Astronics Corporation Reports 2021 Second Quarter Financial Results
Astronics Corporation (Nasdaq: ATRO) reported its Q2 2021 financial results, highlighting a sales decline of 10.1% to $111.2 million, and a net loss reduced by 65.7% to $8.1 million, or $0.26 per diluted share. The aerospace segment experienced a 13% sales decrease to $89.2 million, yet achieved a solid book-to-bill ratio of 1.32. Despite ongoing supply chain pressures, Q2 bookings reached $126.3 million, leading to a backlog of $312.7 million. The company anticipates improved sales in the second half of 2021, projecting approximately $240 million in revenue.
- Net loss significantly decreased by 65.7% year-over-year, indicating improved financial health.
- Aerospace segment bookings surged 173% year-over-year.
- Book-to-bill ratio improved to 1.32, suggesting strong future demand.
- Sales declined 10.1% in Q2, continuing a negative revenue trend.
- Adjusted EBITDA decreased by 96.0%, reflecting operational challenges.
- Supply chain issues impacted potential revenue by $5 million to $10 million.
Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense and other mission critical industries, today reported financial results for the three and six months ended July 3, 2021.
Peter J. Gundermann, the Company’s President and CEO, commented, “Our second quarter was one of slow but steady progress. Our core aerospace markets strengthened as vaccinations took hold and passenger traffic accelerated. We are encouraged by our bookings trend, especially in our Aerospace segment, where we achieved a book-to-bill ratio of 1.32 for the quarter. We expect these bookings will drive higher sales in the second half of 2021.”
Second Quarter Results
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
($ in thousands) |
July 3, 2021 |
|
June 27, 2020 |
% Change |
|
July 3, 2021 |
|
June 27, 2020 |
% Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales |
$ |
111,158 |
|
|
$ |
123,694 |
|
(10.1) |
% |
|
$ |
217,015 |
|
|
$ |
281,278 |
|
(22.8) |
% |
Loss from Operations |
$ |
(5,920) |
|
|
$ |
(18,679) |
|
(68.3) |
% |
|
$ |
(15,432) |
|
|
$ |
(86,235) |
|
(82.1) |
% |
Operating Margin % |
(5.3) |
% |
|
(15.1) |
% |
|
|
(7.1) |
% |
|
(30.7) |
% |
|
||||||
Net Loss |
$ |
(8,099) |
|
|
$ |
(23,579) |
|
(65.7) |
% |
|
$ |
(20,008) |
|
|
$ |
(90,542) |
|
(77.9) |
% |
Net Loss % |
(7.3) |
% |
|
(19.1) |
% |
|
|
(9.2) |
% |
|
(32.2) |
% |
|
||||||
*Adjusted EBITDA |
$ |
363 |
|
|
$ |
9,157 |
|
(96.0) |
% |
|
$ |
(133) |
|
|
$ |
25,920 |
|
(100.5) |
% |
*Adjusted EBITDA Margin % |
0.3 |
% |
|
7.4 |
% |
|
|
(0.1) |
% |
|
9.2 |
% |
|
||||||
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income.
Second Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were down
Consolidated operating loss was
Consolidated net loss was
Consolidated adjusted EBITDA was
Sequentially, compared with the first quarter of 2021, revenue grew
Supply chain pressures became increasingly impactful as the quarter progressed, mostly affecting delivery schedules but with some pricing pressure also. These pressures limited the Company’s ability to respond to accelerated or quick-turn delivery requests from customers. The Company estimates that revenue would have been
Bookings were
Year-to-date 2021 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were down
Consolidated operating loss was
Consolidated net loss was
Consolidated adjusted EBITDA loss was
Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)
Aerospace Second Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales decreased
Commercial aerospace continues to see depressed sales relative to pre-pandemic levels. Sales to this market were
Military Aircraft sales increased
Business Jet sales were down
Other revenue increased
Aerospace segment operating loss was
Sequentially, compared with the first quarter of 2021, aerospace revenue grew
Aerospace bookings in the second quarter of 2021 were
Aerospace Year-to-date 2021 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales decreased
Aerospace segment operating loss was
Mr. Gundermann commented, “Our aerospace business is seeing solid demand recovery, most evident in narrowbody commercial transports and general aviation. This has driven higher bookings and a solid 1.28 book-to-bill ratio for the first half of 2021, despite continued weakness in the widebody international market, which is well documented.”
Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)
Test Systems Second Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were
Test Systems operating loss was
Bookings for the Test Systems segment in the quarter were
Mr. Gundermann noted, “Our Test business experienced low bookings of
Test Systems Year-to-date 2021 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were
Test Systems operating profit was
Liquidity and Financing
Cash provided by operations totaled
In May 2020, the Company executed an amendment to its credit agreement (the “amended facility”) which reduced the revolving credit line from
In February 2021, the Company was notified by the acquirer of its semiconductor business, which was sold in February 2019, that
2021 Outlook
Mr. Gundermann commented, “We had sales of
At the end of the second quarter, the Company had backlog of
Planned capital expenditures for 2021 remain unchanged at approximately
Second Quarter 2021 Webcast and Conference Call
The Company will host a teleconference today at 11:00 a.m. ET. During the teleconference, management will review the financial and operating results for the period and discuss Astronics’ corporate strategy and outlook. A question-and-answer session will follow.
The Astronics conference call can be accessed by calling 201.493.6784. The listen-only audio webcast can be monitored at www.astronics.com. To listen to the archived call, dial 412.317.6671 and enter replay pin number 13721236. The telephonic replay will be available from 2:00 p.m. on the day of the call through Friday, August 13, 2021. A transcript of the call will also be posted to the Company’s Web site once available.
About Astronics Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, military branches, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions and include all statements with regard to the impact of COVID-19 on the Company and its future, reaching any revenue or Adjusted EBITDA margin expectations, being cash positive in 2021, the recovery of the commercial aerospace market, the opportunities to leverage capabilities in other markets and the outcome of demand streams or expectations of demand by customers and markets. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the impact of the global outbreak of COVID-19 and governmental and other actions taken in response, trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the need for new and advanced test and simulation equipment, customer preferences and relationships, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
FINANCIAL TABLES FOLLOW
ASTRONICS CORPORATION |
|||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS DATA |
|||||||||||||||
(Unaudited, $ in thousands except per share data) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
7/3/2021 |
|
6/27/2020 |
|
7/3/2021 |
|
6/27/2020 |
||||||||
Sales |
$ |
111,158 |
|
|
$ |
123,694 |
|
|
$ |
217,015 |
|
|
$ |
281,278 |
|
Cost of products sold |
95,763 |
|
|
96,861 |
|
|
187,347 |
|
|
218,726 |
|
||||
Gross profit |
15,395 |
|
|
26,833 |
|
|
29,668 |
|
|
62,552 |
|
||||
Gross margin |
13.8 |
% |
|
21.7 |
% |
|
13.7 |
% |
|
22.2 |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative2 |
21,315 |
|
|
32,904 |
|
|
45,100 |
|
|
61,771 |
|
||||
SG&A % of sales |
19.2 |
% |
|
26.6 |
% |
|
20.8 |
% |
|
22.0 |
% |
||||
Impairment loss1 |
— |
|
|
12,608 |
|
|
— |
|
|
87,016 |
|
||||
Loss from operations |
(5,920) |
|
|
(18,679) |
|
|
(15,432) |
|
|
(86,235) |
|
||||
Operating margin |
(5.3) |
% |
|
(15.1) |
% |
|
(7.1) |
% |
|
(30.7) |
% |
||||
|
|
|
|
|
|
|
|
||||||||
Other expense, net of other income |
547 |
|
|
3,789 |
|
|
1,081 |
|
|
4,177 |
|
||||
Interest expense, net |
1,699 |
|
|
1,983 |
|
|
3,457 |
|
|
3,316 |
|
||||
Loss before tax |
(8,166) |
|
|
(24,451) |
|
|
(19,970) |
|
|
(93,728) |
|
||||
Income tax expense (benefit) |
(67) |
|
|
(872) |
|
|
38 |
|
|
(3,186) |
|
||||
Net loss |
$ |
(8,099) |
|
|
$ |
(23,579) |
|
|
$ |
(20,008) |
|
|
$ |
(90,542) |
|
Net loss % of sales |
(7.3) |
% |
|
(19.1) |
% |
|
(9.2) |
% |
|
(32.2) |
% |
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
*Basic loss per share: |
$ |
(0.26) |
|
|
$ |
(0.77) |
|
|
$ |
(0.65) |
|
|
$ |
(2.94) |
|
*Diluted loss per share: |
$ |
(0.26) |
|
|
$ |
(0.77) |
|
|
$ |
(0.65) |
|
|
$ |
(2.94) |
|
|
|
|
|
|
|
|
|
||||||||
*Weighted average diluted shares
|
30,926 |
|
|
30,756 |
|
|
30,914 |
|
|
30,784 |
|
||||
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
$ |
1,661 |
|
|
$ |
1,112 |
|
|
$ |
3,566 |
|
|
$ |
3,905 |
|
Depreciation and amortization |
$ |
7,426 |
|
|
$ |
8,081 |
|
|
$ |
14,879 |
|
|
$ |
16,052 |
|
1 Impairment loss primarily represents the goodwill impairment charges incurred in the Aerospace segment. Full impairment charges totaling
2 Includes fair value adjustment of contingent consideration liabilities, which was a
ASTRONICS CORPORATION |
|||||||||||||
SEGMENT DATA |
|||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
7/3/2021 |
6/27/2020 |
|
7/3/2021 |
6/27/2020 |
||||||||
Sales |
|
|
|
|
|
||||||||
Aerospace |
$ |
89,220 |
|
$ |
102,597 |
|
|
$ |
170,650 |
|
$ |
243,734 |
|
Less inter-segment |
— |
|
(24) |
|
|
(14) |
|
(91) |
|
||||
Total Aerospace |
89,220 |
|
102,573 |
|
|
170,636 |
|
243,643 |
|
||||
|
|
|
|
|
|
||||||||
Test Systems |
21,938 |
|
21,432 |
|
|
46,683 |
|
37,985 |
|
||||
Less inter-segment |
— |
|
(311) |
|
|
(304) |
|
(350) |
|
||||
Total Test Systems |
21,938 |
|
21,121 |
|
|
46,379 |
|
37,635 |
|
||||
Total consolidated sales |
111,158 |
|
123,694 |
|
|
217,015 |
|
281,278 |
|
||||
|
|
|
|
|
|
||||||||
Segment operating (loss) profit and margins |
|
|
|
|
|
||||||||
Aerospace |
(2,706) |
|
(17,090) |
|
|
(8,269) |
|
(80,235) |
|
||||
|
(3.0) |
% |
(16.7) |
% |
|
(4.8) |
% |
(32.9) |
% |
||||
Test Systems |
(946) |
|
2,612 |
|
|
243 |
|
3,334 |
|
||||
|
(4.3) |
% |
12.4 |
% |
|
0.5 |
% |
8.9 |
% |
||||
Total segment operating loss |
(3,652) |
|
(14,478) |
|
|
(8,026) |
|
(76,901) |
|
||||
|
|
|
|
|
|
||||||||
Interest expense |
1,699 |
|
1,983 |
|
|
3,457 |
|
3,316 |
|
||||
Corporate expenses and other |
2,815 |
|
7,990 |
|
|
8,487 |
|
13,511 |
|
||||
Loss before taxes |
$ |
(8,166) |
|
$ |
(24,451) |
|
|
$ |
(19,970) |
|
$ |
(93,728) |
|
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a U.S. generally accepted accounting principle (“GAAP”) measure, we present Adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization, non-cash equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges and gains or losses associated with the sale of businesses), which is a non-GAAP measure. The Company’s management believes Adjusted EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the performance of its core operations from period to period by removing the impact of the capital structure (interest), tangible and intangible asset base (depreciation and amortization), taxes, equity-based compensation expense, goodwill, intangible and long-lived asset impairment charges, equity investment income or loss, legal reserves, settlements and recoveries, restructuring charges, fair value adjustments to the valuation of contingent consideration liabilities and gains or losses associated with the sale of businesses, which is not commensurate with the core activities of the reporting period in which it is included. As such, the Company uses Adjusted EBITDA as a measure of performance when evaluating its business and as a basis for planning and forecasting. Adjusted EBITDA is not a measure of financial performance under GAAP and is not calculated through the application of GAAP. As such, it should not be considered as a substitute for the GAAP measure of net income and, therefore, should not be used in isolation of, but in conjunction with, the GAAP measure. Adjusted EBITDA, as presented, may produce results that vary from the GAAP measure and may not be comparable to a similarly defined non-GAAP measure used by other companies.
ASTRONICS CORPORATION |
|||||||||||||||
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA |
|||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Consolidated |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
7/3/2021 |
|
6/27/2020 |
|
7/3/2021 |
|
6/27/2020 |
||||||||
Net loss |
$ |
(8,099) |
|
|
$ |
(23,579) |
|
|
$ |
(20,008) |
|
|
$ |
(90,542) |
|
Add back (deduct): |
|
|
|
|
|
|
|
||||||||
Interest expense |
1,699 |
|
|
1,983 |
|
|
3,457 |
|
|
3,316 |
|
||||
Income tax expense (benefit) |
(67) |
|
|
(872) |
|
|
38 |
|
|
(3,186) |
|
||||
Depreciation and amortization expense |
7,426 |
|
|
8,081 |
|
|
14,879 |
|
|
16,052 |
|
||||
Equity-based compensation expense |
1,604 |
|
|
1,103 |
|
|
3,701 |
|
|
2,806 |
|
||||
Goodwill and other asset impairments |
— |
|
|
12,608 |
|
|
— |
|
|
87,016 |
|
||||
Contingent consideration liability fair value
|
(2,200) |
|
|
— |
|
|
(2,200) |
|
|
— |
|
||||
Restructuring-related charges including severance |
— |
|
|
4,890 |
|
|
— |
|
|
5,408 |
|
||||
Legal reserve, settlements and recoveries |
— |
|
|
1,450 |
|
|
— |
|
|
1,450 |
|
||||
Equity investment loss |
— |
|
|
3,493 |
|
|
— |
|
|
3,600 |
|
||||
Adjusted EBITDA |
$ |
363 |
|
|
$ |
9,157 |
|
|
$ |
(133) |
|
|
$ |
25,920 |
|
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
111,158 |
|
|
$ |
123,694 |
|
|
$ |
217,015 |
|
|
$ |
281,278 |
|
Adjusted EBITDA margin |
0.3 |
% |
|
7.4 |
% |
|
(0.1) |
% |
|
9.2 |
% |
||||
ASTRONICS CORPORATION |
|||||||
CONSOLIDATED BALANCE SHEET DATA |
|||||||
($ in thousands) |
|||||||
|
(unaudited) |
|
|
||||
|
7/3/2021 |
|
12/31/2020 |
||||
ASSETS |
|
|
|
||||
Cash and cash equivalents |
$ |
33,587 |
|
|
$ |
40,412 |
|
Accounts receivable and uncompleted contracts |
98,161 |
|
|
93,056 |
|
||
Inventories |
154,133 |
|
|
157,059 |
|
||
Other current assets |
26,061 |
|
|
26,420 |
|
||
Assets held for sale |
3,760 |
|
|
— |
|
||
Property, plant and equipment, net |
99,683 |
|
|
106,678 |
|
||
Other long-term assets |
26,686 |
|
|
27,952 |
|
||
Intangible assets, net |
102,095 |
|
|
109,886 |
|
||
Goodwill |
58,329 |
|
|
58,282 |
|
||
Total assets |
$ |
602,495 |
|
|
$ |
619,745 |
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
||||
Accounts payable and accrued expenses |
$ |
75,469 |
|
|
$ |
69,165 |
|
Customer advances and deferred revenue |
23,588 |
|
|
24,571 |
|
||
Long-term debt |
173,000 |
|
|
173,000 |
|
||
Other liabilities |
75,587 |
|
|
82,638 |
|
||
Shareholders' equity |
254,851 |
|
|
270,371 |
|
||
Total liabilities and shareholders' equity |
$ |
602,495 |
|
|
$ |
619,745 |
|
ASTRONICS CORPORATION |
|||||||
CONSOLIDATED CASH FLOWS DATA |
|||||||
|
Six Months Ended |
||||||
(Unaudited, $ in thousands) |
7/3/2021 |
|
6/27/2020 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(20,008) |
|
|
$ |
(90,542) |
|
Adjustments to reconcile net loss to cash from operating activities: |
|
|
|
||||
Depreciation and amortization |
14,879 |
|
|
16,052 |
|
||
Provisions for non-cash losses on inventory and receivables |
2,145 |
|
|
3,297 |
|
||
Equity-based compensation expense |
3,701 |
|
|
2,806 |
|
||
Deferred tax (benefit) expense |
(153) |
|
|
1,190 |
|
||
Non-cash severance expense |
— |
|
|
4,669 |
|
||
Operating lease non-cash expense |
2,343 |
|
|
2,236 |
|
||
Non-cash litigation provision |
— |
|
|
1,450 |
|
||
Equity investment other than temporary impairment |
— |
|
|
3,493 |
|
||
Impairment loss |
— |
|
|
87,016 |
|
||
Contingent consideration liability fair value adjustment |
(2,200) |
|
|
— |
|
||
Other |
2,105 |
|
|
4,459 |
|
||
Cash flows from changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
(5,281) |
|
|
43,417 |
|
||
Inventories |
720 |
|
|
(12,778) |
|
||
Accounts payable |
4,210 |
|
|
(446) |
|
||
Accrued expenses |
(946) |
|
|
(12,473) |
|
||
Other current assets and liabilities |
(70) |
|
|
(1,983) |
|
||
Customer advanced payments and deferred revenue |
(927) |
|
|
(4,221) |
|
||
Income taxes |
(51) |
|
|
(3,667) |
|
||
Operating lease liabilities |
(2,606) |
|
|
(2,222) |
|
||
Supplemental retirement plan and other liabilities |
(199) |
|
|
(204) |
|
||
Cash flows from operating activities |
(2,338) |
|
|
41,549 |
|
||
Cash flows from investing activities: |
|
|
|
||||
Capital expenditures |
(3,566) |
|
|
(3,905) |
|
||
Proceeds on sale of assets |
— |
|
|
1,600 |
|
||
Cash flows from investing activities |
(3,566) |
|
|
(2,305) |
|
||
Cash flows from financing activities: |
|
|
|
||||
Proceeds from long-term debt |
5,000 |
|
|
150,000 |
|
||
Principal payments on long-term debt |
(5,000) |
|
|
(165,000) |
|
||
Purchase of outstanding shares for treasury |
— |
|
|
(7,732) |
|
||
Financing fees |
— |
|
|
(360) |
|
||
Stock option activity |
(59) |
|
|
34 |
|
||
Finance lease principal payments |
(854) |
|
|
(939) |
|
||
Cash flows from financing activities |
(913) |
|
|
(23,997) |
|
||
Effect of exchange rates on cash |
(8) |
|
|
(514) |
|
||
(Decrease) Increase in cash and cash equivalents |
(6,825) |
|
|
14,733 |
|
||
Cash and cash equivalents at beginning of period |
40,412 |
|
|
31,906 |
|
||
Cash and cash equivalents at end of period |
$ |
33,587 |
|
|
$ |
46,639 |
|
ASTRONICS CORPORATION |
|||||||||||||||||||
