Astronics profits up 34.6 percent profit
Astronics Corp. saw its second-quarter profit rise 34.6 percent – to $17.69 million from $13.14 million last year – continuing the multi-year surgeA transient variation in the current and/or potential at a point in the circuit. that has made it a hot stock in the aircraft industry.
But sales for the East Aurora-based company (NASDAQ: ATRO) were down slightly, to $173.2 million. Company president and CEO Peter Gundermann called the segment “nicely profitable despite reduced volume compared to last year.”
And while the company beat analyst expectations on revenue, its full-year revenue expectations of between $680 million and $715 million were below analyst expectations, sending the stock down Wednesday from $59.98 to $52.02.
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But company leaders struck an upbeat tone in the earnings release, pointing out the record aerospace backlog of $236.3 million.
“We have had our strongest volume in our history in the last two quarters, bookings have more than kept pace and backlog is at record levels, suggesting continued strength going forward,” Gundermann said.