ATRO: Q1 Takeaways

Research evidence excerpt

ATRO: Q1 Takeaways

Aerospace & Defense Electronics: Commercial Aerospace

Astronics Corporation

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 12, 2026

Price: $78.26 (05/12/2026) ATRO: Q1 Takeaways

Price Target: $85.00

BUY (1)

ESG SCORE: 64/100

Gautam Khanna THE TD COWEN INSIGHT

617 946 3978

Q1 sales were 2% above the guided midpoint, & the Q2 sales guide is 3% above consensus.

gautam.khanna@tdsecurities.com

Q1's 1.26x book/bill reflected broad-based strength across product lines and customers, with

Ed Keller no single large order explaining the result. Q2 orders should also impress & ATRO hasn't seen

214 406 7726 demand erosion despite the fuel overhang. PT unchanged.

ed.keller@tdsecurities.com

Anton Rinnert (1) Demand Unimpeded - Q1 book/bill =1.26x, with aero bookings up 11% sequentially, & broad-

646 562 1455 based demand across products/customers. Q2 orders/sales should also be >1x, as April/early-

anton.rinnert@tdsecurities.com May is >1x, the Army radio test award is expected in June, and a MV-75 final development

Chuka Isioji contract is also imminent. ATRO indicates that it hasn't seen demand erosion despite the Iran

646 562 1345 conflict/fuel overhang. ATRO notes that it is under-indexed to low-cost airlines as that market

chuka.isioji@tdsecurities.com segment spends little on in-flight entertainment.

Barrett Taylor (2) Army Radio Test Order Expected Soon - The Army Radio test contract will be awarded

646 562 1409 in Q2, according to ATRO mgmt. This contract should generate about $20MM of C26 sales

barrett.taylor@tdsecurities.com ($40-50MM at full run-rate) with mid-teens% margin.

Key Data

(3) Other - ATRO raised the midpoint of the C26 sales guide by $15MM (1.5%) & guided Q2 sales

Symbol NASDAQ: ATRO

3% above consensus.