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Aeroflex stock up as it beats expected earnings
Shares of Aeroflex Holding Corp. Inc., a Plainview-based maker of wireless communication components, climbed nearly four percent Thursday after the company reported better than expected sales. Aeroflex's stock was up 29 cents, to $7.86 a share, in early trading.
On Wednesday the company released second-quarter earnings, saying it posted to $156 million in sales during in the three months ended in December. That was down 9 percent from the same period last year, but better than Wall Street's expectations of $150.4 million.
The company generates about 30 percent of its revenue from the U.S. government, including the National Aeronautics and Space Administration.
"Even with the unresolved budgetary issues in Washington, we are seeing meaningful opportunities in the aerospace defense and government markets," Aeroflex chief executive Len Borow told analysts.