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Astronics Corp (ATRO.OQ)

ATRO.OQ on NASDAQ Stock Exchange Global Select Market

8.70USD
31 Jul 2020
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Latest Key Developments (Source: Significant Developments)

Astronics Corporation Reports Q2 Loss Per Share $0.77
Friday, 31 Jul 2020 

July 31 (Reuters) - Astronics Corp ::ORATION REPORTS 2020 SECOND QUARTER FINANCIAL RESULTS.Q2 LOSS PER SHARE $0.77.Q2 SALES $123.7 MILLION VERSUS REFINITIV IBES ESTIMATE OF $110 MILLION.SEES FY 2020 SALES $500 MILLION TO $525 MILLION.Q2 EARNINGS PER SHARE ESTIMATE $-0.31 -- REFINITIV IBES DATA.CAPITAL EXPENDITURES FOR 2020 ARE EXPECTED TO BE APPROXIMATELY $8 MILLION.FY2020 REVENUE VIEW $498.6 MILLION -- REFINITIV IBES DATA.  Full Article

Astronics Awarded Contracts By Bell To Develop Electrical Power Systems For Fara And Flraa Programs
Tuesday, 21 Jul 2020 

July 21 (Reuters) - Astronics Corp ::ASTRONICS AWARDED CONTRACTS BY BELL TO DEVELOP ELECTRICAL POWER SYSTEMS FOR FARA AND FLRAA PROGRAMS.ASTRONICS CORP - CO TO DEVELOP ELECTRICAL GENERATION AND POWER DISTRIBUTION SYSTEMS FOR BELL 360 INVICTUS PROTOTYPE AND REFINED V-280 VALOR AIRCRAFT.  Full Article

Astronics Corp Amended Existing Credit Facility On May 4
Wednesday, 6 May 2020 

May 6 (Reuters) - Astronics Corp ::ASTRONICS CORP - AMENDED ITS EXISTING CREDIT FACILITY ON MAY 4.ASTRONICS CORP - AMENDMENT REDUCED REVOLVING CREDIT LINE FROM $500 MILLION TO $375 MILLION.ASTRONICS CORP - THERE REMAINS OPTION TO INCREASE LINE BY UP TO $150 MILLION.ASTRONICS CORP - AMENDED FACILITY SUSPENDS APPLICATION OF LEVERAGE RATIO UP THROUGH AND INCLUDING Q2 OF 2021.ASTRONICS CORP - AMENDED FACILITY ALSO TEMPORARILY RESTRICTS CERTAIN ACTIVITIES, INCLUDING ACQUISITIONS AND SHARE REPURCHASES.ASTRONICS CORP - AMENDED FACILITY REQUIRES MANDATORY REPAYMENTS DURING SUSPENSION PERIOD WHEN COMPANY'S CASH BALANCE EXCEEDS $100 MILLION.  Full Article

Astronics Corporation Reports 2020 First Quarter Financial Results
Wednesday, 6 May 2020 

May 6 (Reuters) - Astronics Corp ::ORATION REPORTS 2020 FIRST QUARTER FINANCIAL RESULTS.Q1 LOSS PER SHARE $2.17.Q1 EARNINGS PER SHARE ESTIMATE $-0.05 -- REFINITIV IBES DATA.SALES FOR QUARTER WERE $157.6 MILLION WITH BOOKINGS OF $167.4 MILLION.HAS BEEN SIGNIFICANTLY AFFECTED BY COVID-19 PANDEMIC.ACTIONS TO ADJUST COST STRUCTURE INCLUDED 30% REDUCTION IN EMPLOYEE COUNT TO ABOUT 2,000, FREEZE ON WAGES.ACTIONS TO ADJUST COST STRUCTURE INCLUDED FREEZE ON WAGES, ELIMINATION OF CASH BONUS PLANS, MORE THAN 50% REDUCTION OF 2020 CAPEX.ACTIONS TO ADJUST COST STRUCTURE WILL RESULT IN SIGNIFICANT SAVINGS OF $55 MILLION TO $60 MILLION FOR YEAR, BEGINNING IN Q2.DEFENSE AND GOVERNMENT BUSINESS APPEARS STRONG.AIRCRAFT BUILD RATES ARE EXPECTED TO DROP AND AIRLINE AFTERMARKET IS EXPECTED TO WEAKEN CONSIDERABLY.IN MARCH DREW DOWN $150 MILLION ON ITS EXISTING REVOLVER, ENDING QUARTER WITH TOTAL CASH OF $188 MILLION.BELIEVES REVISED LENDING AGREEMENT, ALONG WITH ACTIONS IT HAS TAKEN, POSITIONS IT WELL TO OPERATE THROUGH COVID-19 PANDEMIC.BELIEVES 2020 REVENUE COULD DROP 30% TO 35% FROM 2019, ALTHOUGH OTHER OUTCOMES ARE POSSIBLE.BELIEVES IT HAS STRUCTURED COMPANY TO BE CASH POSITIVE, WITH 2020 ADJUSTED EBITDA IN RANGE OF 5% TO 9%.CAPITAL EXPENDITURES FOR 2020 ARE EXPECTED TO BE ABOUT $8 MILLION, REDUCED FROM INITIAL PLANS OF $20 MILLION TO $25 MILLION FOR YEAR.BACKLOG AT END OF QUARTER WAS $369.4 MILLION.  Full Article

