Astronics Corporation Reports Second Quarter 2022 Financial Results
Astronics Corporation (Nasdaq: ATRO) reported strong financial results for Q2 2022 with sales reaching $129.1 million, a 16% increase from the prior year. Despite this, the company faced an operating loss of $8.4 million, primarily due to inflation and supply chain challenges, along with not benefiting from previous grants. Bookings totaled $148.4 million, resulting in a book-to-bill ratio of 1.15 and a record backlog of $494.4 million. The company revised its 2022 revenue outlook to $550 million to $580 million.
- Sales increased 16% YoY to $129.1 million.
- Bookings rose 17% YoY to $148.4 million.
- Record backlog of $494.4 million, indicating strong future demand.
- Adjusted EBITDA improved to $1.2 million.
- Operating loss of $8.4 million, higher than last year's loss of $5.9 million.
- Margins under pressure due to inflation and supply chain issues.
- Revised revenue outlook lowered from previous guidance.
-
Sales for the quarter were
$129.1 million 16% over prior-year period -
Operating loss was
$8.4 million -
Bookings totaled
$148.4 million 17% over prior-year period; Achieved book-to-bill ratio of 1.15 -
Backlog increased
19% from year end 2021 to a record$494.4 million $410.8 million
He added, “Margins were under pressure in the second quarter, in part because we did not receive any AMJP nor earnout benefits like we have in recent quarters, but also because of inflation and supply chain challenges that are common these days. We are passing these costs on as we can, but our ability to respond in the short term is limited. Encouragingly, we have some evidence that our supply chain is beginning to loosen up, although risks remain.”
Second Quarter Results |
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|
Three Months Ended |
|
Six Months Ended |
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($ in thousands) |
|
|
|
% Change |
|
|
|
|
% Change |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Sales |
$ |
129,127 |
|
|
$ |
111,158 |
|
16.2 |
% |
|
$ |
245,303 |
|
|
$ |
217,015 |
|
13.0 |
% |
|||
Loss from Operations |
$ |
(8,396 |
) |
|
$ |
(5,920 |
) |
(41.8 |
)% |
|
$ |
(12,563 |
) |
|
$ |
(15,432 |
) |
18.6 |
% |
|||
Operating Margin % |
|
(6.5 |
)% |
|
|
(5.3 |
)% |
|
|
|
(5.1 |
)% |
|
|
(7.1 |
)% |
|
|||||
|
$ |
— |
|
|
$ |
— |
|
|
|
$ |
(11,284 |
) |
|
$ |
— |
|
|
|||||
Net Loss |
$ |
(11,010 |
) |
|
$ |
(8,099 |
) |
(35.9 |
)% |
|
$ |
(14,111 |
) |
|
$ |
(20,008 |
) |
29.5 |
% |
|||
Net Loss % |
|
(8.5 |
)% |
|
|
(7.3 |
)% |
|
|
|
(5.8 |
)% |
|
|
(9.2 |
)% |
|
|||||
*Adjusted EBITDA |
$ |
1,209 |
|
|
$ |
363 |
|
233.1 |
% |
|
$ |
856 |
|
|
$ |
(133 |
) |
743.6 |
% |
|||
*Adjusted EBITDA Margin % |
|
0.9 |
% |
|
|
0.3 |
% |
|
|
|
0.3 |
% |
|
|
(0.1 |
)% |
|
|||||
*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 2022 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were up
Consolidated operating loss was
Tax expense in the quarter was
Consolidated net loss was
Consolidated adjusted EBITDA improved to
Bookings were
Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)
Aerospace Second Quarter 2022 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales increased
Military Aircraft sales decreased
Aerospace segment operating loss was
Aerospace bookings in the second quarter of 2022 were
Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)
Test Systems Second Quarter 2022 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were
