Welcome to our dedicated page for Astronics news (Ticker: ATRO), a resource for investors and traders seeking the latest updates and insights on Astronics stock.
Astronics Corporation (ATRO) delivers mission-critical technology solutions for aerospace, defense, and advanced test systems. This news hub provides investors and industry professionals with centralized access to official announcements, strategic developments, and operational updates directly from the company.
Find timely information on product innovations, contract awards, and financial performance, alongside analysis of Astronics' role in advancing aviation safety and defense capabilities. Our curated collection includes press releases covering system integrations, testing advancements, and partnerships shaping next-generation aerospace technologies.
This resource is designed to streamline your research with verified updates on Astronics' engineering achievements and market positioning. Bookmark this page to monitor how ATRO continues to address complex challenges in power management, connectivity solutions, and mission-critical system development.
Astronics (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense, and other mission-critical industries, has announced its upcoming second quarter 2024 financial results conference call and webcast. The company will release its financial results after market close on Thursday, August 1, 2024, followed by a conference call and webcast at 4:45 p.m. Eastern Time on the same day.
The event will provide an opportunity for investors and analysts to review Astronics' financial and operating results, as well as discuss corporate strategies and outlook. A question-and-answer session will be included. For those unable to attend live, a telephonic replay will be available until August 15, 2024, and a webcast replay can be accessed via the company's investor relations website.
Astronics (Nasdaq: ATRO) has successfully refinanced its debt, enhancing liquidity, reducing cash costs, and improving financial flexibility. The company expanded its revolving line of credit from $115 million to $200 million, with interest rates between SOFR +2.5% to +3.0% based on leverage ratios. The new $55 million term loan has interest rates of SOFR +5.5% to +6.75%, significantly reducing annual cash amortization from $9 million to $550,000. The refinancing is expected to yield annual cash savings of $10.5 million, including a $2 million reduction in interest expenses. The initial average interest rate has decreased to 9.6% from 11.0%. Available liquidity is now approximately $50 million, and the new financial covenants are less restrictive. The refinancing also entails $8 million in third-quarter 2024 expenses related to fees and costs associated with the previous term loan.
Astronics (Nasdaq: ATRO) announced it has been awarded a $215 million contract by the U.S. Army for the production of the Radio Test Set TS-4549/T. This firm-fixed price, indefinite delivery, indefinite quantity (IDIQ) contract spans five years. The initial delivery order of $15.5 million will cover qualification and low-rate initial production, with an anticipated revenue of $10 million to $12 million in 2024, including $5 million to $7 million in the second quarter. CEO Peter J. Gundermann noted that this contract is a significant milestone for their Test business and is expected to enhance the company’s financial performance.
Astronics (Nasdaq: ATRO) announced the delivery of 350 shipsets of its EmPower® UltraLite G2 USB Power System since its launch in 2022.
Another 300 systems are scheduled for delivery by the end of 2024. This system, which is 30% to 40% lighter than previous models, is designed to reduce carbon emissions and is highly efficient, offering up to 60W of power at each seat.
The EmPower UltraLite G2 is well-suited for both new aircraft and retrofits, providing flexibility with USB Type A and Type C outlets. The system supports carbon neutrality initiatives by reducing the overall weight and increasing efficiency.
Astronics (Nasdaq: ATRO) announced contracts valued up to $75 million over the next 3 to 5 years for their Dual-Modem Modem Manager (ADMM). The ADMM enhances inflight entertainment and connectivity by managing communication between satellite and cabin wireless access points, ensuring reliable IP communications for passengers, crew, and operations personnel.
The ADMM supports multi-orbit, multi-band capabilities and is adaptable to various satellite networks, offering flexibility for Managed Service Providers, airlines, and OEMs. Its modem-agnostic design is customizable to operator needs, supporting both Ku and Ka satellites. Astronics has over 5,000 aircraft equipped with their inflight entertainment and connectivity hardware globally.
Astronics (Nasdaq: ATRO) reported strong first quarter financial results for 2024, with sales growing by 18% to $185.1 million. Operating income was $1.7 million, adjusted EBITDA was $19.1 million, maintaining a record backlog of $612.5 million. Aerospace segment showed significant growth, with bookings of $205.3 million. The Company expects continued growth in 2024.
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