ATRO - Record Backlog and Guidance Hike Pave the Runway to $1B

研报英文原文证据摘录

ATRO - Record Backlog and Guidance Hike Pave the Runway to $1B

Truist Securities

Equity Research Report May 20, 2026

INDUSTRIALS: Commercial Astronics Corporation (ATRO)

Aerospace

ATRO - Record Backlog and Guidance Hike Pave the Runway to

Alexandra Mandery $1B

212-319-3461

Alexandra.Mandery@truist.com

We reiterate our BUY rating and PT of $107 post 1Q26 results. Mgmt raised their revenue

guidance for 2026 with the high end at $1B and 2Q26 revenue of $247.5M at the mdpt.

Mgmt remains focused on delivering high teens aero margins through 2026. The production

Stock Rating BUY order on the US Army radio test program is anticipated to come in 2Q, which would support

Unchanged revenue and improved operating margins in 2H26. Mgmt has not seen any war-related push-

Price Target outs, delays or cancellations. Rising aircraft production rates and changing preferences for $107.00 in-flight entertainment are strong contributors to growth.

Unchanged

1Q26 Key Takeaways:

TR to Target 25.9% In-flight entertainment. Astronics continues to benefit from rising production rates at major

Price (May 20, 2026) $84.99 OEMs and a secular trend toward enhanced aircraft connectivity. With approximately 70%

52-Wk Range $84.99-$29.86 of sales tied to commercial aircraft, the company is capturing value from both new aircraft

builds and aftermarket retrofits as airlines upgrade in-flight entertainment and connectivity Market Cap ($M) $3,281

(IFEC) systems. Astronics is a market leader in IFEC and sees continuous opportunities ADTV 420,732

to deliver their products as technology evolves and airline customer preferences change.

Shares Out (M) 39 Historically, North America has been a leader in aircraft technology, but there are retrofit