Astronics' (ATRO +1.8%) says its Canadian subsidiary, Luminescent Systems Canada, has landed an extension of its supply agreement with Rockwell Collins (COL). Under the agreement, Luminescent Systems will supply illuminated cockpit control panels, keyboards, display bezels and related assemblies, which are integral parts of COL's advanced avionics product offerings. The company will also supply new products as part of COL's next generation of avionics solutions.
Astronics (ATRO) agrees to acquire Peco Inc. for ~$136M in cash, expanding the company’s offerings in the aerospace industry. Peco specializes in Passenger Service Units which incorporate air handling, emergency oxygen, electrical power management and cabin lighting systems.
Astronics Corporation (ATRO +8.5%)) pops after its Q1 handily beat estimates this morning. Net earnings surged by 40% Y/Y on record sales of $74M from $6.1 million for the same period last year. Backlog was a record $119M, up from $114.5M at the end of Q412 and $102M versus the prior year. Approximately $99.4M is expected to ship in FY13. On that strength, the company raises full year guidance, now expecting 2013 revenue to be in the range of $280M to $310M, versus previus estimates of $275M to $310M.
Astronics (ATRO +5%) closes out near its highs for the day after KeyBanc upped it to Buy earlier with a $30 price target on the back of encouraging Q4 results an relief from a selling overhang that has pressured shares over the near term. The firm says it's built up confidence over the last several quarters in management's ability to fund elevated levels of R&D while sustaining solid margins relative to its peers in the space. Additionally, and the company's growth prospects, particularly in the business jet market, are compelling at current levels.
ATRO - Astronics - Selling from Barchart Van Meerten New High portfolio - 12.11% loss last month - 60% Barchart short term sell signal
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Astronics Corp is a supplier of products to the aerospace and defense industries. Its products include advanced, high-performance lighting and safety systems, electrical power generation and distribution systems, among others.