Astronics Corporation (NASDAQ:ATRO), a leading supplier of advanced
technologies and products to the global aerospace, defense, and
semiconductor industries, today reported financial results for the
three and nine months ended October 1, 2016. Earnings per
share for all periods are adjusted for the 3 for 20 (15%)
distribution of Class B Stock for shareholders of record on October
11, 2016.
|
Three Months Ended |
|
Nine Months Ended |
|
|
October 1, 2016 |
|
October 3, 2015 |
% Change |
|
|
October 1, 2016 |
|
October 3, 2015 |
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
|
155,099 |
|
$ |
|
200,145 |
|
|
-22.5 |
% |
|
$ |
|
479,055 |
|
$ |
|
534,939 |
|
|
-10.4 |
% |
Gross
profit |
$ |
|
38,663 |
|
$ |
|
59,427 |
|
|
-34.9 |
% |
|
$ |
|
122,981 |
|
$ |
|
149,041 |
|
|
-17.5 |
% |
Gross
margin |
|
|
24.9 |
% |
|
|
29.7 |
% |
|
|
|
|
25.7 |
% |
|
|
27.9 |
% |
|
SG&A |
$ |
|
21,138 |
|
$ |
|
22,297 |
|
|
-5.2 |
% |
|
$ |
|
65,246 |
|
$ |
|
66,213 |
|
|
-1.5 |
% |
SG&A
percent of sales |
|
|
13.6 |
% |
|
|
11.1 |
% |
|
|
|
|
13.6 |
% |
|
|
12.4 |
% |
|
Income from
Operations |
$ |
|
17,525 |
|
$ |
|
37,130 |
|
|
-52.8 |
% |
|
$ |
|
57,735 |
|
$ |
|
82,828 |
|
|
-30.3 |
% |
Operating
margin % |
|
|
11.3 |
% |
|
|
18.6 |
% |
|
|
|
|
12.1 |
% |
|
|
15.5 |
% |
|
Net
Income |
$ |
|
12,074 |
|
$ |
|
24,694 |
|
|
-51.1 |
% |
|
$ |
|
38,539 |
|
$ |
|
53,067 |
|
|
-27.4 |
% |
Net Income
% |
|
|
7.8 |
% |
|
|
12.3 |
% |
|
|
|
|
8.0 |
% |
|
|
9.9 |
% |
|
Peter J. Gundermann, President and Chief Executive Officer,
commented “Third quarter results were obviously
disappointing. While our Test segment continued to manage
with lower volume, as it has all year, our Aerospace segment, on
the heels of a very strong second quarter, experienced a drop-off
of volume, margins and bookings. And, all this is reported in
the shadows of our highest level of consolidated revenue and
profits in the comparator quarter of 2015.”
He continued, “Despite the apparent weakness in our third
quarter results, we do not see any major changes in our markets
that impact our solid, long-term outlook, although we have adjusted
expectations for the short term. We continue to believe we
have excellent prospects based on organizational and technical
performance, and we expect to expand beyond our records of success
in the near future.”
Consolidated Review
Third Quarter 2016 Results
Consolidated sales were down $45.0 million from the same period
last year. Aerospace segment sales of $125.2 million were
down $13.5 million and Test Systems segment sales of $29.9 million
were down $31.5 million.
Lower consolidated gross margin was the result of lower
volume. Engineering and Development (“E&D”) costs were
$22.2 million in the quarter, down slightly from $22.5 million of
E&D costs in last year’s third quarter. As a percent of
sales, E&D was 14.3% and 11.3% in the third quarters of 2016
and 2015, respectively.
Selling, general and administrative (“SG&A”) expenses
decreased $1.2 million compared with the 2015 third quarter, due
primarily to lower commissions on lower sales volumes in the third
quarter of 2016 compared with 2015.
The effective tax rate for the quarter was 26.5%, compared with
31.2% in the third quarter of 2015. The third quarter 2016
tax rate was favorably impacted by the permanent reinstatement of
the federal research and development tax credit in the fourth
quarter of 2015.
Net income was $12.1 million, or $.41 per diluted share.
Year-to-Date 2016 Results
Consolidated sales for the first nine months of 2016 decreased
by $55.9 million, or 10.4%, to $479.1 million. Aerospace
segment sales were down 1.8% year-over-year to $406.0 million,
while Test Systems segment sales were down 40.0% to $73.1
million.
Lower consolidated gross margin was the result of lower volume,
partially offset by improved operational efficiencies.
