ATRO

Astronics Corporation designs and manufactures advanced technologies for aerospace, defense, and other mission-critical industries, providing electrical power generation and distribution systems, lighting solutions, connectivity products, and specialized test equipment serving commercial airlines, military aircraft, and business aviation markets globally. Headquartered in East Aurora, New York, Astronics operates through two primary segments: Aerospace providing in-flight power outlets, USB charging ports, overhead reading lights, cockpit lighting, electrical power systems, and connectivity solutions installed on Boeing, Airbus, and business jet platforms; and Test Systems manufacturing automated test equipment for semiconductor manufacturers, aerospace contractors, and telecommunications companies requiring precision measurement systems. The company's aerospace products address growing passenger expectations for in-flight connectivity and device charging, with Astronics equipment installed on over 75% of new commercial aircraft deliveries providing power and lighting systems enhancing passenger experiences. Astronics generates approximately 75% of revenues from aerospace markets with test systems comprising remaining portions, selling primarily to aircraft manufacturers as line-fit equipment installed during production, airlines as retrofit installations upgrading existing fleets, and aftermarket distributors serving maintenance and repair operations. The company reported annual revenues of approximately $600-700 million employing around 2,000 people operating manufacturing facilities in New York, Washington, Florida, and Canada. Astronics faced significant headwinds during aviation downturns including COVID-19 pandemic when commercial aircraft production and airline retrofit spending collapsed, causing revenues to decline over 40% from peak levels. Recent recovery reflects rebounding aircraft production rates, airlines resuming fleet modernization investments, and test systems demand recovering as semiconductor and electronics manufacturers expand testing capacity. The company emphasizes operational efficiency initiatives reducing break-even points protecting profitability during industry cyclicality, product innovation developing next-generation lighting systems using LED technology, and diversification pursuing adjacent markets including electric vehicle charging infrastructure leveraging power electronics expertise.