Global Sourcing Spotlight: How to Evaluate Supplier Capabilities Worldwide
The Knowledge Base: Cultivating Your Brand in the Age of Connection
SMT Perspectives and Prospects: Warren Buffett’s Perpetual Wisdom, Part 2
Sparton Reports $97M Net Sales for 2Q FY2017
February 21, 2017 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. has reported net sales of $97.4 million and gross profit margin of 16.3% for the second quarter of fiscal year 2017 ended January 1, 2017.
"We are pleased to report that our Q2 performance reflects the continued improvement in revenues and profitability in our MDS segment as well as the continued strengthening of our balance sheet. The MDS segment reported net organic revenue growth along with increased new program wins and stronger margins as compared to the prior quarter and Q2 of fiscal 2016. Our ECP segment did not perform as expected due to delays in production of the Q53G sonobuoy and the need to record a loss on a contract in our rugged display platform. Both of these issues have been addressed and are not expected to have any impact on future results," commented Joseph J. Hartnett, Interim President & CEO.
Joe McCormack, Senior Vice President and CFO, said, "Through our continued focus on working capital management and cash flow, we generated strong free cash flow in the quarter of $10 million, principally as a result of the management of inventory levels and our supply chain. We are pleased to report that our borrowings under our revolving credit agreement was reduced to $85.7 million."
Hartnett concluded, "Looking forward, we expect third quarter revenues to be in the range of $97 million to $101 million with a gross profit margin of approximately 18.5%."
As previously announced, the Board of Directors of Sparton is exploring a possible sale of the company. There can be no assurance that such a sale will occur.
About Sparton
Sparton Corporation (NYSE:SPA), now in its 117th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment. The primary markets served are Medical & Biotechnology, Military & Aerospace and Industrial & Commercial. Headquartered in Schaumburg, IL, Sparton currently has thirteen manufacturing locations and engineering design centers worldwide. For more information, visit www.sparton.com.
Share on:
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
Coherent Announces Agreement to Sell Aerospace and Defense Business to Advent for $400 Million
08/15/2025 | AdventCoherent Corp., a global leader in photonics, today announced that it has entered into a definitive agreement to sell its Aerospace and Defense business to Advent, a leading global private equity investor, for $400 million. Proceeds will be used to reduce debt, which will be immediately accretive to Coherent’s EPS.
KYZEN Partners with LPW to Elevate High Purity Cleaning with Cutting-Edge Cyclic Nucleation Technology in North America
08/13/2025 | KYZEN'KYZEN, a global leader in advanced cleaning solutions, has reached a major milestone in high-purity cleaning with the addition of a state-of-the-art Vacuum Cyclic Nucleation System at its North American Application Lab.
Jeh Aerospace Raises $11M to Boost Aircraft Supply Chain
08/12/2025 | I-Connect007 Editorial TeamJeh Aerospace, the high-precision aerospace and defense manufacturing startup founded by Vishal Sanghavi and Venkatesh Mudragalla, has raised $11 million in a Series A round led by Elevation Capital, with support from General Catalyst, to scale its commercial aircraft supply chain manufacturing in India, according to OEM.
New Frontier Aerospace and Air Force Institute of Technology Sign CRADA to Advance Hypersonic VTOL Aircraft
08/05/2025 | PR NewswireNew Frontier Aerospace (NFA) is excited to announce a Collaborative Research and Development Agreement (CRADA) with the Air Force Institute of Technology (AFIT) aimed at advancing an innovative rocket-powered hypersonic Vertical Takeoff and Landing (VTOL) aircraft.
Honeywell Advances Technology That Lets Fighter Pilots Breathe Easier for Peak Performance
08/04/2025 | HoneywellHoneywell has developed and launched a new technology that allows military pilots of high-performance fighter jets to breathe easier under extreme conditions.