UPDATE 1-Astronics Corp Q3 results beat estimates
* Q3 EPS $0.23 vs est $0.15 * Sales rise 20 pct
* Sees FY rev $190 mln to $195 mln
Nov 5 (Reuters) - Astronics Corp (ATRO.O) posted better-than-expected quarterly results, helped by sequential decrease in estimated costs to complete several test systems long-term contracts and the company's cost reduction efforts.
The company, which provides lighting and electrical distribution systems to the aerospace industry, also cut the top-end of its full-year revenue outlook by $5 million to $190 million to $195 million.
"Although we were encouraged by the improved bookings during this quarter, as we look toward 2010, we currently do not expect any improvement in sales compared with this year and could potentially see a slight decline," Chief Executive Peter Gundermann said in a statement.
For the third quarter, net income was $2.5 million or 23 cents a share, compared with $2.4 million or 22 cents a share a year ago.
Sales rose 20 percent to $48.6 million. Sales to the military market increased 22 percent to $9.2 million.
Analysts on average were expecting earnings of 15 cents a share, before special items, on revenue of $48.2 million according to Thomson Reuters I/B/E/S.
About $34.0 million of the aerospace backlog is expected to ship in the fourth quarter of 2009, the company said.
Shares of the company closed at $7.91 Wednesday on Nasdaq. (Reporting by Divya Sharma in Bangalore; Editing by Aradhana Aravindan) ((divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))
