Lilium engages Astronics for Lilium Jet's power distribution system » 07:3506/2906/29/22
Lilium N.V. (LILM) has…
Lilium N.V. (LILM) has selected Astronics Corporation (ATRO) to design, develop, and build the Lilium Jet's electrical power distribution system. Astronics will be responsible for the secondary power distribution units, SPDUs, and charging power distribution units, CPDUs. Lilium Jets will each be equipped with two SPDUs and one CPDU. SPDUs are responsible for high voltage to low voltage conversion and for low voltage distribution and protection. The CPDU manages the battery charging operation, as well as providing additional and dissimilar sources for high voltage to low voltage power conversion and low voltage power distribution. Martin Schuebel, Senior Vice President Procurement at Lilium, said: "Astronics is our ideal partner for this very important component of our aircraft. It is our intention to collaborate with the best aerospace suppliers and leverage their expertise. Astronics' expertise is unique, and their collaborative approach makes them a perfect match for us. The partnership will also help pave the way for the coming industrial ramp-up."
|Over a week ago|
Astronics awarded contract by Southwest Airlines to provide In-Seat Power » 07:0506/0806/08/22
ATRO, LUV, BA
Astronics (ATRO) announced today that it has signed an agreement with Southwest Airlines (LUV) to provide its EMPOWER Passenger In-Seat Power System for installation on 475 Boeing (BA) 737 MAX-7 and MAX-8 aircraft. This award is part of Southwest's recently announced significant cabin upgrade initiative to enhance the Customer experience. The system configuration selected by Southwest Airlines will provide 60W Type-C and 10.5W Type-A USB charging ports at every passenger seat. This will allow passengers to power and charge two devices simultaneously. Astronics will begin delivering in the fourth quarter of 2022 for retrofit installations on Southwest Airlines' existing MAX-8 fleet which will begin in early 2023. The Astronics Connectivity Systems and Certification group has been selected to provide the installation design, STC certification and installation kits for the retrofit. Deliveries to Boeing for installation on new aircraft on the production line will begin in 2023.
|Over a quarter ago|
Astronics sees 2022 revenue $550M-$600M, consensus $547.02M » 07:0203/0203/02/22
Gundermann commented, "We entered 2022 with an all-time record backlog of $416M, with $340M scheduled to ship during the year. We are well positioned to deliver growth, as we believe it will be a year of significant recovery. We are establishing initial revenue guidance in the range of $550M-$600M for the year, which includes what we consider reasonable allowances for continued supply chain and labor disruptions. We expect Q1 to show a modest volume increase over Q4, with a stronger ramp in the latter half of the year. Our current view is that approximately 40% of the year's revenue will come in the first half, and about 60% will be in the second half. Supply chain problems and the tight labor market are risk items, but we expect to build momentum as we move through 2022 with continued recovery into 2023." Capital expenditures for 2022 are expected to be approximately $15M-$20M.
Astronics reports Q4 EPS 5c, consensus 0c » 07:0003/0203/02/22
Reports Q4 revenue…
Reports Q4 revenue $116.1M, consensus $116.06M. CEO Peter Gundermann commented, "We achieved sales of $116M in Q4, which was within our expected range despite continuing supply chain struggles and labor shortages. There were a number of puts and takes in the quarter that impacted results, but we believe that the most significant takeaway was the continued growth in demand from our markets. Bookings jumped to 153% of sales for the quarter, resulting in a year-end backlog of $416M, an all-time high for Astronics."
Astronics reports preliminary Q4 revenue $116M, consensus $116.06M » 08:5902/0802/08/22
Reports preliminary Q4…
Reports preliminary Q4 bookings $177M. Backlog at year end was an estimated $416M, a new record for the company. The company said, "Astronics' unaudited preliminary revenue in the fourth quarter of 2021 was approximately $116 million of which approximately $99 million was from the Aerospace segment and $17 million was from the Test segment. For the full year, sales were approximately $445 million. Preliminary bookings in the fourth quarter of 2021 were $177 million, which included $30 million from the Company's Test segment. Bookings for the Aerospace segment were approximately $147 million, nearly double the $74 million in bookings realized in the fourth quarter of 2020. Total bookings for 2021 were approximately $577 million, a 35% increase over total bookings received in 2020. Aerospace segment bookings for 2021 were approximately $509 million, up 53% over $333 million in bookings in 2020."
Astronics sees Q4 revenue $115M-$118M, consensus $119.6M » 07:0011/0811/08/21
Gundermann commented, "We are expecting to close 2021 with a higher shipment level in the final quarter. Supply chain challenges introduce a level of uncertainty, but we expect Q4 revenues of $115M-$118M. We expect shipping volume to continue to strengthen as we move into 2022, but we are not yet comfortable providing guidance for the year. Based on current estimates, the Company expects the AMJP to contribute approximately $7.3M to gross profit as an offset to cost of goods sold in the fourth quarter, with the remaining benefit to gross profit of approximately $6.2M to be recorded in the Q1 of 2022. However, the actual benefit between the two quarters may differ from these estimates based on actual payroll attribution for the eligible employee group. At the end of the third quarter, the Company had backlog of $354M, of which $113M is expected to ship in the fourth quarter. Planned capital expenditures for 2021 have been reduced to approximately $8M-$9M from previous expectations of $10M-$11M."
Astronics reports Q3 EPS (23c), consensus (16c) » 06:5811/0811/08/21
Reports Q3 revenue…
Reports Q3 revenue $111.8M, consensus $114.07M. Backlog at the end of the quarter was $354.4M. Approximately $113.3M, or 32%, of backlog is expected to ship in the remainder of 2021. Peter J. Gundermann, the Company's President and CEO, commented, "Our core markets are showing improved demand although our sales were hampered by approximately $8M-$10M due to supply chain challenges and a tight labor market. Nonetheless, we are encouraged with strong order activity across the business, with bookings exceeding shipments by 37%. This demand promises an improved fourth quarter and solid momentum as we prepare for 2022." In a regulatory filing,
Astronics enters pact with DOT under AMJP for grant of up to $14.7M » 16:3610/1410/14/21
Astronics confirmed that…
Astronics confirmed that it entered into an agreement with the U.S. Department of Transportation under the Aviation Manufacturing Jobs Protection Program, or AMJP, for a grant of up to $14.7M. Astronics received the first installment of $7.3M under the grant in September. The company expects to receive a second installment in the range of $5M to $6M during the fourth quarter of 2021 and a final installment in the second or third quarter of 2022 upon final confirmation of meeting its grant commitments. Astronics was required to make several commitments to qualify for the program, including a commitment not to furlough or lay off a defined group of employees during the period of performance. The grant benefit will be recognized ratably over a six-month performance period as an offset to cost of goods sold. The contribution to gross profit by quarter is expected to be $1.1M in the third quarter of 2021, $7.3M in the fourth quarter of 2021 and $6.2M in the first quarter of 2022.
Astronics announces $19M follow-on order from Collins Aerospace » 08:4009/2809/28/21
Astronics announced it…
Astronics announced it was awarded a $19M order from Collins Aerospace for business jet connectivity equipment to be delivered in 2022. The order is a follow-on to the approximately $11M order announced in February.
Astronics upgraded to Buy from Neutral at Colliers » 07:5909/2009/20/21
Colliers analyst Richard…
Colliers analyst Richard Ryan upgraded Astronics to Buy from Neutral with a $19 price target.