Profit |
49,596 |
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67,623 |
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14,108 |
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20,797 |
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10.9 |
% |
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14.1 |
% |
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9.4 |
% |
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13.4 |
% |
Deductions from Operating Profit |
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Interest Expense, Net of Interest Income |
3,750 |
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3,246 |
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1,437 |
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1,103 |
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Corporate Expenses and Other |
11,140 |
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9,888 |
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4,025 |
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3,272 |
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Income Before Income Taxes |
$ |
34,706 |
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$ |
54,489 |
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$ |
8,646 |
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$ |
16,422 |
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Total Assets:
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(In thousands) |
September 30,
2017 |
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December 31,
2016 |
Aerospace |
$ |
523,563 |
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$ |
500,892 |
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Test Systems |
85,848 |
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76,575 |
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Corporate |
31,217 |
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26,877 |
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Total Assets |
$ |
640,628 |
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$ |
604,344 |
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