Astronics Shares Gain on 2Q Earnings Beat, Boosted Guidance

Dow Jones08-12
 
 

Shares of Astronics rose after the company lifted its outlook and reported second-quarter earnings above analysts' expectations.

Shares were up 12% to $84.22 in after-hours trading on Tuesday. The stock closed down 0.7% at $74.91, up 66% this year.

The aerospace and defense technology company said it now expects full-year revenue between $1.02 billion and $1.04 billion.

It had previously guided for revenue in a range of $970 million to $1 billion. Analysts polled by FactSet currently expect $986.4 million in revenue.

The company on Tuesday reported a second-quarter profit of $35.1 million, or 75 cents a share, compared with a profit of $1.3 million, or 3 cents a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of 70 cents a share. Analysts were expecting 59 cents a share.

Revenue rose to $260 million, up from $204.7 million a year prior. Analysts were expecting $245.3 million in revenue.

For the current third quarter, the company is expecting revenue between $265 million and $275 million. Analysts are expecting $252.1 million.

The company also expects to receive tariff refunds of between $6 million and $8 million, though it said it couldn't confirm the timing of refund receipts.

 
 

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