Test Systems was nearly break-even compared with operating loss of
Bookings for the Test Systems segment in the quarter were
Liquidity and Financing
Cash on hand at the end of the quarter was
On
2022 Outlook
Planned capital expenditures for 2022 are expected to be approximately
Second Quarter 2022 Webcast and Conference Call
The Company will host a teleconference today at
The
About
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 and executing a revised credit agreement, expected revenue from recently announced programs, the recovery of the commercial aerospace and test systems markets, expected program awards for the Test segment, 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 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, and other factors which are described in filings by
FINANCIAL TABLES FOLLOW
|
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CONSOLIDATED STATEMENT OF OPERATIONS DATA |
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(Unaudited, $ in thousands except per share data) |
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|
|
|
|||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Sales |
$ |
129,127 |
|
|
$ |
111,158 |
|
|
$ |
245,303 |
|
|
$ |
217,015 |
|
|
Cost of products sold |
|
113,418 |
|
|
|
95,763 |
|
|
|
209,661 |
|
|
|
187,347 |
|
|
Gross profit |
|
15,709 |
|
|
|
15,395 |
|
|
|
35,642 |
|
|
|
29,668 |
|
|
Gross margin |
|
12.2 |
% |
|
|
13.8 |
% |
|
|
14.5 |
% |
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative 1 |
|
24,105 |
|
|
|
21,315 |
|
|
|
48,205 |
|
|
|
45,100 |
|
|
SG&A % of sales |
|
18.7 |
% |
|
|
19.2 |
% |
|
|
19.7 |
% |
|
|
20.8 |
% |
|
Loss from operations |
|
(8,396 |
) |
|
|
(5,920 |
) |
|
|
(12,563 |
) |
|
|
(15,432 |
) |
|
Operating margin |
|
(6.5 |
)% |
|
|
(5.3 |
)% |
|
|
(5.1 |
)% |
|
|
(7.1 |
)% |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(11,284 |
) |
|
|
— |
|
|
Other expense, net of other income |
|
291 |
|
|
|
547 |
|
|
|
753 |
|
|
|
1,081 |
|
|
Interest expense, net |
|
1,662 |
|
|
|
1,699 |
|
|
|
3,293 |
|
|
|
3,457 |
|
|
Loss before tax |
|
(10,349 |
) |
|
|
(8,166 |
) |
|
|
(5,325 |
) |
|
|
(19,970 |
) |
|
Income tax expense (benefit) |
|
661 |
|
|
|
(67 |
) |
|
|
8,786 |
|
|
|
38 |
|
|
Net loss |
$ |
(11,010 |
) |
|
$ |
(8,099 |
) |
|
$ |
(14,111 |
) |
|
$ |
(20,008 |
) |
|
Net loss % of sales |
|
(8.5 |
)% |
|
|
(7.3 |
)% |
|
|
(5.8 |
)% |
|
|
(9.2 |
)% |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
*Basic loss per share: |
$ |
(0.34 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.65 |
) |
|
*Diluted loss per share: |
$ |
(0.34 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.65 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
*Weighted average diluted shares outstanding (in thousands) |
|
32,082 |
|
|
|
30,926 |
|
|
|
32,007 |
|
|
|
30,914 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
$ |
1,333 |
|
|
$ |
1,661 |
|
|
$ |
2,493 |
|
|
$ |
3,566 |
|
|
Depreciation and amortization |
$ |
7,000 |
|
|
$ |
7,426 |
|
|
$ |
14,088 |
|
|
$ |
14,879 |
|
|
1 Includes fair value adjustment of contingent consideration liabilities, which was a |
|
||||||||||||||||
SEGMENT DATA |
||||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||||
|
|
|
||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|
|||||||||||
Sales |
|
|
|
|
|
|||||||||||
Aerospace |
$ |
109,300 |
|
$ |
89,220 |
|
|
$ |
210,694 |
|
$ |
170,650 |
|
|||
Less inter-segment |
