(AXYS) Axsys Technologies – products are largely sold into markets that are not effected by the general economy

Axsys Technologies, Inc. (AXYS) is fresh off the heels of an impressive third-quarter performance in which the company’s income almost doubled. The next-year estimate is bullish, projecting 19% earnings growth.

Company Description

Axsys Technologies, Inc. designs and manufactures precision optical solutions for defense, aerospace, and commercial applications. The company has a market cap. of $594 million and is headquartered in Rocky Hill, Connecticut.

Third-Quarter Results

Axys just reported excellent third-quarter results, fueled by impressive growth from multiple business segments. Sales increased 43% from last year to $64.8 million. Net income almost doubled, climbing to $8 million from $4.1 million last year, producing earnings of 37 cents per share.

Consistent Results

This was the fourth time in the last four quarters that the company has surprised and beaten estimates, having done so by an average of 8 cents, or 16%.

Segment Performance

Axysis said that its sales growth was a product of strong demand for infrared cameras and lenses. The Imaging Systems Group’s sales were up 39% from the year prior, driven by demand for a variety of the company’s camera systems.

The CEO Speaks

CEO Stephen Bershad painted a rosy outlook for the company’s future, saying “In these uncertain economic times, we are fortunate that our products are largely sold into markets that are not effected by the general economy.”

Analyst Estimates

Analyst estimates have risen in reaction to the solid quarter, with the current-year estimate climbing to $2.30 per share from $2.13 just 7 days ago.

The next-year estimate is bullish, standing at $2.72 per share, a 19% earnings growth projection.

The Chart

Shares of AXYS have had a solid year, currently standing just above $53 after starting the year below $35. A major trend line that has been in play since early in the year is currently being pressured

Content Courtesy: Zacks Investment Research

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