Not sure I how missed this earlier, but Sparton now breaks out its EMS revenue from its ODM work.

That, coupled with the company’s restructuring into three business units (the third is medical), makes the cynic in me think they are positioning the EMS unit for sale. The website now touts the medical and defense businesses (read: sonobuoys) as on equal footing with EMS work. The company has lost Honeywell, which was once one of its largest customers, and closed the plant in Albuquerque that once was owned by that OEM.

More relevant, in terms of sales, EMS is no longer the firm’s largest business, having slipped one point behind medical in the most recent quarter. In terms of profitability, defense is the easy winner, followed by medical, while EMS remains in the red.

Disclosure: This is just idle speculation. I’m not floating any ideas and have no specific knowledge of Sparton’s plans. It’s just what it looks like to me.