Astronics Corporation Announces Preliminary Unaudited Revenue for Fourth Quarter 2023 and Initiates Revenue Guidance for 2024

Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, announced its fourth quarter 2023 preliminary unaudited revenue was $193 million to $195 million. At the mid-point of the range, preliminary revenue was up 23% over the prior-year period and up 19% over the trailing third quarter. Full year preliminary unaudited revenue for 2023 was approximately $688 million. Preliminary bookings in the quarter were $185 million bringing orders for the full year to approximately $726 million.

The Company also provided preliminary revenue expectations for 2024 of $760 million to $795 million representing an increase of approximately 13% over 2023 at the mid-point of the range.

Peter J. Gundermann, Chairman, President and CEO, commented,

“We ended the year on a strong note with the second consecutive year of over 20% growth. Our supply chain continues to improve, our workforce is getting better and we are regaining our operating rhythm. We expect 2024 will be another year of solid growth driven by our opening backlog of approximately $595 million. We look forward to getting back to pre-pandemic sales levels and growing beyond as we continue to innovate with new products and solutions.”