Astronics (ATRO) Misses Q1 EPS by 16c; Guides Lower for FY09 Revenues
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Astronics Corporation (NASDAQ: ATRO) reports Q1 EPS of $0.13, 16 cents worse than estimates. Revenues were $50.0 million vs. $55.98 million consensus.
“Weaker than anticipated demand necessitates a reduction in our 2009 revenue outlook, which we now believe will be in the range of $210 to $225 million. We intend to do our best during this difficult time adjusting proactively to the economic realities that we face. At the same time, we know it is important to take the steps necessary to strengthen our competitive positions so that when our markets rebound we will come out the other side with increased momentum. We believe the course we have set will accomplish both of these goals.” (Consensus is $232.78 million)
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