| Reconciliations of Net Sales and Segment Operating Income |
Reconciliations of net sales and segment operating income were as follows:
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For the Quarter Ended June 30, 2025 |
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A&D |
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Commercial |
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RF&S Components |
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Eliminations |
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Total |
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(In thousands, except margin rates) |
Net sales |
|
$ |
325,092 |
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$ |
395,481 |
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$ |
10,048 |
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$ |
— |
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$ |
730,621 |
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Intersegment sales |
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2,477 |
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143 |
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30 |
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(2,650 |
) |
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— |
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Segment sales |
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$ |
327,569 |
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$ |
395,624 |
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$ |
10,078 |
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$ |
(2,650 |
) |
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$ |
730,621 |
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Net Sales |
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Cost of Goods Sold |
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Operating Expenses |
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Operating Income |
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Operating Margin |
A&D |
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$ |
327,569 |
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$ |
(251,046 |
) |
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$ |
(31,241 |
) |
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$ |
45,282 |
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13.8 |
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% |
Commercial |
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395,624 |
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(317,652 |
) |
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(17,903 |
) |
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60,069 |
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15.2 |
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RF&S Components |
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10,078 |
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(4,855 |
) |
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(2,360 |
) |
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2,863 |
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28.4 |
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Total segment |
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733,271 |
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(573,553 |
) |
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(51,504 |
) |
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108,214 |
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14.8 |
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Eliminations |
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(2,650 |
) |
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— |
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Unallocated amounts: |
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Restructuring |
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(1,408 |
) |
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Stock-based compensation |
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(9,188 |
) |
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Other corporate expenses |
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(26,625 |
) |
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Amortization of definite-lived intangibles (1) |
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(9,224 |
) |
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Consolidated |
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$ |
730,621 |
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61,769 |
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8.5 |
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% |
Interest expense |
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(11,095 |
) |
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Other, net |
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(5,149 |
) |
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Income before income taxes |
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$ |
45,525 |
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For the Quarter Ended July 1, 2024 |
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A&D |
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Commercial |
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RF&S Components |
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Eliminations |
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Total |
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(In thousands, except margin rates) |
Net sales |
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$ |
273,038 |
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$ |
323,069 |
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$ |
9,030 |
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$ |
— |
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$ |
605,137 |
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Intersegment sales |
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1,469 |
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186 |
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53 |
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(1,708 |
) |
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— |
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Segment sales |
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$ |
274,507 |
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$ |
323,255 |
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$ |
9,083 |
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$ |
(1,708 |
) |
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$ |
605,137 |
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Net Sales |
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Cost of Goods Sold |
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Operating Expenses |
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Operating Income |
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Operating Margin |
A&D |
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$ |
274,507 |
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$ |
(220,647 |
) |
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$ |
(28,360 |
) |
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$ |
25,500 |
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9.3 |
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% |
Commercial |
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323,255 |
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(256,244 |
) |
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(17,341 |
) |
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49,670 |
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15.4 |
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RF&S Components |
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9,083 |
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(4,586 |
) |
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(2,445 |
) |
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2,052 |
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22.6 |
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Total segment |
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606,845 |
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(481,477 |
) |
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(48,146 |
) |
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77,222 |
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12.7 |
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Eliminations |
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(1,708 |
) |
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— |
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Unallocated amounts: |
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Restructuring |
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(1,036 |
) |
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Gain on sale of property, plant, and equipment |
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14,420 |
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Acquisition-related and other charges |
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(10,184 |
) |
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Stock-based compensation |
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(6,580 |
) |
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Other corporate expenses |
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(22,265 |
) |
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Amortization of definite-lived intangibles (1) |
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(12,591 |
) |
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Consolidated |
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$ |
605,137 |
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38,986 |
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6.4 |
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% |
Interest expense |
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(12,219 |
) |
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Other, net |
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3,765 |
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Income before income taxes |
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$ |
30,532 |
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For the Two Quarters Ended June 30, 2025 |
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A&D |
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Commercial |
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RF&S Components |
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Eliminations |
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Total |
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(In thousands, except margin rates) |
Net sales |
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$ |
632,510 |
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$ |
727,911 |
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$ |
18,868 |
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$ |
— |
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$ |
1,379,289 |
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Intersegment sales |
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|
5,202 |
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|
418 |
|
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30 |
|
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(5,650 |
) |
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— |
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Segment sales |
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$ |
637,712 |
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$ |
728,329 |
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$ |
18,898 |
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$ |
(5,650 |
) |
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$ |
1,379,289 |
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Net Sales |
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Cost of Goods Sold |
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Operating Expenses |
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Operating Income |
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Operating Margin |
A&D |
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$ |
637,712 |
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$ |
(489,975 |
) |
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$ |
(61,678 |
) |
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$ |
86,059 |
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13.5 |
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% |
Commercial |
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|
728,329 |
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(586,737 |
) |
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(37,874 |
) |
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103,718 |
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14.2 |
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RF&S Components |
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18,898 |
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(9,633 |
) |
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(4,810 |
) |
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4,455 |
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23.6 |
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Total segment |
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1,384,939 |
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(1,086,345 |
) |
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(104,362 |
) |
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|
194,232 |
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14.0 |
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Eliminations |
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(5,650 |
) |
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— |
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Unallocated amounts: |
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Restructuring |
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(2,122 |
) |
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|
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Stock-based compensation |
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(17,975 |
) |
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Other corporate expenses |
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(43,658 |
) |
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Amortization of definite-lived intangibles (1) |
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(18,448 |
) |
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Consolidated |
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$ |
1,379,289 |
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|
112,029 |
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8.1 |
|
% |
Interest expense |
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(22,559 |
) |
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Other, net |
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(2,954 |
) |
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Income before income taxes |
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$ |
86,516 |
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For the Two Quarters Ended July 1, 2024 |
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Eliminations |
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|
Total |
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(In thousands, except margin rates) |
Net sales |
|
$ |
551,304 |
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|
$ |
606,644 |
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|
$ |
17,302 |
|
|
$ |
— |
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|
$ |
1,175,250 |
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Intersegment sales |
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|
2,961 |
|
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|
414 |
|
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|
114 |
|
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(3,489 |
) |
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|
— |
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Segment sales |
|
$ |
554,265 |
|
|
$ |
607,058 |
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$ |
17,416 |
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|
$ |
(3,489 |
) |
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$ |
1,175,250 |
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Net Sales |
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Cost of Goods Sold |
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Operating Expenses |
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Operating Income |
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Operating Margin |
A&D |
|
$ |
554,265 |
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|
$ |
(437,347 |
) |
|
$ |
(56,945 |
) |
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$ |
59,973 |
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10.8 |
|
% |
Commercial |
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|
607,058 |
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(493,084 |
) |
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(34,221 |
) |
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|
79,753 |
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|
13.1 |
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RF&S Components |
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|
17,416 |
|
|
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(8,990 |
) |
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(4,713 |
) |
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|
3,713 |
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21.3 |
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Total segment |
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1,178,739 |
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(939,421 |
) |
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(95,879 |
) |
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|
143,439 |
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|
12.2 |
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Eliminations |
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(3,489 |
) |
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|
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|
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— |
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Unallocated amounts: |
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|
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|
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|
|
|
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|
|
Restructuring |
|
|
|
|
|
|
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|
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(4,974 |
) |
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|
|
Gain on sale of property, plant, and equipment |
|
|
|
|
|
|
|
|
|
|
|
14,420 |
|
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(10,072 |
) |
|
|
|
|
Stock-based compensation |
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|
|
|
|
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(13,367 |
) |
|
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|
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Other corporate expenses |
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|
|
|
|
|
|
|
|
|
(47,037 |
) |
|
|
|
|
Amortization of definite-lived intangibles (1) |
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|
|
|
|
|
|
|
|
|
|
(26,356 |
) |
|
|
|
|
Consolidated |
|
$ |
1,175,250 |
|
|
|
|
|
|
|
|
|
56,053 |
|
|
|
4.8 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(24,543 |
) |
|
|
|
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Other, net |
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|
|
|
|
|
|
|
|
|
13,091 |
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
44,601 |
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(1)Amortization of definite-lived intangibles relates to the A&D, Commercial, and RF&S Components reportable segments, but is not reviewed separately by the CODM. For the quarters ended June 30, 2025 and July 1, 2024, amortization expense of $2,336 and $2,335, respectively, is included in cost of goods sold for the A&D reportable segment. For both the two quarters ended June 30, 2025 and July 1, 2024, amortization expense of $4,671 is included in cost of goods sold for the A&D reportable segment.
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