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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV