Astronics Corporation (NASDAQ: ATRO) designs
and manufactures electrical power and lighting systems for the aerospace industry. Products generate electricity for aircraft cabins and airframes and provide both interior and external lighting. Customers include manufacturers of business jets, military aircraft, missiles and commercial transports. The company's control panels are also used in a variety of military ground vehicles. Boeing (NYSE: BA), Lockheed Martin (NYSE: LMT) and United Technologies (NYSE: UTX) are among the firm's major clients. Astronics ranked first on the Fortune Small Business Magazine 2008 list of America's 100 fastest-growing small public companies.
The firm surprised the Street earlier in the month, when it reported Q2 EPS of 60 cents and revenues of $47.9 million. Analysts had been looking for 31 cents and $42.1 million. Management also guided FY08 revenues to $175-$185 million, versus Street consensus of $169.49 million. The CEO commented, "While we set an all-time record for shipments in the quarter, the level of orders received was even stronger." Boenning & Scattergood subsequently reiterated its "market outperform" rating on the shares and boosted its price target to $30.
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