|
(10 |
) |
|
— |
|
|
|
(10 |
) |
|
(14 |
) |
|||
|
|
109,290 |
|
|
89,220 |
|
|
|
210,684 |
|
|
170,636 |
|
|||
|
|
|
|
|
|
|||||||||||
Test Systems |
|
19,840 |
|
|
21,938 |
|
|
|
34,638 |
|
|
46,683 |
|
|||
Less inter-segment |
|
(3 |
) |
|
— |
|
|
|
(19 |
) |
|
(304 |
) |
|||
Total Test Systems |
|
19,837 |
|
|
21,938 |
|
|
|
34,619 |
|
|
46,379 |
|
|||
Total consolidated sales |
|
129,127 |
|
|
111,158 |
|
|
|
245,303 |
|
|
217,015 |
|
|||
|
|
|
|
|
|
|||||||||||
Segment operating (loss) profit and margins |
|
|
|
|
|
|||||||||||
Aerospace |
|
(3,276 |
) |
|
(2,706 |
) |
|
|
(226 |
) |
|
(8,269 |
) |
|||
|
|
(3.0 |
)% |
|
(3.0 |
)% |
|
|
(0.1 |
)% |
|
(4.8 |
)% |
|||
Test Systems |
|
(26 |
) |
|
(946 |
) |
|
|
(1,813 |
) |
|
243 |
|
|||
|
|
(0.1 |
)% |
|
(4.3 |
)% |
|
|
(5.2 |
)% |
|
0.5 |
% |
|||
Total segment operating loss |
|
(3,302 |
) |
|
(3,652 |
) |
|
|
(2,039 |
) |
|
(8,026 |
) |
|||
|
|
|
|
|
|
|||||||||||
Net gain on sale of business |
|
— |
|
|
— |
|
|
|
(11,284 |
) |
|
— |
|
|||
Interest expense |
|
1,662 |
|
|
1,699 |
|
|
|
3,293 |
|
|
3,457 |
|
|||
Corporate expenses and other 1 |
|
5,385 |
|
|
2,815 |
|
|
|
11,277 |
|
|
8,487 |
|
|||
Loss before taxes |
$ |
(10,349 |
) |
$ |
(8,166 |
) |
|
$ |
(5,325 |
) |
$ |
(19,970 |
) |
|||
1 Includes fair value adjustment of contingent consideration liabilities, which was a |
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a
|
||||||||||||||||
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA |
||||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Consolidated |
||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss |
$ |
(11,010 |
) |
|
$ |
(8,099 |
) |
|
$ |
(14,111 |
) |
|
$ |
(20,008 |
) |
|
Add back (deduct): |
|
|
|
|
|
|
|
|||||||||
Interest expense |
|
1,662 |
|
|
|
1,699 |
|
|
|
3,293 |
|
|
|
3,457 |
|
|
Income tax expense (benefit) |
|
661 |
|
|
|
(67 |
) |
|
|
8,786 |
|
|
|
38 |
|
|
Depreciation and amortization expense |
|
7,000 |
|
|
|
7,426 |
|
|
|
14,088 |
|
|
|
14,879 |
|
|
Equity-based compensation expense |
|
1,620 |
|
|
|
1,604 |
|
|
|
3,721 |
|
|
|
3,701 |
|
|
Contingent consideration liability fair value adjustment |
|
— |
|
|
|
(2,200 |
) |
|
|
— |
|
|
|
(2,200 |
) |
|
Restructuring-related charges including severance |
|
90 |
|
|
|
— |
|
|
|
174 |
|
|
|
— |
|
|
Non-cash accrued 401K contribution |
|
1,186 |
|
|
|
— |
|
|
|
2,197 |
|
|
|
— |
|
|
AMJP grant benefit |
|
— |
|
|
|
— |
|
|
|
(6,008 |
) |
|
|
— |
|
|
Net gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(11,284 |
) |
|
|
— |
|
|
Adjusted EBITDA |
$ |
1,209 |
|
|
$ |
363 |
|
|
$ |
856 |
|
|
$ |
(133 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
Sales |
$ |
129,127 |
|
|
$ |
111,158 |
|
|
$ |
245,303 |
|
|
$ |
217,015 |
||
Adjusted EBITDA margin |
0.9 |
% |
0.3 |
% |
0.3 |
% |
(0.1 |
)% |
||||||||
|
||||||
CONSOLIDATED BALANCE SHEET DATA |
||||||
($ in thousands) |
||||||
|
(unaudited) |
|
|
|||
|
|
|
|
|||
ASSETS |
|
|
|
|||
Cash and cash equivalents |
$ |
10,684 |
|
$ |
29,757 |
|
Accounts receivable and uncompleted contracts |
|
118,342 |
|
|
107,439 |
|
Inventories |
|
175,204 |
|
|
157,576 |
|
Other current assets |
|
20,126 |
|
|
45,089 |
|
Property, plant and equipment, net |
|
90,837 |
|
|
95,236 |
|
Other long-term assets |
|
22,198 |
|
|
21,439 |
|
Intangible assets, net |
|
86,638 |
|
|
94,320 |
|
|
|
58,252 |
|
|
58,282 |
|
Total assets |
$ |
582,281 |
|
$ |
609,138 |
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|||
Current maturities of long-term debt |
$ |
— |
|
$ |
— |
|
Accounts payable and accrued expenses |
|
98,176 |
|
|
91,257 |
|
Customer advances and deferred revenue |
|
26,790 |
|
|
27,356 |
|
Long-term debt |
|
136,000 |
|
|
163,000 |
|
Other liabilities |
|
70,639 |
|
|
70,921 |
|
Shareholders' equity |
|
250,676 |
|
|
256,604 |
|
Total liabilities and shareholders' equity |
$ |
582,281 |
|
$ |
609,138 |
|
|
||||||||
CONSOLIDATED CASH FLOWS DATA |
||||||||
(Unaudited, $ in thousands) |
||||||||
|
|
|
|
|||||
|
Six Months Ended |
|||||||
(Unaudited, $ in thousands) |
|
|
|
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(14,111 |
) |
|
$ |
(20,008 |
) |
|
Adjustments to reconcile net loss to cash from operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
14,088 |
|
|
|
14,879 |
|
|
Provisions for non-cash losses on inventory and receivables |
|
677 |
|
|
|
2,145 |
|
|
Equity-based compensation expense |
|
3,721 |
|
|
|
3,701 |
|
|
Non-cash accrued 401(k) contribution |
|
2,197 |
|
|
|
— |
|
|
Deferred tax benefit |
|
— |
|
|
|
(153 |
) |
|
Operating lease non-cash expense |
|
2,928 |
|
|
|
2,343 |
|
|
Net gain on sale of business, before taxes |
|
(11,284 |
) |
|
|
— |
|
|
Contingent consideration liability fair value adjustment |
|
— |
|
|
|
(2,200 |
) |
|
Other |
|
1,320 |
|
|
|
2,105 |
|
|
Cash flows from changes in operating assets and liabilities: |
|
|
|
|||||
Accounts receivable |
|
(11,449 |
) |
|
|
(5,281 |
) |
|
Inventories |
|
(19,293 |
) |
|
|
720 |
|
|
Accounts payable |
|
11,660 |
|
|
|
4,210 |
|
|
Accrued expenses |
|
(458 |
) |
|
|
(946 |
) |
|
Other current assets and liabilities |
|
(3,030 |
) |
|
|
(70 |
) |
|
Customer advance payments and deferred revenue |
|
(389 |
) |
|
|
(927 |
) |
|
Income taxes |
|
16,909 |
|
|
|
(51 |
) |
|
Operating lease liabilities |
|
(3,601 |
) |
|
|
(2,606 |
) |
|
Supplemental retirement plan and other liabilities |
|
(215 |
) |
|
|
(199 |
) |
|
Cash flows from operating activities |
|
(10,330 |
) |
|
|
(2,338 |
) |
|
Cash flows from investing activities: |
|
|
|
|||||
Proceeds on sale of business and assets |
|
21,977 |
|
|
|
— |
|
|
Capital expenditures |
|
(2,493 |
) |
|
|
(3,566 |
) |
|
Cash flows from investing activities |
|
19,484 |
|
|
|
(3,566 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from long-term debt |
|
52,625 |
|
|
|
5,000 |
|
|
Principal payments on long-term debt |
|
(79,625 |
) |
|
|
(5,000 |
) |
|
Stock award activity |
|
104 |
|
|
|
(59 |
) |
|
Finance lease principal payments |
|
(55 |
) |
|
|
(854 |
) |
|
Debt acquisition costs |
|
(771 |
) |
|
|
— |
|
|
Cash flows from financing activities |
|
(27,722 |
) |
|
|
(913 |
) |
|
Effect of exchange rates on cash |
|
(505 |
) |
|
|
(8 |
) |
|
Decrease in cash and cash equivalents |
|
(19,073 |
) |
|
|
(6,825 |
) |
|
Cash and cash equivalents at beginning of period |
|
29,757 |
|
|
|
40,412 |
|
|
Cash and cash equivalents at end of period |
$ |
10,684 |
|
|
$ |
33,587 |
|
|
|
|||||||||||||||||||||
SALES BY MARKET |
|||||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||||
|
|
|
% Change |
|
|
|
% Change |
% of Sales |
|||||||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
69,243 |
$ |
47,793 |
44.9 |
% |
|
$ |
133,332 |
$ |
86,001 |
55.0 |
% |
54.3 |
% |
||||||
Military |
|
13,897 |
|
16,801 |
(17.3 |
)% |
|
|
28,873 |
|
37,783 |
(23.6 |
)% |
11.8 |
% |
||||||
|
|
18,130 |
|
14,994 |
20.9 |
% |
|
|
33,997 |
|
29,022 |
17.1 |
% |
13.9 |
% |
||||||
