Share this article

print logo

Astronics reports quarterly loss but is optimistic about 2018

Astronics Corp. reported a $5.6 million loss in its fourth quarter, impacted by a previously announced writedown. But the East Aurora aircraft lighting and electronics maker said it is well positioned for this year.

Astronics took a $16 million writedown on its quarterly earnings related to its acquisition of Armstrong Aerospace three years ago. Peter J. Gundermann, Astronics' president and CEO, said the company was also affected by program and award delays that pushed some of its revenues into 2018. Astronics' sales in the fourth quarter increased 11.2 percent from a year earlier, to $171 million.

But Astronics recorded bookings of $237 million, its highest ever, which gave Astronics a record-high year-end backlog of $394 million.

"This sets us up very well for 2018," Gundermann said.

Story topics: / / / /

There are no comments - be the first to comment