Shares of Astronics Corporation (ATRO) are rising more than 20% Friday morning after the company announced preliminary fourth-quarter sales, above its previous guidance.
The company expects fourth-quarter sales to be in the range of $155 million-$160 million, up from its previous outlook of $140 million-$150 million.
“We expect to report another positive book-to-bill quarter and another record ending backlog. More importantly, however, we finally saw the beginning of the sales ramp required to satisfy high demand as our supply chain continues to show improvement. We expect the sales ramp to endure as we move into 2023, consistent with our earlier revenue guidance for the year of $640 million to $680 million,” said Peter J. Gundermann, Chairman, President and CEO.
ATRO is at $12.72 currently. It has traded in the range of $7.46-$14.87 in the last 1 year.
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