First flight of the 777X scheduled for 2019; delivery in 2020

Everett, Washington | November 20, 2018– Boeing [NYSE: BA] has brought together the major fuselage sections to form the first 777X airplane that will take to the skies in 2019.

In a major production milestone called ‘final body join,’ Boeing teams connected the airplane’s nose, mid and aft sections in the company’s factory in Everett, Wash. The jet now measures 252 feet long (77 meters) from nose to tail, making it the longest passenger jet the manufacturer has ever produced.

“The 777X is a new airplane and a new production system,” said Josh Binder, vice president and general manager of the 777X. “With the 777X, the production system was integrated into the development program sooner than any other airplane, and the team is doing a great job of hitting our milestones as expected.”

The 777X builds on the market-leading 777 and the 787 Dreamliner to offer airlines the largest and most-efficient twin-engine jet in the world. The airplane provides 12 percent lower fuel consumption and 10 percent lower operating costs than competing airplanes.

The 777X achieves the unprecedented performance through the introduction of the latest technologies such as the most fuel-efficient commercial engine ever, the GE9X, and a fourth-generation all-new composite wing design that provides lift and efficiency. With the extension of a set of folding, raked wingtips, the airplane’s wing spans 235 feet (72 meters).

By adding folding wingtips, the 777X’s wingspan has been increased to enhance the aerodynamic efficiency of the wing, reducing engine thrust and fuel use. Additionally, the folding wingtips allow the 777X to maintain airport compatibility with the existing 777 family, adding value for customers.

The first 777X introduced will be the 777-9 model, which can seat 400 to 425 passengers in a standard configuration and offer a range of 7,600 nautical miles (14,075 km). Boeing is building on the passenger-preferred interior of today’s 777 and building on 787 interior innovations to create a passenger experience like no other. Passengers will enjoy windows that are larger and located higher on the fuselage than the current 777, along with a wider cabin, new lighting and enhanced architecture.

The first 777X test airplane for static ground testing was completed in September 2018. Three additional flight test airplanes will be built after flight test #1.

The 777X first flight is scheduled for 2019. First delivery is slated for 2020.

Expects 2019 Aerospace revenue of $710 million to $745 million

East Aurora, NY | November 14, 2018– Astronics Corporation (Nasdaq: ATRO), a leading supplier of advanced technologies and products to the global aerospace, defense, and semiconductor industries, today provided initial 2019 revenue guidance for its Aerospace segment and affirmed recent Aerospace 2018 revenue guidance.

“In our third quarter press release, we revised our Aerospace segment revenue guidance for 2018 to $670 to $675 million, which we are affirming today. The midpoint of this range would show 26% growth over 2017,” commented Peter J. Gundermann, President and CEO.

He continued, “We are also issuing initial Aerospace segment revenue guidance for 2019 of $710 to $745 million, which suggests organic growth next year of approximately 6% to 11%. We are encouraged by our strong booking performance of $617 million in the first nine months of 2018, and the continued strength of our aerospace markets.”

The Company also announced today the sale of assets related to its Semiconductor Test business, which is subject to usual closing conditions including a Hart-Scott-Rodino review.

Mr. Gundermann stated, “We are not issuing 2019 guidance today for our Test segment, given the pending sale and other developments in the business. We anticipate doing so by the end of the year. We have a backlog of $72 million, most of which is Aerospace and Defense, and are in negotiations for a large program expected to be worth $30 to $50 million, as previously announced. We expect the next 45 days will bring clarity about our Test segment in 2019.”

The Company also affirmed its Test segment revenue guidance of $120 million to $125 million for 2018. The Company expects to release its fourth quarter and full year 2018 financial results in late February 2019.