Astronics soars 29% after beating Q2 estimates, raising full-year outlook
Shares of East Aurora, N.Y.-based Astronics Corporation (Nasdaq:ATRO) have climbed 29% today after the company announced ahead of the opening strong second-quarter earnings and a lifted full-year outlook. For the quarter ended June 28, sales jumped 15.8% from a year ago to $47.9 million. Net income was $5.1 million, or $0.60 a share, compared with $4.5 million, or $0.53 a share, for the same period a year earlier. Wall Street was expecting earnings per share of $0.31 on revenues of $42 million.
Strong sales of airframe power, exterior and cockpit lighting to the military and business jet sectors helped buoy sales for the quarter, the company said in a statement. The company raised its full-year outlook to $175 million to $185 million, up from prior forecasts of $170 million.
At 9:43 a.m. ET, shares are at $18.80, up $4.20 from Thursday’s close. The stock has ranged from $12.30 to $54.20 during the past year.
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