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) supplies advanced technologies and products for aerospace, defense and other mission-critical markets. Its recurring news includes financial results and outlook, Aerospace and Test Systems segment performance, orders and backlog, and demand trends in commercial transport and defense-related markets.
Company updates also cover aircraft power, connectivity, lighting, structures, interiors and test technologies. Recent developments include the EmPower® Qi2 wireless charging module for aircraft cabins, fuel tank access doors for the Boeing 737 MAX program, and the completed Bühler Motor Aviation acquisition, which expanded Astronics' seat actuation and aircraft motion systems portfolio.
Astronics (NASDAQ: ATRO) has announced the appointment of Nancy L. Hedges as Vice President and Chief Financial Officer, effective January 4, 2025. Hedges, currently serving as Controller and Principal Accounting Officer, will succeed David C. Burney upon his retirement on January 3, 2025.
Hedges joined Astronics in 2014 and brings extensive experience from her previous roles at Dayco, and PricewaterhouseCoopers LLP. She holds a B.S. in Accounting from Canisius University and serves on its Council on Accountancy.
Chairman, President, and CEO Peter J. Gundermann expressed confidence in Hedges' ability to lead the company's financial strategies and improve performance. Burney, who has been with Astronics for 29 years, including nearly 22 as CFO, was credited for his significant contributions to the company's growth from $33 million in sales in 2003 to nearly $800 million today.
Astronics (Nasdaq: ATRO), a leading supplier of advanced technologies for aerospace, defense, and mission-critical industries, has announced its participation in the Gabelli 30th Annual Aerospace & Defense Symposium. The company's presentation is scheduled for Thursday, September 5, 2024, at 10:30 a.m. Eastern Time.
Key executives Peter J. Gundermann (Chairman, President, and CEO) and David C. Burney (Executive VP and CFO) will represent Astronics at the virtual event. Investors and interested parties can access a live webcast of the presentation and accompanying materials on the company's website at www.astronics.com. A replay will be available in the Investors section after the event.
Astronics (Nasdaq: ATRO), a leading supplier of advanced technologies for aerospace, defense, and mission-critical industries, has announced its participation in the Midwest IDEAS Conference. The event will take place at The Gwen in Chicago on August 28, 2024.
Key points:
- Peter J. Gundermann (Chairman, President, CEO) and David C. Burney (EVP, CFO) will represent Astronics
- Presentation scheduled for 4:50 p.m. Central Time
- Live webcast and presentation materials will be available at www.astronics.com
- Replay of the webcast will be accessible in the Investors section of the company's website
This conference provides an opportunity for Astronics to showcase its latest developments and engage with investors.
Astronics (ATRO) reported 14% sales growth to $198.1 million in Q2 2024. Key highlights include:
- Operating income increased to $7.6 million (3.8% of sales)
- Net income of $1.5 million ($0.04 per diluted share)
- Adjusted EBITDA grew 28% to $20.2 million (10.2% of sales)
- Record backlog of $633.4 million with 1.11x book-to-bill ratio
- Aerospace segment achieved 10th consecutive record backlog of $554.6 million
The company raised its 2024 revenue guidance to $780-$800 million. Q2 results were driven by increased demand, new program wins, and improved operational efficiency. Aerospace segment sales grew 11.7% to $176.9 million, while Test Systems sales increased to $21.2 million.
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.