Astronics Corp

NASDAQ:ATROUnited States

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• -- Earnings Flash (ATRO) ASTRONICS CORPORATION Reports Q1 Revenue $185.1M, from 6 hours ago by MT Newswires

  6 hours ago by MT Newswires
  Companies Mentioned: ATRO
  04:37 PM EDT, 05/02/2024 (MT Newswires) -- ...

• Astronics Corporation Reports 2024 First Quarter Financial Results, from 7 hours ago by Business Wire

  7 hours ago by Business Wire
  Companies Mentioned: ATRO

  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 months ended March 30, 2024.

• Astronics Corporation Reports 2024 First Quarter Financial Results, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: ATRO
  at beginning of period 11,313 13,778 ------ -------- Cash and cash equivalents and restricted cash at end of period $ 6,610 $ 5,717 ====== ======== ASTRONICS CORPORATION SEGMENT DATA ----------------------------------------------------------------- (Unaudited, $ in thousands) Three Months Ended -------------------------- 3/30/2024 4/1/2023 ------------ ------------ Sales Aerospace $163,675 $135,715 Less inter-segment (37) (118) ------- ------- Total Aerospace 163,638 135,597 ------- ------- Test Systems(1) 21,436 20,941 Less inter-segment -- -- ------- ------- Total Test Systems 21,436 20,941 ------- ------- Total consolidated sales 185,074 156,538 Segment operating profit and margins Aerospace 12,097 4,087 7.4% 3.0% Test Systems(1) (3,079) (597) (14.4)% (2.9)% ------- ------- Total segment operating profit 9,018 3,490 Net gain on sale of business -- (3,427) Interest expense 5,759 5,470 Corporate expenses and other(2) 7,788 4,572 ------- ------- Loss before taxes $ (4,529) $ (3,125) ======= ======= _______________ (1) In the quarter ended April 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability recorded with a previous acquisition within our Test Systems Segment, which also benefits operating loss for the period. Absent that benefit, Test Systems operating loss was $6.4 million. (2) Corporate expenses and other for the quarter ended April 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. ASTRONICS CORPORATION SALES BY MARKET (Unaudited, $ in thousands) Three Months Ended 2024 YTD --------------------------------- ------------ 3/30/2024 4/1/2023 % Change % of Sales ----------- -------- ---------- ------------ Aerospace Segment Commercial Transport $ 121,430 $ 94,213 28.9% 65.6% Military Aircraft 17,079 14,064 21.4% 9.2% General Aviation 19,551 19,448 0.5% 10.6% Other 5,578 7,872 (29.1)% 3.0% ------- ------- ------ ------- Aerospace Total 163,638 135,597 20.7% 88.4% Test Systems Segment(1) Government & Defense 21,436 20,941 2.4% 11.6% ------- ------- ------ ------- Total Sales $ 185,074 $156,538 18.2% ======= ======= ====== SALES BY PRODUCT LINE (Unaudited, $ in thousands) Three Months Ended 2024 YTD --------------------------------- ------------ 3/30/2024 4/1/2023 % Change % of Sales ----------- -------- ---------- ------------ Aerospace Segment Electrical Power & Motion $ 83,124 $ 53,454 55.5% 44.9% Lighting & Safety 41,787 36,553 14.3% 22.6% Avionics 25,594 29,741 (13.9)% 13.8% Systems Certification 4,448 5,677 (21.6)% 2.4% Structures 3,107 2,300 35.1% 1.7% Other 5,578 7,872 (29.1)% 3.0% ------- ------- ------ ------- Aerospace Total 163,638 135,597 20.7% 88.4% Test Systems Segment(1) 21,436 20,941 2.4% 11.6% ------- ------- ------ ------- Total Sales $ 185,074 $156,538 18.2% ======= ======= ====== _______________ (1) Test Systems sales in the quarter ended April 1, 2023 included a $5.8 million reversal of a deferred revenue liability recorded with a previous acquisition. ASTRONICS CORPORATION ORDER AND BACKLOG TREND ----------------------------------------------------------------------------- (Unaudited, $ in thousands) Trailing Twelve Q2 2023 Q3 2023 Q4 2023 Q1 2024 Months 7/1/2023 9/30/2023 12/31/2023 3/30/2024 3/30/2024 -------- ----------- ------------ ----------- ------------ Sales Aerospace $158,382 $ 142,104 $ 168,747 $ 163,638 $ 632,871 Test Systems 16,072 20,818 26,545 21,436 84,871 ------- ------- -------- ------- ----------- Total Sales $174,454 $ 162,922 $ 195,292 $ 185,074 $ 717,742 ------- ------- -------- ------- ----------- Bookings Aerospace $188,800 $ 153,272 $ 172,106 $ 185,269 $ 699,447 Test Systems 18,252 22,724 11,176 19,986 72,138 ------- ------- -------- ------- ----------- Total Bookings $207,052 $ 175,996 $ 183,282 $ 205,255 $ 771,585 ------- ------- -------- ------- ----------- Backlog Aerospace(1) $502,713 $ 513,881 $ 517,240 $ 538,871 Test Systems 88,499 90,405 75,036 73,586 ------- ------- -------- ------- ------------ Total Backlog $591,212 $ 604,286 $ 592,276 $ 612,457 N/A ------- ------- -------- ------- ----------- Book:Bill Ratio Aerospace 1.19 1.08 1.02 1.13 1.11 Test Systems 1.14 1.09 0.42 0.93 0.85 ------- ------- -------- ------- ----------- Total Book:Bill 1.19 1.08 0.94 1.11 1.08 ------- ------- -------- ------- ----------- _______________ (1) In November of 2023, a non-core contract manufacturing customer reported within the Aerospace segment declared bankruptcy, and as a result, Aerospace and Total Backlog was reduced by $19.9 million in all periods affected. In the bar chart presented above, Aerospace and Total Bookings was reduced by $2.6 million and $17.2 million in second and third quarters of 2021, respectively.
  