Engineering and Development (“E&D”) costs were $67.5 million in
the first nine months of 2016, up slightly from $66.1 million of
E&D costs in the same period last year. As a percent of
sales, E&D was 14.1% and 12.4% in the first nine months of 2016
and 2015, respectively.
SG&A expenses were $65.2 million, or 13.6% of sales, in the
first nine months of 2016 compared with $66.2 million, or 12.4% of
sales, in the same period last year. The first nine months of
2015 benefited from a $1.6 million reduction to the contingent
consideration liability related to prior acquisitions. The
decline in SG&A expenses was due primarily to reduced
commissions resulting from lower volumes.
The effective tax rate for the first nine months of 2016 was
29.3%, compared with 33.0% in the first nine months of 2015.
The tax rate in the first nine months of 2016 was favorably
impacted by the permanent reinstatement of the federal research and
development tax credit in the fourth quarter of 2015.
Net income for the first nine months of 2016 totaled $38.5
million, or $1.28 per diluted share.
During the third quarter, the Company repurchased approximately
157,000 shares at an aggregate cost of $5.3 million under its share
repurchase program. Since the inception of the program in
February 2016, the Company has repurchased approximately 517,000
shares at an aggregate cost of $17.5 million.
Aerospace Segment Review (refer to sales by
market and segment data in accompanying tables)
Aerospace Third Quarter 2016 Results
Aerospace segment sales decreased by $13.5 million, or 9.8%,
when compared with the prior year’s third quarter to $125.2
million.
The majority of the reduction in Aerospace sales was with
Avionics products. Avionics declined $6.7 million, largely
due to lower sales of satellite antenna systems, which have new
products in the certification process, and in-flight
entertainment/cabin management systems for VVIP aircraft, which has
been impacted by the decline in the global oil and gas industry,
primarily in the Middle East. Additionally, Systems
Certification sales declined $3.5 million on lower project
activity. Electrical Power & Motion sales declined $2.9
million, as lower sales of in-seat power products were partially
offset by an improvement in sales of seat motion products.
Aerospace operating profit for the third quarter of 2016 was
$17.6 million, or 14.0% of sales, compared with $23.1 million, or
16.6% of sales, in the same period last year. The decrease in
operating profit was the result of lower volumes. Aerospace
E&D costs were $18.9 million in the quarter compared with $19.3
million in the same period last year.
Aerospace orders in the third quarter of 2016 were $122.8
million, compared with orders of $129.8 million in the 2015 third
quarter. The Aerospace segment book to bill ratio for the
quarter was 0.98. Backlog was $233.4 million at the end of
the third quarter of 2016.
Mr. Gundermann commented, “We had record Aerospace sales,
operating profit, and bookings in the trailing second
quarter. To follow it up with our third quarter results is
disappointing, but we believe the results are more due to timing
and circumstances rather than any fundamental changes in our
markets, our competitive advantages or our leadership position with
our products.”
Aerospace Year-to-Date 2016 Results
Aerospace segment sales decreased by $7.3 million, or 1.8%, when
compared with the prior year’s first nine months to $406.0
million.
Electrical Power & Motion sales grew $10.6 million, or 5.1%,
largely driven by higher sales of in-seat power products and seat
motion products, which were up $7.2 million and $4.9 million,
respectively. Sales of Structures products were up $3.1
million and Lighting & Safety products were up $1.6
million. These increases were offset by an $18.9 million
decline in Avionics products, which was largely due to lower sales
of satellite antenna systems and lower VVIP in-flight
entertainment/cabin management systems, and a $3.9 million decrease
in System Certification sales.
Aerospace operating profit for the first nine months of 2016 was
$61.1 million, or 15.0% of sales, compared with $66.7 million, or
16.1% of sales, in the same period last year. The decrease in
operating profit was the result of lower volume, coupled with
higher E&D costs and a general increase in operating
costs. E&D costs for Aerospace were $58.3 million and
$57.3 million in the first nine months of 2016 and 2015,
respectively. Aerospace SG&A expense increased $1.1
million in the first nine months of 2016 as compared with
2015. The first nine months of 2015 included inventory
step-up costs of $1.0 million that reduced normal operating margins
for that period.
Test Systems Segment Review (refer to sales by
market and segment data in accompanying tables)
Test Systems Third Quarter 2016 Results
Sales in the third quarter of 2016 decreased approximately $31.5
million to $29.9 million compared with the same period in 2015, a
decrease of 51.3%. Sales to the Semiconductor market
decreased $33.1 million compared with the same period in 2015,
which was partially offset by increased sales of $1.6 million to
the Aerospace & Defense market.
