Astronics Lowers 2009 Revenue Outlook
EAST AURORA, N.Y. (AP) ¿ Astronics Corp., which makes lighting and electronics systems for the aerospace industry, on Wednesday lowered its 2009 revenue guidance on continued weakness in the commercial business jet market.
The company now anticipates full-year sales in the range of $190 million to $200 million ¿ down from its previous guidance of $200 million to $210 million.
Separately, the company did not win a Marine Corps contract for a ground radio maintenance and test system.
"Coupled with this unexpected loss of the contract, we continue to see orders from the commercial transport and business jet markets being pushed out, which has further moderated our outlook," said Peter Gundermann, president and CEO of Astronics, in a statement.Shares of Astronics fell 46 cents, or 4.5 percent, to $9.79 in afternoon trading.
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