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Sparton Reports Positive Fiscal 2017 Q4 Results
September 15, 2017 | Sparton Corp.Estimated reading time: 1 minute
Sparton Corp. has announced consolidated net sales of $104.4 million for the fourth quarter ended July 2, 2017. Gross profit margin was 20.9%, an increase of 320 bps from prior quarter. Earnings per share was $0.17, while adjusted earnings per share was $0.38.
"We are pleased to report our organic growth produced over $23 million in new programs wins for the quarter. A clear indication of the progress we are making in building a business model that supports profitable revenue growth through business development. Additionally, while a significant amount of time and effort was directed toward arriving at a merger agreement with Ultra Electronics Holdings plc on July 7, 2017, we were able to focus on delivering improved operating performance for the quarter while exceeding fourth quarter guidance on revenue and gross margins,” says Joseph J. Hartnett, interim president and CEO.
Joseph G. McCormack, Sr. VP and CFO, comments, "We are pleased that the continued improvement in operating performance across both segments allowed us to significantly pay down our debt during the fourth quarter of fiscal 2017 and reduce our debt leverage below 3.0x EBITDA at year-end."
MDS Segment:
- Gross sales of $67.0 million
- Gross profit margin of 13.6%, an increase of 260 bps from the prior quarter
- Operating income of $1.6 million
- Adjusted EBITDA of $6.4 million, a 9.6% adjusted EBITDA margin
- New program wins in Q4 have expected revenue of $23.2 million when fully ramped up into production
- Trailing four quarter new program win revenue of $62.4 million, which continues to support our future organic growth
ECP Segment:
- Gross sales of $40.3 million
- Gross profit margin of 31.5%, an increase of 390 bps from the prior quarter
- Operating income of $7.8 million
- Adjusted EBITDA of $9.9 million, a 24.5% adjusted EBITDA margin
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 118th 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.
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