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.

• €493.4 million in revenue for the first nine months of 2017
• Revised guidance for 2017 full-year revenue

¹ Following the disposal of Latécoère Services, and in accordance with IFRS 5, revenues for 2016 have been restated to exclude activities that have been sold.

² Revenues for Equipment & Systems are now assigned to the Interconnection Systems division.

Latécoère revenue stood at €493.4 million on 30 September 2017, decreasing 0.8% in reported figures on the same period in 2016 as a result of a less positive currency effect linked to EUR/USD hedges during the third quarter. At constant exchange rates, Latécoère’s revenue decreased by 1.8% over nine months, which is better than the forecast announced early 2017.

The decrease in Aerostructures division revenue, down 2.8% in reported figures and 3.8% at constant exchange rates, primarily reflects the slowdown in production on various programs (A380, Embraer E1 and Falcon 7X/8X), which was partially offset by the increase in volumes for the A320 and B787.

The Interconnection Systems division enjoyed an upturn in activity of 2.7% in reported figures and 1.8% at constant exchange rates. The effects of the most recent acceleration of the A350 program were partially offset by lower volumes for the A380, the 7X/8X and the ATR regional jets.

The first invoices linked to the new EWIS and cabin contracts won at the beginning of the year were issued during the third quarter.

Industrial roadmap

As part of the Transformation 2020 plan and following the start of construction for its smart factory in Toulouse-Montredon, work has also begun at Latécoère’s new production site in Bulgaria.

Furthermore, now that the application for the building permit for the new head offices in Toulouse has been filed, once all of the administrative formalities are complete, it will be possible to dispose of part of the Périole site in 2018.

Revised guidance for 2017 full-year revenue

Latécoère has refined its 2017 forecast and now expects a slight downturn in yearly revenue of 1% to 3% at constant exchange rates (compared with the 6% drop initially forecasted). Adjusted recurring operating income is still expected to improve and free cash flow from operations is expected to be positive.

Next publication: 2017 revenues on 7 February 2018 (after the stock exchange closes)

• The European leader focused on revenue services, eCommerce onboard and Newsfeed, Immfly, lands on its first Apex Award, and is finalist for the Best In-Flight Connectivity Innovation

APEX EXPO, Singapore | October 25, 2016– Being its first time participating in the Awards, Immfly’s wireless solution received double recognition during the ceremony held at the 2016 APEX Expo in Singapore. Selected by a number of industry professionals, the Spanish company was announced finalist for the Best In-Flight Connectivity Innovation category, and additionally won The Newcomer of the Year Award, designed to recognize a unique achievement successfully implemented in the past year.

This year, with more than 100 qualified entries, the Apex Awards program expanded from two to eight categories to embrace the high number of competitive submissions. A panel of industry peers judged entries and selected those airlines and / or vendor partners that had recently launched an innovative and brand new product or service. Immfly’s digital solution, which is the only one in Europe that offers tailored, quality, content-rich platforms specialised in revenue optimisation, was recognized as one of those products. Moreover, this Award comes on the heels of a year of milestones, new airline partnerships, and opened maritime market.

“We are delighted about having received two recognitions at once since it sets our solution as a game-changer on both a national and an international scale, shining a spotlight on what differentiates us from the competition” states Jimmy M. von Korff, co-founder of the Spanish company, who was present at the ceremony and collected the price. “Moreover, it has an exclusive motivational effect on the team and our partners, as it recognizes their hard work and celebrate success”.
The Barcelona based company is currently at the 4-day premier event in Singapore, meeting regional and global airlines to discuss the latest strategies and technology in the air travel industry, committed to elevating the airline passenger experience, and getting closer to their objective of becoming the travel industry’s favorite on-board monetization partner, reaching 100 million connected passengers by 2018.