Other |
|
8,020 |
|
9,632 |
(16.7 |
)% |
|
|
14,482 |
|
17,830 |
(18.8 |
)% |
5.9 |
% |
||||||
Aerospace Total |
|
109,290 |
|
89,220 |
22.5 |
% |
|
|
210,684 |
|
170,636 |
23.5 |
% |
85.9 |
% |
||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Test Systems Segment |
|
19,837 |
|
21,938 |
(9.6 |
)% |
|
|
34,619 |
|
46,379 |
(25.4 |
)% |
14.1 |
% |
||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Sales |
$ |
129,127 |
$ |
111,158 |
16.2 |
% |
|
$ |
245,303 |
$ |
217,015 |
13.0 |
% |
|
|||||||
SALES BY PRODUCT LINE |
|||||||||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
|
|||||||||||||||||
|
|
|
% Change |
|
|
|
% Change |
% of Sales |
|||||||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
|||||||||||||
|
$ |
42,135 |
$ |
34,748 |
21.3 |
% |
|
$ |
86,602 |
$ |
64,092 |
35.1 |
% |
35.4 |
% |
||||||
Lighting & Safety |
|
31,388 |
|
24,368 |
28.8 |
% |
|
|
60,599 |
|
51,468 |
17.7 |
% |
24.7 |
% |
||||||
Avionics |
|
24,406 |
|
18,021 |
35.4 |
% |
|
|
43,281 |
|
32,864 |
31.7 |
% |
17.6 |
% |
||||||
Systems Certification |
|
1,669 |
|
960 |
73.9 |
% |
|
|
2,671 |
|
1,838 |
45.3 |
% |
1.1 |
% |
||||||
Structures |
|
1,672 |
|
1,491 |
12.1 |
% |
|
|
3,049 |
|
2,544 |
19.9 |
% |
1.2 |
% |
||||||
Other |
|
8,020 |
|
9,632 |
(16.7 |
)% |
|
|
14,482 |
|
17,830 |
(18.8 |
)% |
5.9 |
% |
||||||
Aerospace Total |
|
109,290 |
|
89,220 |
22.5 |
% |
|
|
210,684 |
|
170,636 |
23.5 |
% |
85.9 |
% |
||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Test Systems Segment |
|
19,837 |
|
21,938 |
(9.6 |
)% |
|
|
34,619 |
|
46,379 |
(25.4 |
)% |
14.1 |
% |
||||||
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Sales |
$ |
129,127 |
$ |
111,158 |
16.2 |
% |
|
$ |
245,303 |
$ |
217,015 |
13.0 |
% |
|
|||||||
ORDER AND BACKLOG TREND (Unaudited, $ in thousands) |
|||||||||||||||
|
Q3 2021 |
|
Q4 2021 |
|
Q1 2022 |
|
Q2 2022 |
|
Trailing Twelve Months |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
Sales |
|
|
|
|
|
||||||||||
Aerospace |
$ |
95,766 |
$ |
98,836 |
$ |
101,394 |
$ |
109,290 |
$ |
405,286 |
|||||
Test Systems |
|
16,075 |
|
17,216 |
|
14,782 |
|
19,837 |
|
67,910 |
|||||
Total Sales |
$ |
111,841 |
$ |
116,052 |
$ |
116,176 |
$ |
129,127 |
$ |
473,196 |
|||||
|
|
|
|
|
|
||||||||||
Bookings |
|
|
|
|
|
||||||||||
Aerospace |
$ |
142,484 |
$ |
147,689 |
$ |
160,778 |
$ |
126,012 |
$ |
576,963 |
|||||
Test Systems |
|
11,052 |
|
29,651 |
|
14,844 |
|
22,377 |
|
77,924 |
|||||
Total Bookings |
$ |
153,536 |
$ |
177,340 |
$ |
175,622 |
$ |
148,389 |
$ |
654,887 |
|||||
|
|
|
|
|
|
||||||||||
Backlog |
|
|
|
|
|
||||||||||
Aerospace |
$ |
285,806 |
$ |
334,659 |
$ |
394,043 |
$ |
410,765 |
|
||||||
Test Systems |
|
68,598 |
|
81,033 |
|
81,095 |
|
83,635 |
|
||||||
Total Backlog |
$ |
354,404 |
$ |
415,692 |
$ |
475,138 |
$ |
494,400 |
|
N/A |
|||||
|
|
|
|
|
|
||||||||||
Book:Bill Ratio |
|
|
|
|
|
||||||||||
Aerospace |
|
1.49 |
|
1.49 |
|
1.59 |
|
1.15 |
|
1.42 |
|||||
Test Systems |
|
0.69 |
|
1.72 |
|
1.00 |
|
1.13 |
|
1.15 |
|||||
Total Book:Bill |
|
1.37 |
|
1.53 |
|
1.51 |
|
1.15 |
|
1.38 |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005200/en/
Company:
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
Source:
FAQ
What were Astronics Corporation's Q2 2022 financial results?
How did Astronics' bookings perform in Q2 2022?
What is Astronics Corporation's outlook for 2022?
What is the significance of Astronics' backlog?
What challenges did Astronics face in Q2 2022?
