2023-01-24

Astronics Corporation Announces Preliminary Sales for Fourth Quarter 2022 of $155 Million to $160 Million; Completes $205 Million Debt Refinancing

Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, today announced preliminary revenue and orders and announced the completion of the refinancing of its debt.

Preliminary Revenue and Bookings for Fourth Quarter 2022

Astronics Corporation announced today that unaudited preliminary fourth quarter sales are expected to be in the range of $155 million to $160 million, exceeding the Company’s earlier guidance of $140 million to $150 million. The midpoint of the preliminary range represents a sequential increase in sales of 20% over the third quarter of 2022 and 35% increase over the comparator quarter of 2021.

Preliminary bookings in the fourth quarter are expected be in the range of $175 million to $180 million.

Peter J. Gundermann, Chairman, President and CEO, commented, “We continued to see strong order flow in the fourth quarter, as we have since the middle of 2021. We expect to report another positive book-to-bill quarter and another record ending backlog. More importantly, however, we finally saw the beginning of the sales ramp required to satisfy high demand as our supply chain continues to show improvement. We expect the sales ramp to endure as we move into 2023, consistent with our earlier revenue guidance for the year of $640 million to $680 million.”