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Astronics shares fell 8% to $57 in after-hours trading Tuesday after the aerospace and defense electronics manufacturer forecast fourth-quarter revenue below analysts’ expectations. The guidance came after the company reported higher third-quarter profit and sales, and reiterated its full-year revenue outlook.
Astronics expects fourth-quarter revenue of $255 million to $275 million, compared with the $274.6 million average estimate from analysts polled by FactSet. The shares had risen 5.1% to close at $62 on Tuesday and were up 43% for the year.
For the third quarter, Astronics reported a profit of $52.2 million, or $1.08 a share, compared with a loss of $11.1 million, or 26 cents a share, a year earlier. Adjusted earnings were 81 cents a share, above analysts’ 72-cent estimate, according to FactSet.
Sales rose 29% to $271.7 million, topping the $268 million expected by Wall Street analysts. The company maintained its full-year revenue guidance of $1.02 billion to $1.04 billion; analysts expected $1.03 billion.
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