Astronics Corporation Reports 2023 Second Quarter Financial Results
- None.
- None.
-
Sales for the quarter were
, up$174.5 million 35% over prior year, and11% sequentially -
Bookings totaled
$207.1 million -
Record backlog of
$611.1 million -
Aerospace segment sales increased
45% to ; bookings were$158.4 million $188.8 million -
Income from operations was
in the quarter; net loss was$2.4 million after$12.0 million tax expense$8.1 million -
Adjusted EBITDA1 grew to
, or$15.8 million 9.1% of sales
ATRO Segment Sales and Bookings Chart (Graphic: Business Wire)
Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our second quarter results show the momentum in our business as the commercial aerospace industry advances its recovery. Demand for our products is high and our supply chain continues to improve. Revenue of
_____________________________ |
1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss. |
Second Quarter Results
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
($ in thousands) |
July 1, 2023 |
|
July 2, 2022 |
% Change |
|
July 1, 2023 |
|
July 2, 2022 |
% Change |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales |
$ |
174,454 |
|
|
$ |
129,127 |
|
35.1 |
% |
|
$ |
330,992 |
|
|
$ |
245,303 |
|
34.9 |
% |
Income (Loss) from Operations |
$ |
2,396 |
|
|
$ |
(8,396 |
) |
128.5 |
% |
|
$ |
26 |
|
|
$ |
(12,563 |
) |
100.2 |
% |
Operating Margin % |
|
1.4 |
% |
|
|
(6.5 |
)% |
|
|
|
— |
% |
|
|
(5.1 |
)% |
|
||
Net Gain on Sale of Business |
$ |
— |
|
|
$ |
— |
|
|
|
$ |
(3,427 |
) |
|
$ |
(11,284 |
) |
|
||
Net Loss |
$ |
(11,999 |
) |
|
$ |
(11,010 |
) |
(9.0 |
)% |
|
$ |
(16,414 |
) |
|
$ |
(14,111 |
) |
(16.3 |
)% |
Net Loss % |
|
(6.9 |
)% |
|
|
(8.5 |
)% |
|
|
|
(5.0 |
)% |
|
|
(5.8 |
)% |
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
*Adjusted EBITDA |
$ |
15,844 |
|
|
$ |
2,081 |
|
661.4 |
% |
|
$ |
21,922 |
|
|
$ |
3,030 |
|
623.5 |
% |
*Adjusted EBITDA Margin % |
|
9.1 |
% |
|
|
1.6 |
% |
|
|
|
6.6 |
% |
|
|
1.2 |
% |
|
||
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss. |
Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were up
Consolidated operating income was
Interest expense was
Income tax expense was
Consolidated net loss was
Consolidated adjusted EBITDA was
Bookings were
Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)
Aerospace Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales increased
General Aviation sales increased
Aerospace segment operating profit improved to
Aerospace bookings were
Mr. Gundermann commented, “The recovery in our Aerospace segment over the last four quarters has been dramatic, with revenue increasing from
Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)
Test Systems Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were
Test Systems segment operating loss was
Shortly after the first quarter ended, the Test Systems segment implemented restructuring initiatives to align the workforce and management structure with near-term revenue expectations and operational needs. These initiatives are expected to provide savings of
Bookings for the Test Systems segment in the quarter were
In April 2023, Astronics announced that the Test business had been awarded a contract award to produce portable radio test equipment for the
Mr. Gundermann commented, “Our Test business had a difficult quarter, with lower-than-expected revenue and high legal costs. We expect significant improvement in the coming quarters as our radio test programs advance, setting up 2024 as a much better year.”
Liquidity and Financing
Cash on hand at the end of the quarter was
Cash used for operations was
David Burney, the Company’s CFO, said, “Our liquidity during the second quarter was tighter than expected as inventory levels continued to increase. We are challenged by elevated inventory levels as we forecast strong sales growth but struggle with the inefficiencies in the supply chain. We expect inventory levels to begin to decline and liquidity to improve as we move through the second half of the year.”
