- Sales for the quarter were $174.5 million, up 35% over prior
year, and 11% sequentially
- Bookings totaled $207.1 million
- Record backlog of $611.1 million
- Aerospace segment sales increased 45% to $158.4 million;
bookings were $188.8 million
- Income from operations was $2.4 million in the quarter; net
loss was $12.0 million after $8.1 million tax expense
- Adjusted EBITDA1 grew to $15.8 million, or 9.1% of
sales
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 1, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230803576443/en/
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 $175 million was a significant
step up sequentially and year-over-year, and bookings of $207
million were at pre-pandemic levels. We believe we are set for a
strong second half of 2023 and, if current trends continue, an even
stronger 2024.”
_____________________________
1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the
attached table for a reconciliation of adjusted EBITDA to GAAP net
loss.
Second Quarter Results
Three Months Ended
Six Months Ended
($ 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 $45.3 million, or 35.1%, from the
second quarter of 2022, and up 11.4% sequentially. Aerospace sales
increased $49.1 million over the comparator quarter, or 44.9%,
driven primarily by higher sales to the commercial transport
market. Test Systems sales decreased $3.8 million on lower defense
revenue.
Consolidated operating income was $2.4 million, an improvement
over an operating loss of $8.4 million in the prior-year period.
The current period operating income improvement was driven by the
contribution margin from the increased sales. The current period
was impacted by litigation-related legal expenses of $4.9 million
partially offset by a reduction in legal reserves of $1.3
million.
Interest expense was $5.9 million in the current period,
compared with $1.7 million in the prior-year period, primarily
driven by higher interest rates on the Company’s new credit
facilities. Interest expense includes approximately $0.7 million of
non-cash amortization of capitalized financing-related fees.
Income tax expense was $8.1 million in the current period,
primarily due to a valuation allowance applied against the deferred
tax asset associated with research and development costs that are
required to be capitalized for tax purposes.
Consolidated net loss was $12.0 million, or $0.37 per diluted
share, compared with net loss of $11.0 million, or $0.34 per
diluted share, in the prior year.
Consolidated adjusted EBITDA was $15.8 million, or 9.1% of
consolidated sales, compared with an adjusted EBITDA of $2.1
million, or 1.6% of consolidated sales, in the prior-year
period.
Bookings were $207.1 million in the quarter resulting in a
book-to-bill ratio of 1.19:1. The quarter closed with a record
backlog of $611.1 million. Approximately $502.0 million of backlog
is expected to ship over the next twelve months.
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 $49.1 million, or 44.9%, to
$158.4 million, and up 16.8% sequentially. The increase was driven
by a 61.9% increase, or $42.8 million, in commercial transport
sales. Sales to this market were $112.1 million, or 64.3% of
consolidated sales in the quarter, compared with $69.2 million, or
53.6% of consolidated sales in the second quarter of 2022.
Improving global airline travel driving higher fleet utilization
and increased production rates resulted in increased demand.
General Aviation sales increased $6.9 million, or 38.0%, to
$25.0 million.
Aerospace segment operating profit improved to $13.7 million, or
8.7% of sales, compared with operating loss of $3.3 million in the
same period last year. The improved operating profit was driven by
higher volume primarily in the commercial transport market.
Aerospace bookings were $188.8 million for a book-to-bill ratio
of 1.19:1. Backlog for the Aerospace segment was a record $522.6
million at quarter end.
Mr. Gundermann commented, “The recovery in our Aerospace segment
over the last four quarters has been dramatic, with revenue
increasing from $112 million per quarter to $158 million. Bookings
during that period have totaled $656 million with a book-to-bill of
1.21:1, indicating strong demand for our products and opportunity
for further growth. The increase in global passenger travel is
driving the recovery, resulting in higher production rates and
retrofit activity across all portions of the industry.”
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 $16.1 million, down $3.8 million
primarily as a result of lower defense revenue.
Test Systems segment operating loss was $6.1 million compared
with nearly break-even in the second quarter of 2022. Test Systems
operating loss for the current period was negatively affected by
mix, under absorption of fixed costs due to volume and $2.2 million
in increased litigation-related legal expenses.
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 $4 million to $5 million annually, beginning with the
third quarter.
Bookings for the Test Systems segment in the quarter were $18.3
million and included the initial $9.6 million production order for
the Handheld Radio Test Sets (“HHRTS”) Program for the U.S. Marine
Corps. Book-to-bill ratio was 1.14:1 for the quarter. Backlog was
$88.5 million at the end of the second quarter of 2023 compared
with backlog of $83.6 million at the end of the second quarter of
2022.
In April 2023, Astronics announced that the Test business had
been awarded a contract award to produce portable radio test
equipment for the U.S. Marine Corps’ HHRTS Program. This program is
expected to generate revenue of approximately $40 million over a
five-year period.
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 $4.3 million. Capital
expenditures in the quarter were $2.2 million. Net debt was $178.7
million.
Cash used for operations was $2.0 million in second quarter of
2023, improving from cash used of $19.2 million in the prior
quarter. Astronics expects to be cash flow positive for the
remainder of 2023. During the quarter, higher inventory and
accounts receivable were partially offset by increased accounts
payable and accrued expenses.
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 $640 million to $680
million with expectations of achieving the higher end of the range.
Planned capital expenditures for 2023 are expected to be in the
range of $7 million to $12 million.
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 $331 million and we began the second half of 2023
with $330 million of scheduled backlog. With that, we expect our
typical additional drop-in and pull-in orders could deliver revenue
at the high end of our guidance. There’s modest risk with the
supply chain and timing of major Test segment contract awards. We
expect margins to continue to improve with expected increases in
volume, lower cost inputs, pricing improvements, and the effects of
restructuring activities accomplished in the second quarter. We
also expect our year end to be busy with shipments and continued
demand strength, setting up for another strong year of improvement
in 2024.”
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, $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. 2In the six months
ended July 2, 2022, $6.0 million of the Aviation Manufacturing Jobs
Protection Program grant was recognized as an offset to cost of
products sold. 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 $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
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, $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 $12.6 million. 2 In the six months ended July 2,
2022, $6.0 million of the Aviation Manufacturing Jobs Protection
Program grant was recognized as an offset to the cost of products
sold in the Aerospace segment. 3 Corporate expenses and other for
the six months ended July 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.
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, litigation-related expenses,
restructuring charges, 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 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 $5.8 million reversal of a
deferred revenue liability recorded with a previous acquisition.
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 $5.8 million reversal of
a deferred revenue liability. The book:bill ratios have been
calculated excluding the impact of that transaction.
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
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