Operating profit was $3.2 million, or 10.8% of sales, compared
with $17.0 million or 27.6% of sales in last year’s third
quarter. E&D costs remained relatively consistent at $3.3
million and $3.2 million in the third quarters of 2016 and 2015,
respectively.
Orders for the Test Systems segment in the quarter were $13.7
million, down $1.7 million, or 10.8%, over the prior year
period. Backlog was $41.8 million at the end of the third
quarter of 2016.
Test Systems Year-to-Date 2016 Results
Sales in the first nine months of 2016 decreased 40.0% to $73.1
million compared with sales of $121.7 million for the same period
in 2015, due to lower shipments to the Semiconductor market.
Sales to the Semiconductor market decreased $52.3 million compared
with the same period in 2015, which was partially offset by
increased sales of $3.7 million to the Aerospace & Defense
market.
Operating profit was $6.5 million, or 8.9% of sales, compared
with $24.6 million, or 20.2% of sales, in the first nine months of
2015. E&D costs were $9.2 million in the first nine
months of 2016 compared with $8.8 million in the prior year
period.
Mr. Gundermann commented, “As anticipated, our Test segment
continued to experience lower volume in its Semiconductor
business. Our Aerospace & Defense test offerings, on the
other hand, are up 10% year to date. We expect the Aerospace
& Defense market to continue its growth into 2017 and
anticipate improvement in the Semiconductor business as we expand
our capabilities and customers.”
Forecast
Consolidated sales in 2016 are forecasted to be in the range of
$635 million to $645 million, which represents a decline from the
previous range which was $655 million to $685 million.
Approximately $539 million to $545 million of revenue is expected
from the Aerospace segment. Expectations for Test Systems
segment revenue in 2016 remains relatively unchanged at
approximately $96 million to $100
million.
Consolidated backlog at October 1, 2016 was $275.2 million, of
which approximately $121.9 million is expected to ship in 2016.
Mr. Gundermann commented, “We are disappointed to drop our
revenue forecast for 2016, but view it as necessary given the
weakness in bookings we have experienced. We remain
confident, however, in our product offerings and market prospects,
and continue to work diligently to execute our plans for
maintaining market leadership and innovate with new offerings.”
The effective tax rate for 2016 is expected to be approximately
29% to 31%.
Capital equipment spending in 2016 is expected to be in the
range of $15 million to $17 million.
E&D costs are on track to be similar to 2015, as originally
expected.
Mr. Gundermann continued, “Our planning processes are well under
way for 2017. Early indications are that Aerospace revenue
will grow in the mid-single digit range. We expect our strong
performing product lines to continue their success, along with
substantial improvement in certain under-performing product
areas. With the improvements anticipated in the Test segment,
we expect the combination to result in a very solid year of
growth.”
Third Quarter 2016 Webcast and Conference
Call
The Company will host a teleconference today at 11:00 a.m. ET.
During the teleconference, Peter J. Gundermann, President and
CEO, and David C. Burney, Executive Vice President and CFO, 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)
689-8562. The listen-only audio webcast can be monitored at
www.astronics.com. To listen to the archived call, dial (412)
317-6671 and enter conference ID number 13646063. The
telephonic replay will be available from 2:00 p.m. on the day of
the call through Wednesday, November 15, 2016. A transcript
will also be posted to the Company’s Web site once available.
About Astronics Corporation Astronics
Corporation (NASDAQ:ATRO) is a leading supplier of advanced
technologies and products to the global aerospace, defense,
electronics and semiconductor industries. Astronics’ products
and services include advanced, high-performance electrical power
generation, distribution and motion systems, lighting & safety
systems, avionics products, aircraft structures, systems
certification and automated test systems. Astronics’ strategy
is to increase its value by developing technologies and
capabilities, either internally or through acquisition, and using
those capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be beneficial.
Astronics Corporation, through its wholly-owned subsidiaries,
has a reputation for high-quality designs, exceptional
responsiveness, strong brand recognition and best-in-class
manufacturing practices. The Company routinely posts news and
other important information on its website at www.astronics.com
For more information on Astronics and its products,
visit its Web site at www.astronics.com.
