Astronics Corporation (ATRO)

Astronics reported record second-quarter sales of $260.0 million, up 27.0 percent, on August 11, 2026 2.

Net income was $35.1 million, and the company said the sales growth came mainly from airline demand in its Aerospace segment 2.

The company expects 2026 revenue of $1.02 billion to $1.04 billion, and it reported a record backlog of $780.6 million, which is orders not yet delivered 2.

The open question is a long patent dispute with Lufthansa Technik AG, where the UK Court of Appeal gave the company a favorable judgment on July 27, 2026 2.

Sales rose to $862.1 million in 2025 from $795.4 million in 2024 1.

The company said the rise came from airlines buying cabin power, lighting and safety, seat motion and certification work, with Aerospace sales up $90.6 million, or 12.8 percent 1.

The smaller Test Systems segment went the other way, with sales down $23.9 million to $64.8 million 1. The company blamed lower Army and Marine Corps radio test sales and $8.3 million of revised cost estimates on mass transit contracts 1.

Profit swung from a net loss of $16.2 million in 2024 to net income of $29.4 million in 2025 1.

In September 2025 the company issued $225.0 million of convertible notes due 2031 and used the money to buy back most of its 5.500% notes due 2030 1. Interest expense fell 42.9 percent as borrowing and its cost dropped 1.

The company bought Envoy Aerospace, an FAA certification services provider, on June 30, 2025 1. It bought Bühler Motor Aviation, a German maker of aircraft seat actuation systems, on October 13, 2025 1.

Earlier, on February 13, 2019, it sold its semiconductor test business to focus on aerospace 1.

Aerospace

The Aerospace segment made $797.3 million of 2025 sales 1. Its biggest line, electrical power and motion, brought in $410.4 million, ahead of lighting and safety at $208.9 million 1.

Avionics, systems certification and structures are smaller lines 1. Customers are aircraft makers, airlines and the U.S. military 1.

In 2025, 75 percent of Aerospace sales went to commercial transport, 15 percent to military aircraft and 9 percent to general aviation 1. Boeing was the largest single customer at 10.4 percent of company sales 1.

Test Systems

Test Systems builds automated test equipment for aerospace, defense and mass transit customers, and it made $64.8 million of sales in 2025 1.

In the second quarter the U.S. Army placed a $44.7 million order starting full rate production of TS-4549/T radio test sets, covering deliveries over about 18 months 2.

Places and people

The company has principal operations in the U.S., Canada, France and Germany, plus engineering offices in Ukraine and India 1. It owns or leases 1,213,000 square feet of space 1.

It employed about 2,700 full-time people at the end of 2025, about 2,100 of them in the U.S. 1. Peter Gundermann is chairman, president and chief executive 2.

Rivals and problems

The annual report says many competitors are substantially larger and have greater resources 1. Lufthansa Technik AG filed patent infringement actions against the company in Germany, the UK and France 1.

The company says about $2.2 million of damages it paid is due back to it after the July 27, 2026 appeal ruling 2.

The umbrella, in words

Astronics works through wholly owned subsidiaries, each listed at 100 percent in its subsidiaries exhibit, including Astronics Test Systems, Luminescent Systems, Peco and Diagnosys 3.

It bought Bühler Motor Aviation for about $18.0 million and Envoy Aerospace for about $8.3 million 1.

Its stock comes in two classes, Common Stock and Class B Stock, with 31,868,534 common and 3,822,641 Class B shares outstanding on the cover of the annual report 1.

The company expects 2026 revenue of $1.02 billion to $1.04 billion and third-quarter sales of $265 million to $275 million 2.

It expects capital spending of $40 million to $45 million in 2026, mostly for consolidating operations in Seattle, a step due to conclude in the third quarter 2.

It estimates future tariff refunds of $6 million to $8 million, though the timing cannot be confirmed 2.

Gundermann said the first production order for the Army radio test program is expected to be followed by similar annual orders in each of the coming four years 2.

He also said the MV-75 FLRAA development program is expected to be complete in mid-2027 2.

No clue on file points to a new direction yet.