Aeroflex Holding Corp. (NYSE: ARX) saw its net sales dip slightly year-over-year, but its profits improved as it stemmed losses from continuing operations.
Net sales edged downward to $155.5 million from $157 million in the same period of 2013. Aeroflex’s net income turned around from a loss of $9.4 million during the prior year’s quarter, to a profit of $5.3 million this year. The turnaround came from a substantial increase in operating income ($15.3 million during the most recent quarter, compared to a loss of $3 million at the same time last year) and income from continuing operations turning positive ($5.3 million instead of a loss of $9.8 million).
The company sold the assets of its United Kingdom subsidiary’s Aeroflex Test Equipment Services division for $19.2 million in cash last September. Aeroflex also purchased Shenick Network Systems Ltd. for $27.1 million on February 5th, but the company’s sales and results “were not significant in the quarter,” Aeroflex reported.
“We continued to execute well and deliver solid financial results this quarter,” said Len Borow, CEO of Aeroflex. He added that the company “had strength across many of our core markets,” singling out its Aeroflex Test Solutions business for wireless, as well as its high-reliability (HiRel) microelectronics business.
Aeroflex’s stock was up nearly 6% in midday trading on Wednesday.