2023 Outlook
Revenue guidance for 2023 is unchanged at
Peter Gundermann commented, “We are pleased with the progress we made in the first half of 2023 and are confident about the second half as well. Demand remains strong, and our supply chain, though imperfect, continues to improve. We feel we have line of sight to the high end of our range based on existing backlog and the established momentum of our revenue ramp. Sales in the first half of the year were
Second Quarter 2023 Webcast and Conference Call
The Company will host a teleconference today at 4:45 p.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 (412) 317-5180. The listen-only audio webcast can be monitored at investors.astronics.com. To listen to the archived call, dial (412) 317-6671 and enter replay pin number 10180028. The telephonic replay will be available from 8:00 p.m. on the day of the call through Thursday, August 17, 2023. 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 achieving any revenue or profitability expectations, the rate of recovery of the commercial aerospace widebody/long haul markets, the improvement in the supply chain and reduction of spot buys, the timing of pricing and impact of inflation on margins, the effectiveness on profitability of cost reduction efforts, the timing of receipt of task orders or future orders, and the 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 continued global impact of COVID-19 and related 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, the effectiveness of the Company’s supply chain, 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 |
||||||||||||
|
7/1/2023 |
|
7/2/2022 |
|
7/1/2023 |
|
7/2/2022 |
||||||||
Sales1 |
$ |
174,454 |
|
|
$ |
129,127 |
|
|
$ |
330,992 |
|
|
$ |
245,303 |
|
Cost of products sold2 |
|
141,759 |
|
|
|
113,418 |
|
|
|
270,787 |
|
|
|
209,661 |
|
Gross profit |
|
32,695 |
|
|
|
15,709 |
|
|
|
60,205 |
|
|
|
35,642 |
|
Gross margin |
|
18.7 |
% |
|
|
12.2 |
% |
|
|
18.2 |
% |
|
|
14.5 |
% |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative |
|
30,299 |
|
|
|
24,105 |
|
|
|
60,179 |
|
|
|
48,205 |
|
SG&A % of sales |
|
17.4 |
% |
|
|
18.7 |
% |
|
|
18.2 |
% |
|
|
19.7 |
% |
Income (loss) from operations |
|
2,396 |
|
|
|
(8,396 |
) |
|
|
26 |
|
|
|
(12,563 |
) |
Operating margin |
|
1.4 |
% |
|
|
(6.5 |
)% |
|
|
— |
% |
|
|
(5.1 |
)% |
|
|
|
|
|
|
|
|
||||||||
Net gain on sale of business3 |
|
— |
|
|
|
— |
|
|
|
(3,427 |
) |
|
|
(11,284 |
) |
Other expense (income)4 |
|
378 |
|
|
|
291 |
|
|
|
(910 |
) |
|
|
753 |
|
Interest expense, net |
|
5,920 |
|
|
|
1,662 |
|
|
|
11,390 |
|
|
|
3,293 |
|
Loss before tax |
|
(3,902 |
) |
|
|
(10,349 |
) |
|
|
(7,027 |
) |
|
|
(5,325 |
) |
Income tax expense |
|
8,097 |
|
|
|
661 |
|
|
|
9,387 |
|
|
|
8,786 |
|
Net loss |
$ |
(11,999 |
) |
|
$ |
(11,010 |
) |
|
$ |
(16,414 |
) |
|
$ |
(14,111 |
) |
Net loss % of sales |
|
(6.9 |
)% |
|
|
(8.5 |
)% |
|
|
(5.0 |
)% |
|
|
(5.8 |
)% |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
*Basic loss per share: |
$ |
(0.37 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.44 |
) |
*Diluted loss per share: |
$ |
(0.37 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.44 |
) |
|
|
|
|
|
|
|
|
||||||||
*Weighted average diluted shares outstanding (in thousands) |
|
32,614 |
|
|
|
32,082 |
|
|
|
32,560 |
|
|
|
32,007 |
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
$ |
2,233 |
|
|
$ |
1,333 |
|
|
$ |
3,806 |
|
|
$ |
2,493 |
|
Depreciation and amortization |
$ |
6,711 |
|
|
$ |
7,000 |
|
|
$ |
13,373 |
|
|
$ |
14,088 |
|
_______________________________ |
1In the six months ended July 1, 2023, |
2In the six months ended July 2, 2022, |
3 Net gain on sale of business for the six months ended July 1, 2023 and July 2, 2022 is comprised of the additional gain on the sale of the Company’s former semiconductor test business resulting from the contingent earnout for the 2022 and 2021 calendar year, respectively. |
4 Other expense (income) for the six months ended July 1, 2023 includes income of |
ASTRONICS CORPORATION |
|||||||||||||
SEGMENT DATA |
|||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||
|
7/1/2023 |
7/2/2022 |
|
7/1/2023 |
7/2/2022 |
||||||||
Sales |
|
|
|
|
|
||||||||
Aerospace |
$ |
158,386 |
|
$ |
109,300 |
|
|
$ |
294,101 |
|
$ |
210,694 |
|
Less inter-segment |
|
(4 |
) |
|
(10 |
) |
|
|
(122 |
) |
|
(10 |
) |
Total Aerospace |
|
158,382 |
|
|
109,290 |
|
|
|
293,979 |
|
|
210,684 |
|
|
|
|
|
|
|
||||||||
Test Systems1 |
|
16,072 |
|
|
19,840 |
|
|
|
37,013 |
|
|
34,638 |
|
Less inter-segment |
|
— |
|
|
(3 |
) |
|
|
— |
|
|
(19 |
) |
Total Test Systems |
|
16,072 |
|
|
19,837 |
|
|
|
37,013 |
|
|
34,619 |
|
|
|
|
|
|
|
||||||||
Total consolidated sales |
|
174,454 |
|
|
129,127 |
|
|
|
330,992 |
|
|
245,303 |
|
|
|
|
|
|
|
||||||||
Segment operating profit (loss) and margins |
|
|
|
|
|
||||||||
Aerospace2 |
|
13,719 |
|
|
(3,276 |
) |
|
|
17,806 |
|
|
(226 |
) |
|
|
8.7 |
% |
|
(3.0 |
)% |
|
|
6.1 |
% |
|
(0.1 |
)% |
Test Systems1 |
|
(6,143 |
) |
|
(26 |
) |
|
|
(6,740 |
) |
|
(1,813 |
) |
|
|
(38.2 |
)% |
|
(0.1 |
)% |
|
|
(18.2 |
)% |
|
(5.2 |
)% |
Total segment operating profit (loss) |
|
7,576 |
|
|
(3,302 |
) |
|
|
11,066 |
|
|
(2,039 |
) |
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
||||||||
Net gain on sale of business |
|
— |
|
|
— |
|
|
|
(3,427 |
) |
|
(11,284 |
) |
Interest expense |
|
5,920 |
|
|
1,662 |
|
|
|
11,390 |
|
|
3,293 |
|
Corporate expenses and other3 |
|
5,558 |
|
|
5,385 |
|
|
|
10,130 |
|
|
11,277 |
|
Loss before taxes |
$ |
(3,902 |
) |
$ |
(10,349 |
) |
|
$ |
(7,027 |
) |
$ |
(5,325 |
) |
________________________________ |
1 In the six months ended July 1, 2023, |
2 In the six months ended July 2, 2022, |
3 Corporate expenses and other for the six months ended July 1, 2023 includes income of |
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a
ASTRONICS CORPORATION |
|||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA |
|||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Consolidated |
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
7/1/2023 |
|
7/2/2022 |
|
7/1/2023 |
|
7/2/2022 |
||||||||
Net loss |
$ |
(11,999 |
) |
|
$ |
(11,010 |
) |
|
$ |