Safe Harbor StatementThis 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. 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 state of the aerospace, defense,
consumer electronics and semiconductor 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 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 INCOME STATEMENT DATA |
(Unaudited, $ in
thousands except per share data) |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
10/1/2016 |
10/3/2015 |
|
10/1/2016 |
10/3/2015 |
Sales |
$ |
155,099 |
|
$ |
200,145 |
|
|
$ |
479,055 |
|
$ |
534,939 |
|
Cost of products
sold |
|
116,436 |
|
|
140,718 |
|
|
|
356,074 |
|
|
385,898 |
|
Gross profit |
|
38,663 |
|
|
59,427 |
|
|
|
122,981 |
|
|
149,041 |
|
Gross margin |
|
24.9 |
% |
|
29.7 |
% |
|
|
25.7 |
% |
|
27.9 |
% |
|
|
|
|
|
|
Selling, general and
administrative |
|
21,138 |
|
|
22,297 |
|
|
|
65,246 |
|
|
66,213 |
|
SG&A % of sales |
|
13.6 |
% |
|
11.1 |
% |
|
|
13.6 |
% |
|
12.4 |
% |
Income from
operations |
|
17,525 |
|
|
37,130 |
|
|
|
57,735 |
|
|
82,828 |
|
Operating margin |
|
11.3 |
% |
|
18.6 |
% |
|
|
12.1 |
% |
|
15.5 |
% |
|
|
|
|
|
|
Interest expense,
net |
|
1,103 |
|
|
1,243 |
|
|
|
3,246 |
|
|
3,600 |
|
Income before tax |
|
16,422 |
|
|
35,887 |
|
|
|
54,489 |
|
|
79,228 |
|
Income tax expense |
|
4,348 |
|
|
11,193 |
|
|
|
15,950 |
|
|
26,161 |
|
Net
income |
$ |
12,074 |
|
$ |
24,694 |
|
|
$ |
38,539 |
|
$ |
53,067 |
|
Net income % of sales |
|
7.8 |
% |
|
12.3 |
% |
|
|
8.0 |
% |
|
9.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
*Basic earnings per
share: |
$ |
0.42 |
|
$ |
0.84 |
|
|
$ |
1.32 |
|
$ |
1.82 |
|
*Diluted earnings per
share: |
$ |
0.41 |
|
$ |
0.82 |
|
|
$ |
1.28 |
|
$ |
1.76 |
|
|
|
|
|
|
|
*Weighted average
diluted shares outstanding (in thousands) |
|
29,808 |
|
|
30,150 |
|
|
|
30,136 |
|
|
30,173 |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
3,693 |
|
$ |
3,580 |
|
|
$ |
9,869 |
|
$ |
15,857 |
|
Depreciation and
amortization |
$ |
6,311 |
|
$ |
6,286 |
|
|
$ |
19,457 |
|
$ |
18,831 |
|
*All share quantities and per-share data have been restated to
reflect the impact of the fifteen percent Class B stock
distribution to shareholders of record on October 11, 2016.
|
ASTRONICS CORPORATION |
CONSOLIDATED BALANCE SHEET DATA |
($ in thousands) |
|
(unaudited) 10/1/2016 |
12/31/2015 |
ASSETS |
|
|
Cash and cash
equivalents |
$ |
13,278 |
|
$ |
18,561 |
|
Accounts receivable and
uncompleted contracts |
|
118,888 |
|
|
95,277 |
|
Inventories |
|
120,691 |
|
|
115,467 |
|
Other current
assets |
|
13,100 |
|
|
20,662 |
|
Property, plant and
equipment, net |
|
123,754 |
|
|
124,742 |
|
Other long-term
assets |
|
13,035 |
|
|
10,889 |
|
Intangible assets,
net |
|
101,037 |
|
|
108,276 |
|
Goodwill |
|
115,645 |
|
|
115,369 |
|
Total
assets |
$ |
619,428 |
|
$ |
609,243 |
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
Current maturities of
long term debt |
$ |
2,686 |
