The company’s fast-growing composites division posted a loss of $3.3 million in the quarter, blamed mostly on a drop in orders from Eclipse Aviation Corp., a major aerospace customer. Eclipse Aviation told the company in August that it would be substantially reducing orders for parts through at least the first half of next year.
“While we hope we are wrong about this, we are preparing for a long and deep global recession. And there is no doubt that revenue and income are being affected by it,” CEO Joseph Morone said in a statement. “But fundamentally, we are confident that our cash and grow strategy is sound, and that we will come out of the recession in an even stronger competitive position,” he added.
For the first nine months of the year, net sales totaled $837 million, an 8.4% jump from last year. However, net income-to-date stands at $5.2 million, down 48% from the year before.