(16,414 |
) |
|
$ |
(14,111 |
) |
Add back (deduct): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
5,920 |
|
|
|
1,662 |
|
|
|
11,390 |
|
|
|
3,293 |
|
Income tax expense |
|
8,097 |
|
|
|
661 |
|
|
|
9,387 |
|
|
|
8,786 |
|
Depreciation and amortization expense |
|
6,711 |
|
|
|
7,000 |
|
|
|
13,373 |
|
|
|
14,088 |
|
Equity-based compensation expense |
|
1,593 |
|
|
|
1,620 |
|
|
|
3,992 |
|
|
|
3,721 |
|
Restructuring-related charges including severance |
|
564 |
|
|
|
90 |
|
|
|
564 |
|
|
|
174 |
|
Legal reserve, settlements and recoveries |
|
(1,305 |
) |
|
|
— |
|
|
|
(1,305 |
) |
|
|
— |
|
Non-cash accrued 401K contribution |
|
1,328 |
|
|
|
1,186 |
|
|
|
2,536 |
|
|
|
2,197 |
|
Litigation-related legal expenses |
|
4,935 |
|
|
|
872 |
|
|
|
9,450 |
|
|
|
2,174 |
|
Equity investment accrued payable write-off |
|
— |
|
|
|
— |
|
|
|
(1,800 |
) |
|
|
— |
|
AMJP grant benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,008 |
) |
Net gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(3,427 |
) |
|
|
(11,284 |
) |
Deferred liability recovery |
|
— |
|
|
|
— |
|
|
|
(5,824 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
15,844 |
|
|
$ |
2,081 |
|
|
$ |
21,922 |
|
|
$ |
3,030 |
|
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
174,454 |
|
|
$ |
129,127 |
|
|
$ |
330,992 |
|
|
$ |
245,303 |
|
Adjusted EBITDA margin on sales |
|
9.1 |
% |
|
|
1.6 |
% |
|
|
6.6 |
% |
|
1.2 |
% |
ASTRONICS CORPORATION |
|||||
CONSOLIDATED BALANCE SHEET DATA |
|||||
($ in thousands) |
|||||
|
(unaudited) |
|
|
||
|
7/1/2023 |
|
12/31/2022 |
||
ASSETS |
|
|
|
||
Cash and cash equivalents |
$ |
3,472 |
|
$ |
13,778 |
Restricted cash |
|
822 |
|
|
— |
Accounts receivable and uncompleted contracts |
|
170,806 |
|
|
147,790 |
Inventories |
|
207,446 |
|
|
187,983 |
Other current assets |
|
15,650 |
|
|
15,743 |
Property, plant and equipment, net |
|
87,800 |
|
|
90,658 |
Other long-term assets |
|
37,274 |
|
|
21,633 |
Intangible assets, net |
|
72,108 |
|
|
79,277 |
Goodwill |
|
58,210 |
|
|
58,169 |
Total assets |
$ |
653,588 |
|
$ |
615,031 |
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
||
Current maturities of long-term debt |
$ |
8,960 |
|
$ |
4,500 |
Accounts payable and accrued expenses |
|
137,920 |
|
|
114,545 |
Customer advances and deferred revenue |
|
27,288 |
|
|
32,567 |
Long-term debt |
|
168,733 |
|
|
159,500 |
Other liabilities |
|
80,286 |
|
|
63,999 |
Shareholders' equity |
|
230,401 |
|
|
239,920 |
Total liabilities and shareholders' equity |
$ |
653,588 |
|
$ |
615,031 |
ASTRONICS CORPORATION |
|||||||
CONSOLIDATED CASH FLOWS DATA |
|||||||
|
|
|
|
||||
|
Six Months Ended |
||||||
(Unaudited, $ in thousands) |
7/1/2023 |
|
7/2/2022 |
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(16,414 |
) |
|
$ |
(14,111 |
) |
Adjustments to reconcile net loss to cash from operating activities: |
|
|
|
||||
Non-cash items: |
|
|
|
||||
Depreciation and amortization |
|
13,373 |
|
|
|
14,088 |
|
Amortization of deferred financing fees |
|
1,363 |
|
|
|
— |
|
Provisions for non-cash losses on inventory and receivables |
|
