Astronics sees FY23 revenue $640M-$680M, consensus $674.23M

Peter Gundermann commented, “We are pleased with the progress we made in the first half of 2023 and are confident about the second half as well. Demand remains strong, and our supply chain, though imperfect, continues to improve. We feel we have line of sight to the high end of our range based on existing backlog and the established momentum of our revenue ramp. Sales in the first half of the year were $331 million and we began the second half of 2023 with $330 million of scheduled backlog. With that, we expect our typical additional drop-in and pull-in orders could deliver revenue at the high end of our guidance. There’s modest risk with the supply chain and timing of major Test segment contract awards. We expect margins to continue to improve with expected increases in volume, lower cost inputs, pricing improvements, and the effects of restructuring activities accomplished in the second quarter. We also expect our year end to be busy with shipments and continued demand strength, setting up for another strong year of improvement in 2024.”