Astronics Corporation Reports 2021 Third Quarter Financial Results

Rhea-AI Summary

Astronics Corporation (Nasdaq: ATRO) reported a 5% increase in quarterly sales to $111.8 million compared to last year. Despite a net loss of $7.2 million, the company noted sequential improvement in losses through 2021. Adjusted EBITDA rose to $2.8 million. Bookings surged by 88% year-over-year, totaling $153.5 million, achieving a book-to-bill ratio of 1.37. Although supply chain issues impacted sales by approximately $10 million, the company anticipates stronger demand going into Q4 2021.

Positive

• Sales increased 5% YoY to $111.8 million.
• Bookings surged 88% YoY to $153.5 million.
• Achieved book-to-bill ratio of 1.37.
• Adjusted EBITDA improved to $2.8 million.

Negative

• Net loss of $7.2 million, widening from last year's loss.
• Sales impacted by $8-$10 million due to supply chain issues.
• Test Systems segment sales down $7.9 million YoY.

• Sales for the quarter were $111.8 million, up 5% over prior-year period
• Net loss of $7.2 million continues sequential improvement through 2021
• Adjusted EBITDA^* was $2.8 million; measurably improved over prior-year period loss and trailing second quarter
• Bookings up 88% over prior-year period and up 22% over trailing second quarter to $153.5 million; Achieved book-to-bill ratio of 1.37
• Aerospace segment book-to-bill was 1.49 for the quarter
• Backlog increased 13% sequentially to $354.4 million 

*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income.

EAST AURORA, N.Y.--(BUSINESS WIRE)-- 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 nine months ended October 2, 2021.

Peter J. Gundermann, the Company’s President and CEO, commented, “Our core markets are showing improved demand although our sales were hampered by approximately $8 million to $10 million due to supply chain challenges and a tight labor market. Nonetheless, we are encouraged with strong order activity across the business, with bookings exceeding shipments by 37%. This demand promises an improved fourth quarter and solid momentum as we prepare for 2022.”

Third Quarter Results

		Three Months Ended										Nine Months Ended
($ in thousands)		October 2, 2021				September 26, 2020			% Change			October 2, 2021				September 26, 2020			% Change
Sales		$	111,841			$	106,506		5.0	%		$	328,856			$	387,784		(15.2	)%
Loss from Operations		$	(4,498	)		$	(8,997	)	50.0	%		$	(19,930	)		$	(95,232	)	79.1	%
Operating Margin %		(4.0		)%		(8.4		)%				(6.1		)%		(24.6		)%
Net Loss		$	(7,174	)		$	(5,254	)	(36.5	)%		$	(27,182	)		$	(95,796	)	71.6	%
Net Loss %		(6.4		)%		(4.9		)%				(8.3		)%		(24.7		)%
*Adjusted EBITDA		$	2,836			$	(55	)	5,256.4	%		$	2,703			$	25,865		(89.5	)%
*Adjusted EBITDA Margin %		2.5		%		(0.1		)%				0.8		%		6.7		%
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income.

Third Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)

Consolidated sales were up $5.3 million from the third quarter of 2020. Aerospace sales were up $13.2 million, or 16.0%, and Test System sales decreased $7.9 million. Total sales and volume continued to reflect the ongoing impacts of the COVID-19 pandemic on the global aerospace industry. Supply chain pressures impacted delivery schedules and costs, limiting the Company’s ability to respond to accelerated or quick-turn delivery requests from customers and delayed shipments that otherwise would have been made during the quarter. The Company estimates that revenue would have been $8 million to $10 million higher in the third quarter if its supply chain was functioning normally.

The Company was awarded a grant of up to $14.7 million as part of the Aviation Manufacturing Jobs Protection (“AMJP”) Program. The grant will be recognized ratably over the six-month period of performance. In the third quarter of 2021, $1.1 million was recognized as an offset to cost of products sold.

Consolidated operating loss improved measurably over the prior-year period as higher volume reflecting improvements in the commercial aerospace and the benefit of the AMJP helped to offset the impacts of supply chain constraints.

Consolidated net loss was $7.2 million, or $0.23 per diluted share, compared with net loss of $5.3 million, or $0.17 per diluted share, in the prior year. The prior-year net loss benefitted from a $3.1 million tax adjustment related to a revised state income tax filing position.

Consolidated adjusted EBITDA was $2.8 million, or 2.5% of consolidated sales, compared with adjusted EBITDA of $(0.1) million, or (0.1)% of consolidated sales, in the prior-year period.

Sequentially, compared with the second quarter of 2021, while revenue remained consistent, net loss improved to $(7.2) million from $(8.1) million, and adjusted EBITDA improved to $2.8 million from $0.4 million.

Bookings were $153.5 million in the quarter resulting in a book-to-bill ratio of 1.37:1. Backlog at the end of the quarter was $354.4 million. Approximately $113.3 million, or 32%, of backlog is expected to ship in the remainder of 2021.

Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)

Aerospace Third Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)

Aerospace segment sales increased $13.2 million, or 16.0%, to $95.8 million. Commercial aerospace sales were up 30.6%, or $13.5 million, and drove the improvement even as sales remain below pre-pandemic levels. Sales to this market were $57.5 million, or 51.5% of consolidated revenue in the quarter, compared with $44.1 million, or 41.4% of consolidated revenue in the third quarter of 2020. Improving domestic travel, increased production rates including the 737 MAX and higher fleet utilization are driving increased demand for Astronics’ products.

General Aviation sales were down $2.6 million, or 17.7%, to $12.1 million as higher demand in the business jet market somewhat offset lower VVIP activity. The Company expects the strong demand being realized in the business jet industry to translate into higher demand for its products as production levels begin to increase in 2022.

Military Aircraft sales decreased $1.1 million, or 6.1%, to $17.1 million. The prior-year period benefited from incremental non-recurring engineering revenue associated with development of new programs.

Other revenue increased $3.4 million to $9.0 million driven by increased contract manufacturing programs.

Aerospace segment operating profit was $1.9 million compared with operating loss of $(6.3) million for the same period last year driven by increased sales and the $1.1 million AMJP benefit.

Sequentially, compared with the second quarter of 2021, Aerospace revenue grew 7% and operating profit improved $4.6 million to $1.9 million.

Aerospace bookings in the third quarter of 2021 were $142.5 million for a book-to-bill ratio of 1.49:1. Bookings were up 21% sequentially and up 119% over the comparator quarter of 2020, continuing the strong trend of improvement since the pandemic took hold. Backlog for the Aerospace segment was $285.8 million at the end of the third quarter of 2021.

Mr. Gundermann commented, “The commercial aerospace industry is showing solid signs of improvement. Increasing utilization and production rates for narrowbody aircraft are positives for us, and now international travel restrictions are beginning to be lifted, which will help the widebody market as well. Private aircraft OEMs have seen strong orders also which we expect will boost production plans in 2022 and onward.”

Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)

Test Systems Third Quarter 2021 Results (compared with the prior-year period, unless noted otherwise)

Test Systems segment sales were $16.1 million, down $7.9 million compared with the prior-year period driven by lower defense and transit revenue caused by COVID-related delays.

Test Systems operating loss was $(2.2) million, or 13.7% of sales, compared with operating profit of $0.9 million, or 3.9% of sales, in the third quarter of 2020. Operating loss in the third quarter of 2021 was negatively affected by lower volume and $1.0 million in legal fees related to infringement claims and contractual disputes. Operating results in 2020 benefited from $0.6 million in semiconductor warranty revenue.

Bookings for the Test Systems segment in the quarter were $11.1 million, for a book-to-bill ratio of 0.69:1 for the quarter. Backlog was $68.6 million at the end of the third quarter of 2021.