1,705 |
|
|
|
677 |
|
Equity-based compensation expense |
|
3,992 |
|
|
|
3,721 |
|
Net gain on sale of business |
|
(3,427 |
) |
|
|
(11,284 |
) |
Operating lease non-cash expense |
|
2,563 |
|
|
|
2,928 |
|
Non-cash 401K contribution accrual |
|
2,536 |
|
|
|
2,197 |
|
Non-cash deferred liability reversal |
|
(5,824 |
) |
|
|
— |
|
Other |
|
(1,275 |
) |
|
|
1,320 |
|
Cash flows from changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(22,619 |
) |
|
|
(11,449 |
) |
Inventories |
|
(22,638 |
) |
|
|
(19,293 |
) |
Prepaid expenses and other current assets |
|
472 |
|
|
|
(3,030 |
) |
Accounts payable |
|
14,081 |
|
|
|
11,660 |
|
Accrued expenses |
|
5,460 |
|
|
|
(458 |
) |
Income taxes payable/receivable |
|
7,422 |
|
|
|
16,909 |
|
Operating lease liabilities |
|
(2,674 |
) |
|
|
(3,601 |
) |
Customer advance payments and deferred revenue |
|
959 |
|
|
|
(389 |
) |
Supplemental retirement plan and other liabilities |
|
(206 |
) |
|
|
(215 |
) |
Net cash from operating activities |
|
(21,151 |
) |
|
|
(10,330 |
) |
Cash flows from investing activities: |
|
|
|
||||
Proceeds on sale of business and assets |
|
3,427 |
|
|
|
21,977 |
|
Capital expenditures |
|
(3,806 |
) |
|
|
(2,493 |
) |
Net cash from investing activities |
|
(379 |
) |
|
|
19,484 |
|
Cash flows from financing activities: |
|
|
|
||||
Proceeds from long-term debt |
|
131,732 |
|
|
|
52,625 |
|
Principal payments on long-term debt |
|
(112,774 |
) |
|
|
(79,625 |
) |
Stock award and employee stock purchase plan activity |
|
(601 |
) |
|
|
104 |
|
Finance lease principal payments |
|
(24 |
) |
|
|
(55 |
) |
Financing-related costs |
|
(6,388 |
) |
|
|
(771 |
) |
Net cash from financing activities |
|
11,945 |
|
|
|
(27,722 |
) |
Effect of exchange rates on cash |
|
101 |
|
|
|
(505 |
) |
Decrease in cash and cash equivalents and restricted cash |
|
(9,484 |
) |
|
|
(19,073 |
) |
Cash and cash equivalents and restricted cash at beginning of period |
|
13,778 |
|
|
|
29,757 |
|
Cash and cash equivalents and restricted cash at end of period |
$ |
4,294 |
|
|
$ |
10,684 |
ASTRONICS CORPORATION |
|||||||||||||||
SALES BY MARKET |
|||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
2023 YTD |
|||||||||||
|
7/1/2023 |
7/2/2022 |
% Change |
|
7/1/2023 |
7/2/2022 |
% Change |
% of Sales |
|||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||
Commercial Transport |
$ |
112,079 |
$ |
69,243 |
61.9 |
% |
|
$ |
206,292 |
$ |
133,332 |
54.7 |
% |
62.3 |
% |
Military Aircraft |
|
13,584 |
|
13,897 |
(2.3 |
)% |
|
|
27,648 |
|
28,873 |
(4.2 |
)% |
8.4 |
% |
General Aviation |
|
25,015 |
|
18,130 |
38.0 |
% |
|
|
44,463 |
|
33,997 |
30.8 |
% |
13.4 |
% |
Other |
|
7,704 |
|
8,020 |
(3.9 |
)% |
|
|
15,576 |
|
14,482 |
7.6 |
% |
4.7 |
% |
Aerospace Total |
|
158,382 |
|
109,290 |
44.9 |
% |
|
|
293,979 |
|
210,684 |
39.5 |
% |
88.8 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Test Systems Segment1 |
|
|
|
|
|
|
|
|
|||||||
Government & Defense |
|
16,072 |
|
19,837 |
(19.0 |
)% |
|
|
37,013 |
|
34,619 |
6.9 |
% |
11.2 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Total Sales |