Astronics Corporation Reports Q4 Loss Per Share Of $1.10
Wednesday, 26 Feb 2020 

Feb 26 (Reuters) - Astronics Corp ::ORATION REPORTS 2019 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS.Q4 LOSS PER SHARE $1.10.Q4 SALES $198.4 MILLION VERSUS REFINITIV IBES ESTIMATE OF $195 MILLION.Q4 EARNINGS PER SHARE ESTIMATE $-0.11 -- REFINITIV IBES DATA.SEES Q1 REVENUE $155 MILLION TO $165 MILLION.Q4 NET LOSS OF $34.1 MILLION INCLUDES RESTRUCTURING & IMPAIRMENT CHARGES & LEGAL RESERVES TOTALING $51.7 MILLION.BACKLOG AT END OF YEAR WAS $360 MILLION.737 MAX NEWS GREW WORSE IN DECEMBER, HURT OUR BOOKINGS & CAST A SHADOW OVER NEAR-TERM EXPECTATIONS.ASTRONICS -"Q1 LIKELY TO INCLUDE LITTLE OR NO MAX LINE FIT REVENUE, WHICH HURTS US BECAUSE WE PUT ABOUT $95,000 OF PRODUCT INTO EACH AIRCRAFT BUILT".APART FROM MAX, BELIEVE WERE BETTER POSITIONED AS A CO AT END OF 2019 THAN AT THE BEGINNING.ASTRONICS - CONTINUED GROUNDING OF 737 MAX & ASSOCIATED PRODUCTION PAUSE HAS CAUSED US TO WITHDRAW FY REVENUE GUIDANCE FOR NOW.EXPECTS TO ISSUE FY SALES GUIDANCE AS SOON AS PRACTICAL, PROBABLY WHEN WE REPORT Q1 RESULTS.EXPECT Q1 WILL BE LIGHTEST QUARTER OF 2020, RESULTS WILL STRENGTHEN THROUGHOUT YEAR.CAPITAL EQUIPMENT SPENDING IN 2020 IS EXPECTED TO BE IN RANGE OF $22 MILLION TO $25 MILLION.Q1 REVENUE VIEW $174.3 MILLION -- REFINITIV IBES DATA.  Full Article

Astronics Says 2020 Revenue Guidance Withdrawn Due To Uncertainty Related To 737 MAX
Monday, 3 Feb 2020 

Feb 3 (Reuters) - Astronics Corp ::Q4 REVENUE $198 MILLION VERSUS REFINITIV IBES ESTIMATE OF $182 MILLION.2020 REVENUE GUIDANCE WITHDRAWN DUE TO UNCERTAINTY RELATED TO 737 MAX.EXPECTS RESTRUCTURING CHARGES RELATED TO ANTENNA BUSINESS OF $29 MILLION TO $35 MILLION IN Q4 2019.ESTIMATING INTELLECTUAL PROPERTY DAMAGES OF AN ADDITIONAL $18 MILLION IN Q4.TEMPORARILY PAUSING STOCK BUYBACK INITIATIVES.IN Q4, BOOKINGS WERE NEGATIVELY IMPACTED BY UNCERTAINTY IN MARKET, WHICH CO BELIEVES IS RELATED TO ONGOING 737 MAX GROUNDING.ASTRONICS - GIVEN UNCERTAIN 2020 PRODUCTION SCHEDULE FOR 737 MAX, IMPACT ON SPENDING BY COMMERCIAL AIRLINES, CO IS RESCINDING INITIAL 2020 REVENUE OUTLOOK.ONGOING 737 MAX GROUNDING AFFECTS BUSINESS BECAUSE OF PRODUCTION PAUSE, BECAUSE IT LEAVES MANY OF AIRLINE CUSTOMERS SHORT OF CAPACITY.  Full Article

