ATRO - Why Astronics Stock Is Down Today
2023-08-04 12:00:12 ET
Aerospace interiors specialist Astronics (NASDAQ: ATRO) fell short of earnings expectations in the most recent quarter, and continues to deal with some supply chain issues. Investors were not impressed, sending Astronics shares down more than 15% on Friday.
Astronics is an aerospace supplier that specializes in cabin electronics, including in-seat power outlets and the lighting panels above the seat. On Friday, the company reported a second-quarter loss of $0.37 per share on revenue of $174.5 million, a mixed report relative to Wall Street expectations for a $0.23 per share loss on revenue of $172 million.
Revenue was up 35% year over year, and Astronics closed the quarter with a backlog of $611.1 million in future business, but the company was held back by some supply chain issues and legal expenses.
For further details see:
Why Astronics Stock Is Down Today