Astronics Corporation (NASDAQ:ATRO) ( Astronics ), a supplier of products to the global aerospace, defense, electronics and semiconductor industries, announced today that its wholly-owned subsidiary, Astronics Test Systems (“ATS”), has been awarded a number of follow-on orders from its largest customer valued at approximately $20 million. These orders are for additional production test systems, retooling, services, and support. The orders will mostly be reflected in the second quarter of 2016 s bookings, while revenue will be concentrated in the third quarter of 2016.
Peter J. Gundermann, President and CEO of Astronics, noted: “These orders mark the third year of our involvement with this customer since we started deliveries in 2014. We believe this is a testament to the uniqueness and capabilities of our test solutions and the value add our ATS team provides. As we look forward, we are encouraged by our customer’s continued interest in our capabilities and anticipate extending the reach of our capabilities into new programs and new applications as opportunities allow. The return on invested capital in this business has been beyond expectations, and we expect the future to continue to bode well for us.”
The expectation of these orders was included in the previously provided range of projected revenue for the Test Systems segment in 2016, which was approximately $93 million to $109 million.
