Astronics' quarter confirms the thesis, with a guidance raise and record backlog showing its earnings base is growing. FY2026 revenue guidance rose to $1.02-1.04B from $985M, above $986.4M consensus, and Q3 guidance of $265-275M topped $253M expected. Revenue of $260M beat by 6% and rose 27%, adjusted EBITDA margin hit a multi-year high of 19.8%, and backlog reached a record $780.6M, up 20.9%, with record bookings. Test Systems more than doubled, likely on the Army radio program. x.com 

GE Aerospace's $11.75B purchase of casting house CPP marks casting capacity at scarcity value, a pricing signal that reads through to Howmet Aerospace. The biggest engine maker could not secure casting capacity any other way; customers bid for the foundry base rather than disrupt it. GE is about 11% of Howmet's sales and some volume may move in-house, but requalification takes years. The long-term test is Howmet's pricing power next contract cycle if GE internalizes the marginal ton. x.com  x.com 

GE Aerospace earns most of its money servicing a huge installed engine base, and record air traffic keeps that base turning. Engines sell at up to 70% off, while shop visits bring up to 70% of lifetime revenue; services were about 70% of 2025's $42B revenue, with a $210B backlog. At 43x earnings versus a 37x five-year average it is not cheap, a premium backed by the end of the conglomerate discount, margins and visibility. A correction would come only with a normal general market pullback. x.com  … Show more