SALES BY MARKET |
|||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||
|
7/3/2021 |
6/27/2020 |
% Change |
|
7/3/2021 |
6/27/2020 |
% Change |
% of Sales |
|||||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||||||
Commercial Transport |
$ |
47,793 |
|
$ |
67,548 |
|
(29.2) |
% |
|
$ |
86,001 |
|
$ |
170,323 |
|
(49.5) |
% |
39.6 |
% |
Military |
16,801 |
|
14,052 |
|
19.6 |
% |
|
37,783 |
|
32,165 |
|
17.5 |
% |
17.4 |
% |
||||
Business Jet |
14,994 |
|
15,542 |
|
(3.5) |
% |
|
29,022 |
|
30,548 |
|
(5.0) |
% |
13.4 |
% |
||||
Other |
9,632 |
|
5,431 |
|
77.4 |
% |
|
17,830 |
|
10,607 |
|
68.1 |
% |
8.2 |
% |
||||
Aerospace Total |
89,220 |
|
102,573 |
|
(13.0) |
% |
|
170,636 |
|
243,643 |
|
(30.0) |
% |
78.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|||||||||||
Test Systems Segment excluding Semiconductor |
21,938 |
|
19,933 |
|
10.1 |
% |
|
46,379 |
|
34,813 |
|
33.2 |
% |
21.4 |
% |
||||
Total sales excluding Semiconductor |
111,158 |
|
122,506 |
|
(9.3) |
% |
|
217,015 |
|
278,456 |
|
(22.1) |
% |
100.0 |
% |
||||
Test-Semiconductor |
— |
|
1,188 |
|
(100.0) |
% |
|
— |
|
2,822 |
|
(100.0) |
% |
— |
% |
||||
|
|
|
|
|
|
|
|
|
|||||||||||
Total Sales |
$ |
111,158 |
|
$ |
123,694 |
|
(10.1) |
% |
|
$ |
217,015 |
|
$ |
281,278 |
|
(22.8) |
% |
|
|
SALES BY PRODUCT LINE |
|||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||
|
7/3/2021 |
6/27/2020 |
% Change |
|
7/3/2021 |
6/27/2020 |
% Change |
% of Sales |
|||||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||||||
Electrical Power & Motion |
$ |
34,748 |
|
$ |
46,563 |
|
(25.4) |
% |
|
$ |
64,092 |
|
$ |
116,019 |
|
(44.8) |
% |
29.6 |
% |
Lighting & Safety |
24,368 |
|
27,731 |
|
(12.1) |
% |
|
51,468 |
|
65,653 |
|
(21.6) |
% |
23.7 |
% |
||||
Avionics |
18,021 |
|
19,134 |
|
(5.8) |
% |
|
32,864 |
|
41,277 |
|
(20.4) |
% |
15.1 |
% |
||||
Systems Certification |
960 |
|
1,660 |
|
(42.2) |
% |
|
1,838 |
|
4,991 |
|
(63.2) |
% |
0.8 |
% |
||||
Structures |
1,491 |
|
2,054 |
|
(27.4) |
% |
|
2,544 |
|
5,096 |
|
(50.1) |
% |
1.2 |
% |
||||
Other |
9,632 |
|
5,431 |
|
77.4 |
% |
|
17,830 |
|
10,607 |
|
68.1 |
% |
8.2 |
% |
||||
Aerospace Total |
89,220 |
|
102,573 |
|
(13.0) |
% |
|
170,636 |
|
243,643 |
|
(30.0) |
% |
78.6 |
% |
||||
|
|
|
|
|
|
|
|
|
|||||||||||
Test Systems Segment excluding Semiconductor |
21,938 |
|
19,933 |
|
10.1 |
% |
|
46,379 |
|
34,813 |
|
33.2 |
% |
21.4 |
% |
||||
Total sales excluding Semiconductor |
111,158 |
|
122,506 |
|
(9.3) |
% |
|
217,015 |
|
278,456 |
|
(22.1) |
% |
100.0 |
% |
||||
Test-Semiconductor |
— |
|
1,188 |
|
(100.0) |
% |