Mr. Gundermann noted, “Our Test business continued to experience lower-than-expected bookings in the third quarter, which we continue to believe is caused mostly by the pandemic. We do not believe we are losing opportunities to competition, but schedules are sliding into the future. However, in the month of October we booked more orders than we did in either of the two previous quarters, so things appear to be accelerating in our Test business also.”

Liquidity and Financing

At October 2, 2021, the Company was in compliance with all covenants of its amended credit facility and expects to remain compliant.

Cash used by operations totaled $16.2 million in the third quarter of 2021. Cash on hand was $29.1 million and net debt was $153.9 million at the end of the quarter. Subsequent to October 2, 2021, the Company sold one of its Aerospace facilities for $9.1 million. Net cash proceeds were approximately $8.8 million. A gain on sale of approximately $5.0 million will be recorded during the fourth quarter of 2021.

In September, the U.S. Department of Transportation announced that it had approved for the Company to receive up to $14.7 million under the AMJP program. The Company received its first installment of approximately $7.3 million in September. The Company expects to receive a second installment in the range of $5 million to $6 million in the fourth quarter of 2021, and a final installment in the second or third quarter of 2022, upon final confirmation of meeting its award commitments.

The Company expects additional cash inflows over the next several quarters related to an earn out from the 2019 sale of its semiconductor test business, an approximate $10 million tax refund and improved sales volumes.

2021 Outlook

Mr. Gundermann commented, “We are expecting to close 2021 with a higher shipment level in the final quarter. Supply chain challenges introduce a level of uncertainty, but we expect fourth quarter revenues of $115 million to $118 million. We expect shipping volume to continue to strengthen as we move into 2022, but we are not yet comfortable providing guidance for the year.”

Based on current estimates, the Company expects the AMJP to contribute approximately $7.3 million to gross profit as an offset to cost of goods sold in the fourth quarter, with the remaining benefit to gross profit of approximately $6.2 million to be recorded in the first quarter of 2022. However, the actual benefit between the two quarters may differ from these estimates based on actual payroll attribution for the eligible employee group.

At the end of the third quarter, the Company had backlog of $354 million, of which $113 million is expected to ship in the fourth quarter.

Planned capital expenditures for 2021 have been reduced to approximately $8 million to $9 million from previous expectations of $10 million to $11 million.

Third 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 13723722. The telephonic replay will be available from 2:00 p.m. on the day of the call through Monday, November 15, 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 in compliance with credit agreement covenants, the recovery of the commercial aerospace and test systems markets, 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								Nine Months Ended
		10/2/2021				9/26/2020				10/2/2021				9/26/2020
Sales		$	111,841			$	106,506			$	328,856			$	387,784
Cost of products sold		94,610				91,333				281,957				310,059
Gross profit		17,231				15,173				46,899				77,725
Gross margin		15.4		%		14.2		%		14.3		%		20.0		%
Selling, general and administrative2		21,729				24,170				66,829				85,941
SG&A % of sales		19.4		%		22.7		%		20.3		%		22.2		%
Impairment loss1		—				—				—				87,016
Loss from operations		(4,498		)		(8,997		)		(19,930		)		(95,232		)
Operating margin		(4.0		)%		(8.4		)%		(6.1		)%		(24.6		)%
Other expense, net of other income		546				369				1,627				4,546
Interest expense, net		1,795				1,775				5,252				5,091
Loss before tax		(6,839		)		(11,141		)		(26,809		)		(104,869		)
Income tax expense (benefit)		335				(5,887		)		373				(9,073		)
Net loss		$	(7,174	)		$	(5,254	)		$	(27,182	)		$	(95,796	)
Net loss % of sales		(6.4		)%		(4.9		)%		(8.3		)%		(24.7		)%
*Basic loss per share:		$	(0.23	)		$	(0.17	)		$	(0.88	)		$	(3.11	)
*Diluted loss per share:		$	(0.23	)		$	(0.17	)		$	(0.88	)		$	(3.11	)
*Weighted average diluted shares outstanding (in thousands)		30,954				30,770				30,927				30,780
Capital expenditures		$	1,073			$	1,670			$	4,639			$	5,575
Depreciation and amortization		$	7,071			$	8,043			$	21,950			$	24,095