Astronics Corp - Announces Collaboration With China National Machinery Import And Export Corporation
Monday, 25 Nov 2019 

Nov 25 (Reuters) - Astronics Corp ::ASTRONICS CORP - ANNOUNCES COLLABORATION WITH CHINA NATIONAL MACHINERY IMPORT AND EXPORT CORPORATION.  Full Article

Astronics Corporation Q3 Sales $177 Million
Tuesday, 5 Nov 2019 

Nov 5 (Reuters) - Astronics Corp ::ORATION REPORTS 2019 THIRD QUARTER FINANCIAL RESULTS.Q3 SALES $177 MILLION VERSUS REFINITIV IBES ESTIMATE OF $174.5 MILLION.SEES FY 2019 SALES $750 MILLION TO $770 MILLION.SEES Q4 SALES $175 MILLION TO $195 MILLION.SEES FY 2020 SALES $770 MILLION TO $820 MILLION.SEES FY 2020 REVENUE UP 5 PERCENT.ANNOUNCES RESTRUCTURING PLAN FOR ANTENNA BUSINESS."Q3 REVENUE WAS LIGHT, DUE IN PART TO CONTINUED GROUNDING OF 737 MAX & RESULTING CAPACITY CHALLENGE AFFECTING GLOBAL AIRLINE INDUSTRY".BACKLOG AT END OF QUARTER WAS $379.4 MILLION.APPROXIMATELY $175.0 MILLION OF BACKLOG IS EXPECTED TO SHIP IN REMAINDER OF 2019.QTRLY AEROSPACE SEGMENT SALES DECREASED $11.9 MILLION, OR 7.0%, TO $157.7 MILLION.SEES 2020 AEROSPACE SEGMENT REVENUE $690 MILLION TO $730 MILLION.DID ASSUME THAT 737 MAX IS FLYING AGAIN AT OR NEAR YEAR-END 2019.WILL UPDATE 2020 OUTLOOK NUMBERS AS TIME PASSES OR IF ANYTHING MATERIAL CHANGES IN OUR MARKET POSITION.FY2020 REVENUE VIEW $784.3 MILLION -- REFINITIV IBES DATA.FY2019 REVENUE VIEW $752.2 MILLION -- REFINITIV IBES DATA.  Full Article

Astronics Signs Definitive Agreement To Sell Its Airfield Lighting Product Line
Tuesday, 9 Jul 2019 

July 8 (Reuters) - Astronics Corp ::ASTRONICS SIGNS DEFINITIVE AGREEMENT TO SELL ITS AIRFIELD LIGHTING PRODUCT LINE.ASTRONICS CORP - HUGHEY & PHILLIPS, LLC, WILL ACQUIRE AIRFIELD LIGHTING PRODUCT LINE FROM ASTRONICS.ASTRONICS CORP - AIRFIELD LIGHTING PRODUCT LINE COMPRISED LESS THAN 1% OF OUR 2018 REVENUE.ASTRONICS CORP - AIRFIELD LIGHTING PRODUCT LINE NO LONGER FITS WITHIN OUR CORE OFFERINGS..  Full Article

Astronics Corporation Reports 2019 First Quarter Financial Results
Wednesday, 8 May 2019 

May 8 (Reuters) - Astronics Corp ::ORATION REPORTS 2019 FIRST QUARTER FINANCIAL RESULTS.Q1 SALES $208.2 MILLION VERSUS REFINITIV IBES ESTIMATE OF $192.1 MILLION.Q1 EARNINGS PER SHARE $2.35.Q1 EARNINGS PER SHARE ESTIMATE $0.32 -- REFINITIV IBES DATA.STRONG BOOKINGS OF $205.0 MILLION IN QUARTER.BACKLOG AT END OF QUARTER WAS $400.2 MILLION.$335.5 MILLION OF BACKLOG IS EXPECTED TO SHIP IN REMAINDER OF 2019.ASTRONICS REITERATED ITS EXPECTATIONS FOR 2019.  Full Article

BRIEF-Astronics Says Taking Swift Actions To Address Reduction In Demand We Are Likely To See In Aftermarket

* ASTRONICS CORP - TAKING SWIFT ACTIONS TO ADDRESS REDUCTION IN DEMAND WE ARE LIKELY TO SEE IN AFTERMARKET, WHICH IS APPROXIMATELY 25% OF OUR BUSINESS