Aug. 2--Parts orders from aircraft makers lifted Astronics Corp.'s profits by 13 percent in the second quarter, nearly double analysts' estimates, which caused its battered stock to shoot up by 39 percent.

The manufacturer based in East Aurora makes aircraft cockpit lighting, exterior lighting and other aircraft electronics. It has 378 jobs locally, up from 336 a year ago, a spokeswoman said.

Profits rose to $5.1 million from $4.5 million a year ago. Per-share profits were 60 cents, soundly beating the estimate of 31 cents from First Call's survey of Wall Street analysts.

Aircraft makers' bulging order books helped the company shrug off concerns about fuel prices and a weak economy, Astronics Chief Executive Peter J. Gundermann said in a conference call.

"There are little pockets of weakness here and there," he said. "But by and large, backlogs at airframe manufacturers continue to be at record levels, and growing."

The order surge prompted Astronics to boost its sales forecast for the full year to between $175 and $185 million, from $170 million.

"We are at a loss to explain the pessimism the markets are placing on the aircraft industry," Gundermann said.

Astronics' sales of parts for military and corporate jets leaped, while demand from commercial aircraft -- which make up more than half its business -- stayed relatively flat.

Quarterly sales grew to $47.9 million, from $41.4 million, a 15.8 percent increase.

Orders in the quarter were $52.4 million, up 35.3 percent from a year ago and up 14.3 percent as compared to the first quarter.

The results helped put a slow first quarter behind the company and gave a lift to its suffering stock. The shares shot up $5.67 to close at $20.27 Friday. Despite the jump in price on Friday, Astronics shares, which began the year at $42.24, still have lost more than half their value this year.

In addition to its site in East Aurora, Astronics has operations in Seattle, Montreal and Lebanon, N. H., with a total of 1,046 jobs.

Operating profits, or earnings before deducting interest payments and taxes, were 25.3 percent of sales, compared to 27.6 percent a year ago. The reduced operating margin reflected higher engineering and development costs as well as increased infrastructure spending to support growth, the company said.

In recent years the company has invested in development to expand the amount of content it can offer for new aircraft platforms. "This is driving much of our growth today," Gundermann said.

For the first half of 2008, sales are up 5.6 percent to $89 million. Profitability remains below last year's rate, with $7.8 million in profits in the first half, compared to $9.2 million a year ago. Costs were higher this year for development and infrastructure, the company said.

fwilliams@buffnews.com

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