1 Impairment loss primarily represents the goodwill impairment charges incurred in the Aerospace segment. Full impairment charges totaling $73.7 million were recorded in Q1 2020 for goodwill associated to the CSC, PGA and CCC reporting units and a partial goodwill impairment was recorded at the PECO reporting unit. An additional partial goodwill impairment of $12.6 million was recorded at the PECO reporting unit in Q2 2020.

2 Includes fair value adjustment of contingent consideration liabilities, which was a $2.2 million benefit in the nine months ended October 2, 2021.

ASTRONICS CORPORATION
SEGMENT DATA
(Unaudited, $ in thousands)
		Three Months Ended							Nine Months Ended
		10/2/2021			9/26/2020				10/2/2021			9/26/2020
Sales
Aerospace		$	95,775		$	82,548			$	266,425		$	326,282
Less inter-segment		(9		)	—				(23		)	(91		)
Total Aerospace		95,766			82,548				266,402			326,191
Test Systems		16,128			24,406				62,811			62,391
Less inter-segment		(53		)	(448		)		(357		)	(798		)
Total Test Systems		16,075			23,958				62,454			61,593
Total consolidated sales		111,841			106,506				328,856			387,784
Segment operating profit (loss) and margins
Aerospace		1,917			(6,332		)		(6,352		)	(86,567		)
		2.0		%	(7.7		)%		(2.4		)%	(26.5		)%
Test Systems		(2,201		)	936				(1,958		)	4,270
		(13.7		)%	3.9		%		(3.1		)%	6.9		%
Total segment operating profit (loss)		(284		)	(5,396		)		(8,310		)	(82,297		)
Interest expense		1,795			1,775				5,252			5,091
Corporate expenses and other		4,760			3,970				13,247			17,481
Loss before taxes		$	(6,839	)	$	(11,141	)		$	(26,809	)	$	(104,869	)

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, gains or losses associated with the sale of businesses and grant benefits recorded related to the AMJP program), 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, gains or losses associated with the sale of businesses and grant benefits recorded related to the AMJP program, 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								Nine Months Ended
		10/2/2021				9/26/2020				10/2/2021				9/26/2020
Net loss		$	(7,174	)		$	(5,254	)		$	(27,182	)		$	(95,796	)
Add back (deduct):
Interest expense		1,795				1,775				5,252				5,091
Income tax expense (benefit)		335				(5,887		)		373				(9,073		)
Depreciation and amortization expense		7,071				8,043				21,950				24,095
Equity-based compensation expense		1,446				1,118				5,147				3,924
Goodwill and other asset impairments		—				—				—				87,016
Contingent consideration liability fair value adjustment		—				—				(2,200		)		—
Restructuring-related charges including severance		492				150				492				5,558
Legal reserve, settlements and recoveries		—				—				—				1,450
Equity investment loss		—				—				—				3,600
AMJP grant benefit		(1,129		)		—				(1,129		)		—
Adjusted EBITDA		$	2,836			$	(55	)		$	2,703			$	25,865
Sales		$	111,841			$	106,506			$	328,856			$	387,784
Adjusted EBITDA margin		2.5		%		(0.1		)%		0.8		%		6.7		%

ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
		(unaudited)
		10/2/2021				12/31/2020
ASSETS
Cash and cash equivalents		$	29,091			$	40,412
Accounts receivable and uncompleted contracts		107,690				93,056
Inventories		157,163				157,059
Other current assets		34,135				26,420
Assets held for sale		3,760				—
Property, plant and equipment, net		97,435				106,678
Other long-term assets		24,560				27,952
Intangible assets, net		98,190				109,886
Goodwill		58,282				58,282
Total assets		$	610,306			$	619,745
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses		$	79,567			$	69,165
Customer advances and deferred revenue		22,249				24,571
Long-term debt		183,000				173,000
Other liabilities		73,830				82,638
Shareholders' equity		251,660				270,371
Total liabilities and shareholders' equity		$	610,306			$	619,745

ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
(Unaudited, $ in thousands)
		Nine Months Ended
(Unaudited, $ in thousands)		10/2/2021					9/26/2020
Cash flows from operating activities:
Net loss		$	(27,182	)			$	(95,796	)
Adjustments to reconcile net loss to cash from operating activities:
Depreciation and amortization		21,950					24,095
Provisions for non-cash losses on inventory and receivables		2,750					4,535
Equity-based compensation expense		5,147					3,924
Deferred tax (benefit) expense		(145		)			1,127
Non-cash severance expense		182					3,007
Operating lease non-cash expense		3,783					3,352
Equity investment other than temporary impairment		—					3,493
Impairment loss		—					87,016
Contingent consideration liability fair value adjustment		(2,200		)			—
Other		3,010					6,622
Cash flows from changes in operating assets and liabilities:
Accounts receivable		(15,027		)			53,604
Inventories		(3,255		)			(19,807		)
Accounts payable		(1,883		)			(9,589		)
Accrued expenses		1,733					(11,340		)
Other current assets and liabilities		(666		)			(224		)
Customer advanced payments and deferred revenue		(2,215		)			(6,474		)
Income taxes		217					(12,316		)
Operating lease liabilities		(4,395		)			(3,412		)
Supplemental retirement plan and other liabilities		(304		)			(304		)
Cash flows from operating activities		(18,500		)			31,513
Cash flows from investing activities:
Capital expenditures		(4,639		)			(5,575		)
Proceeds on sale of assets		30					1,600
Cash flows from investing activities		(4,609		)			(3,975		)
Cash flows from financing activities:
Proceeds from long-term debt		20,000					150,000
Principal payments on long-term debt		(10,000		)			(170,000		)
Purchase of outstanding shares for treasury		—					(7,732		)
Financing fees		—					(360		)
Stock option activity		3,187					33
Finance lease principal payments		(878		)			(1,425		)
Cash flows from financing activities		12,309					(29,484		)
Effect of exchange rates on cash		(521		)			(63		)
Decrease in cash and cash equivalents		(11,321		)			(2,009		)
Cash and cash equivalents at beginning of period		40,412					31,906
Cash and cash equivalents at end of period		$	29,091				$	29,897

ASTRONICS CORPORATION
SALES BY MARKET
(Unaudited, $ in thousands)
		Three Months Ended									Nine Months Ended
		10/2/2021			9/26/2020			% Change			10/2/2021			9/26/2020			% Change		% of Sales
Aerospace Segment
Commercial Transport		$	57,549		$	44,067		30.6	%		$	143,550		$	214,390		(33.0	)%	43.6	%
Military		17,064			18,164			(6.1	)%		54,847			50,329			9.0	%	16.7	%
Business Jet		12,109			14,711			(17.7	)%		41,131			45,259			(9.1	)%	12.5	%
Other		9,044			5,606			61.3	%		26,874			16,213			65.8	%	8.2	%
Aerospace Total		95,766			82,548			16.0	%		266,402			326,191			(18.3	)%	81.0	%
Test Systems Segment excluding Semiconductor		16,075			23,373			(31.2	)%		62,454			58,186			7.3	%	19.0	%
Total sales excluding Semiconductor		111,841			105,921			5.6	%		328,856			384,377			(14.4	)%	100.0	%
Test-Semiconductor		—			585			(100.0	)%		—			3,407			(100.0	)%	—	%
Total Sales		$	111,841		$	106,506		5.0	%		$	328,856		$	387,784		(15.2	)%

