Astronics Corporation Announces 2017 Fourth Quarter Bookings and Updated 2018 Revenue Guidance
January 11 2018 - 4:15PM
Business Wire
Expects 2018 revenue of $745 million to $815
million
Expects to record non-cash impairment charge
of approximately $16 million in fourth quarter of 2017
Astronics Corporation (NASDAQ:ATRO), a leading provider of
advanced technologies for the global aerospace, defense and
semiconductor industries, announced today updated expectations for
2017 year-end results and revenue guidance for 2018.
Astronics announced that bookings for the 2017 fourth quarter
were approximately $229 million. The Company’s Aerospace segment
contributed $171 million in orders, which included $17 million in
orders related to the December 1, 2017 acquisition of Telefonix
PDT. The Test segment had $58 million in bookings, which included
$56 million for semiconductor test equipment.
The Company updated its 2018 consolidated revenue guidance to
$745 million to $815 million. The Aerospace segment is expected to
have a revenue range of $630 million to $680 million including
Telefonix PDT. The Test segment is expected to have revenue of $115
million to $135 million.
The Company also announced that it expects to record a non-cash
goodwill impairment charge against the goodwill associated with
Armstrong Aerospace of approximately $16 million in the 2017 fourth
quarter.
Peter J. Gundermann, President and Chief Executive Officer of
Astronics Corporation, commented, “We are disappointed with the
goodwill situation at Armstrong, but we believe the combination of
that business with Telefonix will perform well in the future. At
the same time, we believe we have very strong momentum as we enter
2018. Our strong bookings in the second half of 2017 sets the stage
for a very exciting year.”
The Company expects to release its fourth quarter and full year
2017 financial results in late February 2018.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (NASDAQ:ATRO) serves the world’s
aerospace, defense and semiconductor industries with proven,
innovative technology solutions. Astronics works side-by-side with
customers, integrating its array of power, connectivity, lighting,
structure, test and additional technologies to solve complex
challenges. For nearly 50 years, Astronics has delivered creative,
customer-focused solutions with exceptional responsiveness. Today,
global airframe manufacturers, airlines, military branches,
completion centers and Fortune 500 manufacturing organizations rely
on the collaborative spirit and innovation of Astronics.
For more information on Astronics and its solutions, visit
Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words “expect,”
“anticipate,” “plan,” “may,” “will,” “estimate” or other similar
expressions. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially include the progress of customer fleet upgrade
programs, the state of the aerospace and defense industries, the
market acceptance of newly developed products, internal production
capabilities, the timing of orders received, the status of customer
certification processes, the demand for and market acceptance of
new or existing aircraft which contain the Company’s products,
customer preferences, and other factors which are described in
filings by Astronics with the Securities and Exchange Commission.
The Company assumes no obligation to update forward-looking
information in this news release whether to reflect changed
assumptions, the occurrence of unanticipated events or changes in
future operating results, financial conditions or prospects, or
otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20180111006127/en/
CompanyAstronics CorporationDavid Burney, 716-805-1599 x
159CFOdavid.burney@astronics.comorMedia RelationsAstronics
CorporationMichelle Manson, 425-463-6603Corporate
Marketingpress@astronics.comorInvestorsKei Advisors
LLCDeborah K. Pawlowski, 716-843-3908dpawlowski@keiadvisors.com
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