Astronics says 4Q loss widens on charges

EAST AURORA, N.Y. (AP) – Astronics Corp., which makes lighting and electronics systems for the aerospace industry, on Tuesday said its fourth-quarter loss widened due to one-time charges, but its adjusted earnings beat expectations.

The company reported a loss of $9.7 million, or 90 cents per share, compared with $1.8 million, or 17 cents per share, during the same period last year.

Results include a goodwill impairment charge of $19.4 million, or $1.15 per share. Excluding one-time items, adjusted earnings amounted to 25 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 10 cents per share, on average. Analysts typically exclude one-time items.

Revenue rose 3 percent to $45.6 million from $44.4 million in the prior-year period. Analysts forecast an average revenue of $46.8 million.

For the full year the company reported a loss of $3.8 million, or 35 cents per share, compared with $8.4 million, or 79 cents per share, during the same period last year.

Yearly revenue climbed 10 percent to $191.2 million.

Looking ahead, the company said it sees 2010 revenue in the range between $170 million and $190 million. Analysts predicted an average revenue of $199.1 million.

"We expect the year to start off slow and accelerate in the latter half," CEO Peter J. Gundermann said in the earnings statement.

The company’s stock rose 46 cents, or 6 percent, to close Tuesday at $8.01.