|
$ |
2,579 |
|
Accounts payable and
accrued expenses |
|
62,729 |
|
|
62,896 |
|
Customer advances and
deferred revenue |
|
27,805 |
|
|
38,757 |
|
Long-term debt |
|
161,305 |
|
|
167,210 |
|
Other liabilities |
|
35,532 |
|
|
37,576 |
|
Shareholders'
equity |
|
329,371 |
|
|
300,225 |
|
Total liabilities and
shareholders' equity |
$ |
619,428 |
|
$ |
609,243 |
|
ASTRONICS CORPORATION |
Segment Data |
(Unaudited, $ in thousands) |
|
Three Months Ended |
Nine Months Ended |
|
|
10/1/2016 |
|
10/3/2015 |
|
10/1/2016 |
|
10/3/2015 |
Sales |
|
|
|
|
|
|
|
|
Aerospace |
$ |
|
125,179 |
|
$ |
|
138,728 |
|
|
$ |
406,356 |
|
|
$ |
413,250 |
|
Less
Inter-segment |
|
|
- |
|
|
|
- |
|
|
|
(367 |
) |
|
|
- |
|
Total
Aerospace |
|
|
125,179 |
|
|
|
138,728 |
|
|
|
405,989 |
|
|
|
413,250 |
|
|
|
|
|
|
|
|
|
|
Test
Systems |
|
|
29,920 |
|
|
|
61,417 |
|
|
|
73,066 |
|
|
|
121,744 |
|
Less
Inter-segment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(55 |
) |
Total
Test Systems |
|
|
29,920 |
|
|
|
61,417 |
|
|
|
73,066 |
|
|
|
121,689 |
|
Total
sales |
|
|
155,099 |
|
|
|
200,145 |
|
|
|
479,055 |
|
|
|
534,939 |
|
|
|
|
|
|
|
|
|
|
Operating profit and
margins |
|
|
|
|
|
|
|
|
Aerospace |
|
|
17,557 |
|
|
|
23,055 |
|
|
|
61,099 |
|
|
|
66,728 |
|
|
|
|
14.0 |
% |
|
|
16.6 |
% |
|
|
15.0 |
% |
|
|
16.1 |
% |
Test
Systems |
|
|
3,240 |
|
|
|
16,980 |
|
|
|
6,524 |
|
|
|
24,618 |
|
|
|
|
10.8 |
% |
|
|
27.6 |
% |
|
|
8.9 |
% |
|
|
20.2 |
% |
Total operating
profit |
|
|
20,797 |
|
|
|
40,035 |
|
|
|
67,623 |
|
|
|
91,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,103 |
|
|
|
1,243 |
|
|
|
3,246 |
|
|
|
3,600 |
|
Corporate expenses and
other |
|
|
3,272 |
|
|
|
2,905 |
|
|
|
9,888 |
|
|
|
8,518 |
|
Income before
taxes |
$ |
|
16,422 |
|
$ |
|
35,887 |
|
$ |
|
54,489 |
|
$ |
|
79,228 |
|
ASTRONICS CORPORATION |
SALES BY MARKET |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
10/1/2016 |
10/3/2015 |
% change |
|
10/1/2016 |
10/3/2015 |
% change |
2016 YTD |
Aerospace
Segment |
|
|
|
|
|
|
|
|
Commercial Transport |
$ |
101,355 |
|
$ |
115,016 |
|
|
-11.9 |
% |
|
$ |
331,174 |
|
$ |
342,839 |
|
|
-3.4 |
% |
|
69.1 |
% |
Military |
|
13,679 |
|
|
12,102 |
|
|
13.0 |
% |
|
|
39,932 |
|
|
31,929 |
|
|
25.1 |
% |
|
8.3 |
% |
Business
Jet |
|
6,133 |
|
|
8,043 |
|
|
-23.7 |
% |
|
|
20,365 |
|
|
25,196 |
|
|
-19.2 |
% |
|
4.3 |
% |
Other |
|
4,012 |
|
|
3,567 |
|
|
12.5 |
% |
|
|
14,518 |
|
|
13,286 |
|
|
9.3 |
% |
|
3.0 |
% |
Aerospace
Total |
|
125,179 |
|
|
138,728 |
|
|
-9.8 |
% |
|
|
405,989 |
|
|
413,250 |
|
|
-1.8 |
% |
|
84.7 |
% |
|
|
|
|
|
|
|
|
|
Test Systems
Segment |
|
|
|
|
|
|
|
|
Semiconductor |
|
16,878 |
|
|
49,966 |
|
|
-66.2 |
% |
|
|
33,863 |
|
|
86,224 |
|
|
-60.7 |
% |
|
7.1 |
% |
Aerospace
& Defense |
|
13,042 |
|
|
11,451 |
|
|
13.9 |
% |
|
|
39,203 |
|
|
35,465 |
|
|
10.5 |
% |
|
8.2 |
% |
Test Systems
Total |
|
29,920 |
|
|
61,417 |
|
|
-51.3 |
% |
|
|
