Astronics Corp
NASDAQ:ATRO
Astronics Corp
Astronics Corp. engages in the provision of electrical power generation and distribution systems. The company is headquartered in East Aurora, New York and currently employs 2,100 full-time employees. The firm's products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification, aircraft structures and automated test systems. The firm operates through two segments: Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace industry. Its product lines include lighting and safety systems, electrical power generation, distribution and motion systems, aircraft structures, avionics products, systems certification and other products. The Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries, as well as training and simulation devices for both commercial and military applications.
Astronics Corp. engages in the provision of electrical power generation and distribution systems. The company is headquartered in East Aurora, New York and currently employs 2,100 full-time employees. The firm's products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification, aircraft structures and automated test systems. The firm operates through two segments: Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace industry. Its product lines include lighting and safety systems, electrical power generation, distribution and motion systems, aircraft structures, avionics products, systems certification and other products. The Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries, as well as training and simulation devices for both commercial and military applications.
Revenue Record: Astronics reported Q3 revenue of $211.4 million, its second highest quarter ever, driven by broad-based demand and improved supply chain efficiency.
Margin Expansion: Operating margin rose to 10.9% from 4.1% last year, with gross profit up nearly 17% year-over-year due to higher sales, pricing actions, and productivity gains.
Strong Bookings & Backlog: Bookings matched shipments with a book-to-bill ratio of 1.0, and backlog ended at $647 million, a historically high level.
Strategic Acquisitions: The company completed two recent acquisitions—Envoy Aerospace and Bühler Motor Aviation—to boost capabilities and competitive advantage, with Bühler expected to add $20–$25 million in 2026 revenue.
Refinancing Actions: Astronics refinanced its convertible debt, issuing a $225 million 0% bond and buying out most of its previous, more expensive convertible notes, cutting interest costs and reducing potential dilution.
Cash Flow Strength: Generated $34 million in cash and $21 million in free cash flow for the quarter, with expectations to remain free cash flow positive for the year.
Upbeat Outlook: Fourth quarter revenue is guided to $225–$235 million, and management expects at least 10% growth in 2026, supported by OEM build rates, connectivity demand, and new military and test programs.