|
— |
|
2,822 |
|
(100.0) |
% |
— |
% |
||||
|
|
|
|
|
|
|
|
|
|||||||||||
Total Sales |
$ |
111,158 |
|
$ |
123,694 |
|
(10.1) |
% |
|
$ |
217,015 |
|
$ |
281,278 |
|
(22.8) |
% |
|
|
ASTRONICS CORPORATION ORDER AND BACKLOG TREND (Unaudited, $ in thousands) |
|||||||||||||||
|
Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Trailing Twelve Months |
||||||||||
|
9/26/2020 |
12/31/2020 |
4/3/2021 |
7/3/2021 |
7/3/2021 |
||||||||||
Sales |
|
|
|
|
|
||||||||||
Aerospace |
$ |
82,548 |
|
$ |
91,797 |
|
$ |
81,416 |
|
$ |
89,220 |
|
$ |
344,981 |
|
Test Systems (excluding Semi) |
23,373 |
|
22,930 |
|
24,441 |
|
21,938 |
|
92,682 |
|
|||||
Sales (excluding Semi) |
105,921 |
|
114,727 |
|
105,857 |
|
111,158 |
|
437,663 |
|
|||||
Test-Semiconductor |
585 |
|
76 |
|
— |
|
— |
|
661 |
|
|||||
Total Sales |
$ |
106,506 |
|
$ |
114,803 |
|
$ |
105,857 |
|
$ |
111,158 |
|
$ |
438,324 |
|
|
|
|
|
|
|
||||||||||
Bookings |
|
|
|
|
|
||||||||||
Aerospace |
$ |
64,956 |
|
$ |
74,106 |
|
$ |
100,488 |
|
$ |
118,155 |
|
$ |
357,705 |
|
Test Systems (excluding Semi) |
16,602 |
|
41,877 |
|
19,497 |
|
8,166 |
|
86,142 |
|
|||||
Bookings (excluding Semi) |
81,558 |
|
115,983 |
|
119,985 |
|
126,321 |
|
443,847 |
|
|||||
Test-Semiconductor |
— |
|
— |
|
— |
|
— |
|
— |
|
|||||
Total Bookings |
$ |
81,558 |
|
$ |
115,983 |
|
$ |
119,985 |
|
$ |
126,321 |
|
$ |
443,847 |
|
|
|
|
|
|
|
||||||||||
Backlog |
|
|
|
|
|
||||||||||
Aerospace |
$ |
208,772 |
|
$ |
191,081 |
|
$ |
210,153 |
|
$ |
239,088 |
|
|
||
Test Systems (excluding Semi) |
73,390 |
|
92,337 |
|
87,393 |
|
73,621 |
|
|
||||||
Backlog (excluding Semi) |
282,162 |
|
283,418 |
|
297,546 |
|
312,709 |
|
|
||||||
Test-Semiconductor |
76 |
|
— |
|
— |
|
— |
|
|
||||||
Total Backlog |
$ |
282,238 |
|
$ |
283,418 |
|
$ |
297,546 |
|
$ |
312,709 |
|
N/A |
||
|
|
|
|
|
|
||||||||||
Book:Bill Ratio 1 |
|
|
|
|
|
||||||||||
Aerospace |
0.79 |
0.81 |
1.23 |
1.32 |
1.04 |
||||||||||
Test Systems excl. Semi |
0.71 |
1.83 |
0.80 |
0.37 |
0.93 |
||||||||||
Total Book:Bill excl. Semi |
0.77 |
1.01 |
1.13 |
1.14 |
1.01 |
||||||||||
|
|
|
|
|
|
||||||||||
1 Calculations of Test Systems and Total Book:Bill excludes the total semiconductor business, which included residual warranty backlog following the divestiture. |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210806005101/en/
FAQ
What were Astronics Corporation's Q2 2021 earnings results?
How did the aerospace segment perform in Q2 2021 for ATRO?
What is the future outlook for Astronics Corporation's sales?
How did supply chain pressures affect Astronics' revenue?