• *DJ Astronics 1Q Loss/Shr 9c >ATRO, from 7 hours ago by Dow Jones

  7 hours ago by Dow Jones
  Companies Mentioned: ATRO
  at beginning of period 11,313 13,778 ------ -------- Cash and cash equivalents and restricted cash at end of period $ 6,610 $ 5,717 ====== ======== ASTRONICS CORPORATION SEGMENT DATA ----------------------------------------------------------------- (Unaudited, $ in thousands) Three Months Ended -------------------------- 3/30/2024 4/1/2023 ------------ ------------ Sales Aerospace $163,675 $135,715 Less inter-segment (37) (118) ------- ------- Total Aerospace 163,638 135,597 ------- ------- Test Systems(1) 21,436 20,941 Less inter-segment -- -- ------- ------- Total Test Systems 21,436 20,941 ------- ------- Total consolidated sales 185,074 156,538 Segment operating profit and margins Aerospace 12,097 4,087 7.4% 3.0% Test Systems(1) (3,079) (597) (14.4)% (2.9)% ------- ------- Total segment operating profit 9,018 3,490 Net gain on sale of business -- (3,427) Interest expense 5,759 5,470 Corporate expenses and other(2) 7,788 4,572 ------- ------- Loss before taxes $ (4,529) $ (3,125) ======= ======= _______________ (1) In the quarter ended April 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability recorded with a previous acquisition within our Test Systems Segment, which also benefits operating loss for the period. Absent that benefit, Test Systems operating loss was $6.4 million. (2) Corporate expenses and other for the quarter ended April 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. ASTRONICS CORPORATION SALES BY MARKET (Unaudited, $ in thousands) Three Months Ended 2024 YTD --------------------------------- ------------ 3/30/2024 4/1/2023 % Change % of Sales ----------- -------- ---------- ------------ Aerospace Segment Commercial Transport $ 121,430 $ 94,213 28.9% 65.6% Military Aircraft 17,079 14,064 21.4% 9.2% General Aviation 19,551 19,448 0.5% 10.6% Other 5,578 7,872 (29.1)% 3.0% ------- ------- ------ ------- Aerospace Total 163,638 135,597 20.7% 88.4% Test Systems Segment(1) Government & Defense 21,436 20,941 2.4% 11.6% ------- ------- ------ ------- Total Sales $ 185,074 $156,538 18.2% ======= ======= ====== SALES BY PRODUCT LINE (Unaudited, $ in thousands) Three Months Ended 2024 YTD --------------------------------- ------------ 3/30/2024 4/1/2023 % Change % of Sales ----------- -------- ---------- ------------ Aerospace Segment Electrical Power & Motion $ 83,124 $ 53,454 55.5% 44.9% Lighting & Safety 41,787 36,553 14.3% 22.6% Avionics 25,594 29,741 (13.9)% 13.8% Systems Certification 4,448 5,677 (21.6)% 2.4% Structures 3,107 2,300 35.1% 1.7% Other 5,578 7,872 (29.1)% 3.0% ------- ------- ------ ------- Aerospace Total 163,638 135,597 20.7% 88.4% Test Systems Segment(1) 21,436 20,941 2.4% 11.6% ------- ------- ------ ------- Total Sales $ 185,074 $156,538 18.2% ======= ======= ====== _______________ (1) Test Systems sales in the quarter ended April 1, 2023 included a $5.8 million reversal of a deferred revenue liability recorded with a previous acquisition. ASTRONICS CORPORATION ORDER AND BACKLOG TREND ----------------------------------------------------------------------------- (Unaudited, $ in thousands) Trailing Twelve Q2 2023 Q3 2023 Q4 2023 Q1 2024 Months 7/1/2023 9/30/2023 12/31/2023 3/30/2024 3/30/2024 -------- ----------- ------------ ----------- ------------ Sales Aerospace $158,382 $ 142,104 $ 168,747 $ 163,638 $ 632,871 Test Systems 16,072 20,818 26,545 21,436 84,871 ------- ------- -------- ------- ----------- Total Sales $174,454 $ 162,922 $ 195,292 $ 185,074 $ 717,742 ------- ------- -------- ------- ----------- Bookings Aerospace $188,800 $ 153,272 $ 172,106 $ 185,269 $ 699,447 Test Systems 18,252 22,724 11,176 19,986 72,138 ------- ------- -------- ------- ----------- Total Bookings $207,052 $ 175,996 $ 183,282 $ 205,255 $ 771,585 ------- ------- -------- ------- ----------- Backlog Aerospace(1) $502,713 $ 513,881 $ 517,240 $ 538,871 Test Systems 88,499 90,405 75,036 73,586 ------- ------- -------- ------- ------------ Total Backlog $591,212 $ 604,286 $ 592,276 $ 612,457 N/A ------- ------- -------- ------- ----------- Book:Bill Ratio Aerospace 1.19 1.08 1.02 1.13 1.11 Test Systems 1.14 1.09 0.42 0.93 0.85 ------- ------- -------- ------- ----------- Total Book:Bill 1.19 1.08 0.94 1.11 1.08 ------- ------- -------- ------- ----------- _______________ (1) In November of 2023, a non-core contract manufacturing customer reported within the Aerospace segment declared bankruptcy, and as a result, Aerospace and Total Backlog was reduced by $19.9 million in all periods affected. In the bar chart presented above, Aerospace and Total Bookings was reduced by $2.6 million and $17.2 million in second and third quarters of 2021, respectively.