SALES BY PRODUCT LINE
(Unaudited, $ in thousands)
		Three Months Ended									Nine Months Ended
		10/2/2021			9/26/2020			% Change			10/2/2021			9/26/2020			% Change		% of Sales
Aerospace Segment
Electrical Power & Motion		$	38,650		$	32,481		19.0	%		$	102,742		$	148,500		(30.8	)%	31.2	%
Lighting & Safety		25,461			25,320			0.6	%		76,929			90,973			(15.4	)%	23.4	%
Avionics		14,491			16,104			(10.0	)%		47,355			57,381			(17.5	)%	14.4	%
Systems Certification		6,099			605			908.1	%		7,937			5,596			41.8	%	2.4	%
Structures		2,021			2,432			(16.9	)%		4,565			7,528			(39.4	)%	1.4	%
Other		9,044			5,606			61.3	%		26,874			16,213			65.8	%	8.2	%
Aerospace Total		95,766			82,548			16.0	%		266,402			326,191			(18.3	)%	81.0	%
Test Systems Segment excluding Semiconductor		16,075			23,373			(31.2	)%		62,454			58,186			7.3	%	19.0	%
Total sales excluding Semiconductor		111,841			105,921			5.6	%		328,856			384,377			(14.4	)%	100.0	%
Test-Semiconductor		—			585			(100.0	)%		—			3,407			(100.0	)%	—	%
Total Sales		$	111,841		$	106,506		5.0	%		$	328,856		$	387,784		(15.2	)%

ASTRONICS CORPORATION ORDER AND BACKLOG TREND (Unaudited, $ in thousands)
		Q4 2020			Q1 2021			Q2 2021			Q3 2021			Trailing Twelve Months
		12/31/2020			4/3/2021			7/3/2021			10/2/2021			10/2/2021
Sales
Aerospace		$	91,797		$	81,416		$	89,220		$	95,766		$	358,199
Test Systems		23,006			24,441			21,938			16,075			85,460
Total Sales		$	114,803		$	105,857		$	111,158		$	111,841		$	443,659
Bookings
Aerospace		$	74,106		$	100,488		$	118,155		$	142,484		$	435,233
Test Systems		41,877			19,497			8,166			11,052			80,592
Total Bookings		$	115,983		$	119,985		$	126,321		$	153,536		$	515,825
Backlog
Aerospace		$	191,081		$	210,153		$	239,088		$	285,806
Test Systems		92,337			87,393			73,621			68,598
Total Backlog		$	283,418		$	297,546		$	312,709		$	354,404		N/A
Book:Bill Ratio
Aerospace		0.81			1.23			1.32			1.49			1.22
Test Systems		1.82			0.80			0.37			0.69			0.94
Total Book:Bill		1.01			1.13			1.14			1.37			1.16

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20211108005376/en/

Company:

David C. Burney, Chief Financial Officer

Phone: (716) 805-1599, ext. 159

Email: david.burney@astronics.com

Investor Relations:

Deborah K. Pawlowski, Kei Advisors LLC

Phone: (716) 843-3908

Email: dpawlowski@keiadvisors.com

Source: Astronics Corporation

FAQ

What are Astronics' Q3 2021 sales figures?

Astronics reported sales of $111.8 million for Q3 2021, a 5% increase from the previous year.

How did Astronics perform in terms of bookings in Q3 2021?

Astronics' bookings increased by 88% YoY, totaling $153.5 million with a book-to-bill ratio of 1.37.

What was the net loss reported by Astronics in Q3 2021?

Astronics reported a net loss of $7.2 million in Q3 2021.

How has the supply chain affected Astronics' operations?

Supply chain challenges hampered sales by approximately $8-$10 million, affecting delivery and costs.

What is the outlook for Astronics in Q4 2021?

Astronics anticipates stronger demand and expects Q4 revenues between $115 million to $118 million.