Astronics Corporation reports 2020 third quarter financial results
Astronics Corporation, a leading supplier of advanced technologies and products to the global aerospace, defense and other mission critical industries, today reported financial results for the three and nine months ended September 26, 2020. Financial results reflect the divestiture of the Test Systems’ semiconductor business on February 13, 2019, and the acquisitions of Freedom Communications Technologies (“Freedom”), acquired in July 2019, and the primary operating subsidiaries of Diagnosys Test Systems Limited (“Diagnosys”), acquired in October 2019 (collectively, the “Acquired Businesses”).
Peter J. Gundermann, the Company’s President and CEO, said, “The third quarter was challenging for our Company, as our core aerospace markets continue to be affected by the COVID-19 pandemic. The indications of airline recovery that were apparent in late summer did not continue into the fall as we had hoped. There are some bright spots, and we think the worst is now behind us. We expect market conditions to steadily improve going forward, beginning in the fourth quarter.”
Mr. Gundermann continued, “Our Test business continues to perform well. Excluding our divested semiconductor business, third quarter Test revenue was its second highest on record. Importantly, while we successfully continue the integration of our two recent acquisitions, Diagnosys and Freedom Communication, demand from Government customers remains strong.”