$ |
174,454 |
$ |
129,127 |
35.1 |
% |
|
$ |
330,992 |
$ |
245,303 |
34.9 |
% |
|
SALES BY PRODUCT LINE |
|||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||
|
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Six Months Ended |
2023 YTD |
|||||||||||
|
7/1/2023 |
7/2/2022 |
% Change |
|
7/1/2023 |
7/2/2022 |
% Change |
% of Sales |
|||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||
Electrical Power & Motion |
$ |
67,946 |
$ |
42,135 |
61.3 |
% |
|
$ |
121,400 |
$ |
86,602 |
40.2 |
% |
36.7 |
% |
Lighting & Safety |
|
41,918 |
|
31,388 |
33.5 |
% |
|
|
78,471 |
|
60,599 |
29.5 |
% |
23.7 |
% |
Avionics |
|
30,923 |
|
24,406 |
26.7 |
% |
|
|
60,664 |
|
43,281 |
40.2 |
% |
18.3 |
% |
Systems Certification |
|
7,620 |
|
1,669 |
356.6 |
% |
|
|
13,297 |
|
2,671 |
397.8 |
% |
4.0 |
% |
Structures |
|
2,271 |
|
1,672 |
35.8 |
% |
|
|
4,571 |
|
3,049 |
49.9 |
% |
1.4 |
% |
Other |
|
7,704 |
|
8,020 |
(3.9 |
)% |
|
|
15,576 |
|
14,482 |
7.6 |
% |
4.7 |
% |
Aerospace Total |
|
158,382 |
|
109,290 |
44.9 |
% |
|
|
293,979 |
|
210,684 |
39.5 |
% |
88.8 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Test Systems Segment1 |
|
16,072 |
|
19,837 |
(19.0 |
)% |
|
|
37,013 |
|
34,619 |
6.9 |
% |
11.2 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Total Sales |
$ |
174,454 |
$ |
129,127 |
35.1 |
% |
|
$ |
330,992 |
$ |
245,303 |
34.9 |
% |
|
________________________________ |
1 Test Systems sales in the six months ended July 1, 2023 included a |
ASTRONICS CORPORATION |
||||||||||
ORDER AND BACKLOG TREND |
||||||||||
(Unaudited, $ in thousands) |
||||||||||
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Trailing Twelve Months |
|||||
|
10/1/2022 |
12/31/2022 |
4/1/2023 |
7/1/2023 |
7/1/2023 |
|||||
Sales |
|
|
|
|
|
|||||
Aerospace |
$ |
112,177 |
$ |
138,335 |
$ |
135,597 |
$ |
158,382 |
$ |
544,491 |
Test Systems1 |
|
19,261 |
|
19,818 |
|
20,941 |
|
16,072 |
|
76,092 |
Total Sales1 |
$ |
131,438 |
$ |
158,153 |
$ |
156,538 |
$ |
174,454 |
$ |
620,583 |
|
|
|
|
|
|
|||||
Bookings |
|
|
|
|
|
|||||
Aerospace |
$ |
165,719 |
$ |
151,688 |
$ |
150,096 |
$ |
188,800 |
$ |
656,303 |
Test Systems |
|
18,433 |
|
30,707 |
|
7,740 |
|
18,252 |
|
75,132 |
Total Bookings |
$ |
184,152 |
$ |
182,395 |
$ |
157,836 |
$ |
207,052 |
$ |
731,435 |
|
|
|
|
|
|
|||||
Backlog |
|
|
|
|
|
|||||
Aerospace |
$ |
464,307 |
$ |
477,660 |
$ |
492,159 |
$ |
522,577 |
|
|
Test Systems |
|
82,807 |
|
93,696 |
|
86,319 |
|
88,499 |
|
|
Total Backlog |
$ |
547,114 |
$ |
571,356 |
$ |
578,478 |
$ |
611,076 |
|
N/A |
|
|
|
|
|
|
|||||
Book:Bill Ratio |
|
|
|
|
|
|||||
Aerospace |
|
1.48 |
|
1.10 |
|
1.11 |
|
1.19 |
|
1.21 |
Test Systems1 |
|
0.96 |
|
1.55 |
|
0.51 |
|
1.14 |
|
1.07 |
Total Book:Bill1 |
|
1.40 |
|
1.15 |
|
1.05 |
|
1.19 |
|
1.19 |
________________________________ |
1 In the first quarter of 2023, Test Systems and Total sales includes the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803576443/en/
For more information, contact:
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
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