Astronics Corp - ATRO STOCK NEWS

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.

Astronics Corporation (NASDAQ: ATRO) reported preliminary third quarter revenue of $131 million, below expectations due to supply chain issues and program delays. Bookings totaled $184 million, driving a record backlog of $547 million, with $464 million attributed to aerospace. The company anticipates fourth quarter revenue between $140 million and $150 million, leading to an expected full year revenue of $640 million to $680 million for 2023.

Astronics Corporation (NASDAQ: ATRO) has been selected by the U.S. Army as the down select winner for developing the TS-4549/T Radio Test Set, which will replace outdated GRM-122 radio test equipment for tactical radios. This Indefinite Delivery/Indefinite Quantity (ID/IQ) program is expected to yield deliverables over several years. The company plans to finalize contract terms with the Army and provide updates as information becomes available.

Astronics Corporation (Nasdaq: ATRO) reported strong financial results for Q2 2022 with sales reaching $129.1 million, a 16% increase from the prior year. Despite this, the company faced an operating loss of $8.4 million, primarily due to inflation and supply chain challenges, along with not benefiting from previous grants. Bookings totaled $148.4 million, resulting in a book-to-bill ratio of 1.15 and a record backlog of $494.4 million. The company revised its 2022 revenue outlook to $550 million to $580 million.

Astronics Corporation (NASDAQ: ATRO) will release its second quarter 2022 financial results on August 10, 2022, prior to market opening. The company will host a conference call at 11:00 a.m. ET to discuss these results, including corporate strategies and future outlook. Investors can access a replay of the call starting at 2:00 p.m. ET on the same day until August 17, 2022. For additional information and to access the webcast, visit Astronics.com.

Astronics Corporation (ATRO) has been selected by Lilium N.V. (LILM) to design and develop key components for the Lilium Jet’s energy management system, specifically the electrical power distribution units. This partnership emphasizes Astronics' expertise in high voltage products and supports Lilium's goal of creating sustainable air travel solutions. The agreement, reached after a year of collaboration, aims to enhance aircraft safety and efficiency. Both companies are poised to capitalize on advancements in the aerospace industry.

Astronics Corporation (NASDAQ: ATRO) announced a partnership with Southwest Airlines (NYSE: LUV) to install its EMPOWER® Passenger In-Seat Power System on 475 Boeing 737 MAX-7 and MAX-8 aircraft. This initiative is part of Southwest's cabin upgrade effort aimed at enhancing customer experience. The system will feature USB charging ports at each seat, allowing passengers to charge multiple devices. Deliveries start in Q4 2022 for retrofit installations, with further production line installations in 2023.

Astronics Corporation (NASDAQ: ATRO) has expanded its CorePower product portfolio to cater to the electric aircraft sector. The new offerings include high voltage power conversion products and solid-state switching devices, focused on enhancing efficiency and reliability for both commercial and military applications. This development aligns with the industry's shift towards More Electric Aircraft (MEA) architectures, promoting reduced carbon emissions and noise pollution. The advanced capabilities support longer ranges and increased payload capacities, reinforcing Astronics' commitment to sustainable aviation solutions.