Astronics Corporation has reported the company’s financial results for the three and nine months ended 28 September 2024.
The company’s aerospace segment sales increased $35.5 million, or 24.9%, to $177.6 million, with Astronics revealing that the improvement was driven by a 31.6% increase, or $32.1 million, in commercial transport sales.
Astronics further announced that sales to this market were $133.9 million, or 65.8% of consolidated sales in the quarter, compared with $101.7 million, or 62.5% of consolidated sales in the third quarter of 2023.
This growth was primarily related to increased demand by airlines for in-flight entertainment & connectivity products which are in electrical power & motion and avionics product groups.
Peter J. Gundermann, Chairman, President and Chief Executive Officer said: “Our Aerospace business had a strong quarter, with sales up 24.9% over the comparator quarter and adjusted operating income1 achieving our targeted mid-teens level of 14.2%. We achieved this despite the Boeing strike, which hurt revenue in the quarter by about $2 million, with bookings impacted by approximately $7 million to $8 million. Given the measurably improved profitability, we are pleased with our Aerospace performance during the quarter.”
