Astronics Corp - ATRO STOCK NEWS

Astronics Corporation (Nasdaq: ATRO) will release its first quarter 2023 financial results on May 9, 2023, after market close. Following the announcement, the Company will hold a conference call at 4:45 p.m. ET to discuss its financial and operational performance along with corporate strategies and outlook, which will be followed by a Q&A session. An archived replay of the call will be available until May 16, 2023, both via telephone and webcast. Astronics has over 50 years of experience providing technological solutions to the aerospace and defense sectors, focusing on innovative technologies that meet complex challenges. For more information, visit Astronics.com.

Astronics Corporation (Nasdaq: ATRO) has announced a significant contract win through its subsidiary, Astronics Test Systems. The company secured an indefinite delivery/indefinite quantity (IDIQ) award to supply portable radio test equipment for the U.S. Marine Corps' Handheld Radio Test Sets program, valued at approximately $40 million over five years. An initial task order is expected to follow soon. This award highlights Astronics' technological expertise and is expected to drive growth in 2023 and 2024, alongside another anticipated program with the U.S. Army. The portable radio test capability will ensure effective communication systems for military operations.

Astronics Corporation (NASDAQ: ATRO) has unveiled its new reliability test solution for defense microelectronics, named TORCH (Thermally-controlled Operational Reliability Chip Tester). This automated system can simultaneously test up to 384 devices with independent profiles, streamlining the testing process for high-power RF devices like Gallium Nitride. TORCH eliminates the manual validation process, incorporates various test modes, and features an intuitive user interface for easy profile creation. Additionally, a demonstration of TORCH will take place at the GOMACTech Conference in San Diego, CA, from March 21-22, 2023.

Astronics Corporation (Nasdaq: ATRO) reported Q4 2022 sales of $158.2 million, a 36% increase from last year, with full-year sales at $534.9 million, up 20%. The company achieved record backlog of $571.4 million and a book-to-bill ratio of 1.15 in Q4. Despite a net loss of $6.8 million, adjusted EBITDA improved to $4.3 million. The company maintains 2023 revenue guidance of $640 million to $680 million, anticipating a 23% growth. CEO Peter J. Gundermann noted ongoing recovery in the aerospace market while acknowledging supply chain challenges.

Astronics Corporation (NASDAQ: ATRO) announced the appointment of Linda O’Brien to its Board of Directors, effective February 24, 2023. O’Brien is currently Vice President and Chief Engineer at Lockheed Martin Aeronautics, bringing significant aerospace experience. Her career includes various leadership roles at Lockheed/General Dynamics and Sikorsky Aircraft Company. This addition increases the board to nine members, with eight being independent. Chairman and CEO Peter J. Gundermann expressed confidence in O’Brien's ability to contribute to the company’s future.

Astronics Corporation (NASDAQ: ATRO) announced it will release its fourth quarter 2022 financial results after the market closes on March 2, 2023. A conference call will follow at 4:45 p.m. ET, where the company will discuss its financial and operational outcomes, along with its corporate strategies and outlook. Interested participants can join the call by phone or through a webcast available on the company's investor relations website. A replay of the call will be accessible from 7:45 p.m. ET on the same day until March 9, 2023.

Great Rock Capital announced the closing of a $90 million senior secured term loan facility with Astronics Corporation (NASDAQ: ATRO) on January 19, 2023. This financing will enhance Astronics' liquidity and enable the company to capitalize on growth opportunities in the aerospace and defense industries as they recover from the impacts of Covid-19. Peter Gundermann, CEO of Astronics, highlighted the financial partnership's alignment with their business model and growth trajectory. The loan aims to support the development of mission-critical technologies for a diverse customer base.

Astronics Corporation (Nasdaq: ATRO) has reported preliminary fourth-quarter 2022 sales of $155 to $160 million, surpassing prior guidance and showing a 20% sequential increase from Q3 2022 and a 35% increase year-over-year. Bookings for the quarter are estimated at $175 to $180 million. The company has successfully refinanced $205 million in debt, enhancing financial flexibility with new term and revolving credit facilities. The term loan matures in 2027 and the revolving facility in 2026. The refinancing ensures approximately $35 million in available liquidity, with expectations for positive cash flow in 2023.

Astronics Corporation (Nasdaq: ATRO) reported third quarter sales of $131.4 million, an increase of 18% year-over-year, driven by strong demand in aerospace. However, the company faced an operating loss of $14.3 million due to inflation and supply chain issues. Bookings reached $184.2 million, resulting in a book-to-bill ratio of 1.40. Backlog rose to a record $547.1 million, with expectations of higher fourth-quarter sales between $140 million to $150 million. Despite challenges, the company anticipates improved financial performance in 2023.