Astronics Corporation Announces 2017 Fourth Quarter Bookings and Updated 2018 Revenue Guidance

• Expects 2018 revenue of $745 million to $815 million
• Expects to record non-cash impairment charge of approximately $16 million in fourth quarter of 2017

East Aurora, NY | January 11, 2018– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace, defense and semiconductor industries, announced today updated expectations for 2017 year-end results and revenue guidance for 2018.

Astronics announced that bookings for the 2017 fourth quarter were approximately $229 million. The Company’s Aerospace segment contributed $171 million in orders, which included $17 million in orders related to the December 1, 2017 acquisition of Telefonix PDT. The Test segment had $58 million in bookings, which included $56 million for semiconductor test equipment.

The Company updated its 2018 consolidated revenue guidance to $745 million to $815 million. The Aerospace segment is expected to have a revenue range of $630 million to $680 million including Telefonix PDT. The Test segment is expected to have revenue of $115 million to $135 million.

The Company also announced that it expects to record a non-cash goodwill impairment charge against the goodwill associated with Armstrong Aerospace of approximately $16 million in the 2017 fourth quarter.

Peter J. Gundermann, President and Chief Executive Officer of Astronics Corporation, commented, “We are disappointed with the goodwill situation at Armstrong, but we believe the combination of that business with Telefonix will perform well in the future. At the same time, we believe we have very strong momentum as we enter 2018. Our strong bookings in the second half of 2017 sets the stage for a very exciting year.”

The Company expects to release its fourth quarter and full year 2017 financial results in late February 2018.