73,066 |
|
|
121,689 |
|
|
-40.0 |
% |
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
155,099 |
|
$ |
200,145 |
|
|
-22.5 |
% |
|
$ |
479,055 |
|
$ |
534,939 |
|
|
-10.4 |
% |
|
ASTRONICS CORPORATION |
SALES BY PRODUCT LINE |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
10/1/2016 |
10/3/2015 |
% change |
|
10/1/2016 |
10/3/2015 |
% change |
2016 YTD |
|
|
|
|
|
|
|
|
|
Aerospace
Segment |
|
|
|
|
|
|
|
|
Electrical Power & Motion |
$ |
68,259 |
|
$ |
71,164 |
|
|
-4.1 |
% |
|
$ |
219,215 |
|
$ |
208,578 |
|
|
5.1 |
% |
|
45.8 |
% |
Lighting
& Safety |
|
38,975 |
|
|
39,965 |
|
|
-2.5 |
% |
|
|
121,520 |
|
|
119,949 |
|
|
1.3 |
% |
|
25.4 |
% |
Avionics |
|
5,866 |
|
|
12,598 |
|
|
-53.4 |
% |
|
|
22,684 |
|
|
41,628 |
|
|
-45.5 |
% |
|
4.7 |
% |
Systems
Certification |
|
2,580 |
|
|
6,120 |
|
|
-57.8 |
% |
|
|
12,577 |
|
|
16,465 |
|
|
-23.6 |
% |
|
2.6 |
% |
Structures |
|
5,487 |
|
|
4,388 |
|
|
25.0 |
% |
|
|
15,475 |
|
|
12,418 |
|
|
24.6 |
% |
|
3.2 |
% |
Other |
|
4,012 |
|
|
4,493 |
|
|
-10.7 |
% |
|
|
14,518 |
|
|
14,212 |
|
|
2.2 |
% |
|
3.0 |
% |
Aerospace
Total |
|
125,179 |
|
|
138,728 |
|
|
-9.8 |
% |
|
|
405,989 |
|
|
413,250 |
|
|
-1.8 |
% |
|
84.7 |
% |
|
|
|
|
|
|
|
|
|
Test
Systems |
|
29,920 |
|
|
61,417 |
|
|
-51.3 |
% |
|
|
73,066 |
|
|
121,689 |
|
|
-40.0 |
% |
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
155,099 |
|
$ |
200,145 |
|
|
-22.5 |
% |
|
$ |
479,055 |
|
$ |
534,939 |
|
|
-10.4 |
% |
|
ASTRONICS CORPORATIONORDER AND
BACKLOG TREND(Unaudited, $ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2015 |
|
Q1 2016 |
|
Q2 2016 |
|
Q3 2016 |
|
TrailingTwelve |
|
|
|
|
|
12/31/2015 |
|
4/2/2016 |
|
7/2/2016 |
|
10/1/2016 |
|
Months |
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
136,488 |
$ |
138,309 |
$ |
142,501 |
$ |
125,179 |
$ |
542,477 |
Test
Systems |
|
|
|
|
20,852 |
|
21,221 |
|
21,925 |
|
29,920 |
|
93,918 |
Total
Sales |
|
|
|
$ |
157,340 |
$ |
159,530 |
$ |
164,426 |
$ |
155,099 |
$ |
636,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
121,796 |
$ |
140,427 |
$ |
163,532 |
$ |
122,821 |
$ |
548,576 |
Test
Systems |
|
|
|
|
12,860 |
|
21,503 |
|
17,941 |
|
13,694 |
|
65,998 |
Total
Bookings |
|
|
|
$ |
134,656 |
$ |
161,930 |
$ |
181,473 |
$ |
136,515 |
$ |
614,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
212,651 |
$ |
214,769 |
$ |
235,800 |
$ |
233,442 |
|
|
Test
Systems |
|
|
|
|
61,713 |
|
61,995 |
|
58,011 |
|
41,785 |
|
|
Total
Backlog |
|
|
|
$ |
274,364 |
$ |
276,764 |
$ |
293,811 |
$ |
275,227 |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book:Bill
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
|
0.89 |
|
1.02 |
|
1.15 |
|
0.98 |
|
1.01 |
Test
Systems |
|
|
|
|
0.62 |
|
1.01 |
|
0.82 |
|
0.46 |
|
0.70 |
Total
Book:Bill |
|
|
|
|
0.86 |
|
1.02 |
|
1.10 |
|
0.88 |
|
0.97 |
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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