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 twelve months ended December 31, 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 |
|
Year Ended |
|
|
12/31/16 |
|
12/31/15 |
|
% Change |
|
|
12/31/16 |
|
12/31/15 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
154,068 |
|
$ |
157,340 |
|
|
-2.1 |
% |
|
$ |
633,123 |
|
$ |
692,279 |
|
|
-8.5 |
% |
Gross
profit |
$ |
36,486 |
|
$ |
38,901 |
|
|
-6.2 |
% |
|
$ |
159,467 |
|
$ |
187,942 |
|
|
-15.2 |
% |
Gross
margin |
|
23.7 |
% |
|
24.7 |
% |
|
|
|
25.2 |
% |
|
27.1 |
% |
|
SG&A |
$ |
21,082 |
|
$ |
22,928 |
|
|
-8.1 |
% |
|
$ |
86,328 |
|
$ |
89,141 |
|
|
-3.2 |
% |
SG&A percent
of sales |
|
13.7 |
% |
|
14.6 |
% |
|
|
|
13.6 |
% |
|
12.9 |
% |
|
Income from
Operations |
$ |
15,404 |
|
$ |
15,973 |
|
|
-3.6 |
% |
|
$ |
73,139 |
|
$ |
98,801 |
|
|
-26.0 |
% |
Operating margin
% |
|
10.0 |
% |
|
10.2 |
% |
|
|
|
11.6 |
% |
|
14.3 |
% |
|
Net
Income |
$ |
9,885 |
|
$ |
13,907 |
|
|
-28.9 |
% |
|
$ |
48,424 |
|
$ |
66,974 |
|
|
-27.7 |
% |
Net Income
% |
|
6.4 |
% |
|
8.8 |
% |
|
|
|
7.6 |
% |
|
9.7 |
% |
|
Peter J. Gundermann, President and Chief Executive Officer,
commented, “The fourth quarter was somewhat softer than we
anticipated primarily due to customer-driven delays in certain
aerospace programs. While we continued to invest in new
products and projects, our fourth quarter income from operations
remained in line with the comparator quarter.”
He continued, “We continue to see promise in our customers’
outlooks, even as bookings in the quarter were light, although
relatively unchanged from the third quarter. We are expecting
that 2017 will be a stronger year for our company, though not
without its challenges. Our initial expectations are for
revenue of approximately $640 million to $720 million. This
is quite a wide range that reflects the varied nature of our
prospects. The midpoint of the range provides what we believe
is a reasonable expectation of about 7% growth.”
Consolidated Review
Fourth Quarter 2016 Results
Consolidated sales were down $3.2 million, or approximately 2%,
from the same period last year as stronger Test Systems segment
sales helped to offset lower Aerospace segment sales.
Aerospace segment sales of $128.1 million were down $8.4 million,
or about 6%, and Test Systems segment sales of $26.0 million
improved $5.2 million, or about 25%.
Consolidated gross margin was 23.7% in 2016 compared to 24.7%
last year. Engineering and Development (“E&D”) costs were
$22.7 million in the quarter, down from $24.0 million of E&D
costs in last year’s fourth quarter. As a percent of sales,
E&D was 14.7% and 15.3% in the fourth quarters of 2016 and
2015, respectively.
Selling, general and administrative (“SG&A”) expenses
decreased $1.8 million compared with the 2015 fourth quarter, due
primarily to lower commissions and lower legal expenses.
The effective tax rate for the quarter was 30.9%, compared with
6.2% in the fourth quarter of 2015. The prior year’s tax rate
was favorably impacted by the permanent reinstatement of the
federal research and development tax credit in the fourth quarter
of 2015, coupled with state research and development tax
credits.
Year-to-Date 2016 Results
Consolidated sales for 2016 decreased by $59.2 million, or 8.5%,
to $633.1 million. Aerospace segment sales were down 2.9%
year-over-year to $534.0 million, while Test Systems segment sales
were down 30.5% to $99.1 million.
Lower consolidated gross margin was the result of lower sales
volume, partially offset by lower warranty expenses. E&D
costs were relatively unchanged at $90.2 million in 2016, compared
with $90.1 million in 2015. As a percent of sales, E&D
was 14.2% and 13.0% in 2016 and 2015, respectively.
SG&A expenses declined $2.8 million in 2016 compared with
2015. As a percent of sales, SG&A expenses were 13.6% and
12.9% for 2016 and 2015, respectively. Lower SG&A
expenses was mostly due to reduced commissions. SG&A
expenses in 2015 benefited from a $1.8 million write-down of a
contingent consideration liability related to an acquisition
earn-out obligation.
The effective tax rate for 2016 was 29.6%, compared with 28.8%
in 2015.
Mr. Gundermann commented, “2016 revenue and margins were
significantly affected by a $54 million revenue decline in our
semiconductor test product line and a $28 million revenue decline
in our avionics and systems certification product lines. The
other parts of our business were able to partially offset these
declines by growing $23 million. We are optimistic that
investments we have been making, including in the product lines
that have shown declines, will reverse those trends, pointing the
way to a much brighter 2017.”
During the fourth quarter, the Company repurchased approximately
5,700 shares at an aggregate cost of $0.2 million under its share
repurchase program. Since the inception of the program in
February 2016, the Company has repurchased approximately 523,000
shares at an aggregate cost of $17.6 million.
Aerospace Segment Review (refer to sales by
market and segment data in accompanying tables)
Aerospace Fourth Quarter 2016 Results
Aerospace segment sales decreased by $8.4 million, or 6.2%, when
compared with the prior year’s fourth quarter to $128.1
million.
The majority of the reduction in Aerospace sales was with
Avionics products. Avionics declined $4.4 million, largely
due to lower sales of satellite antenna systems. Electrical
Power & Motion sales declined $1.9 million, on lower sales of
products to the military market. Additionally, Lighting &
Safety was down $1.8 million on lower aftermarket sales.
Aerospace operating profit for the fourth quarter of 2016 was
$16.9 million, or 13.2% of sales, compared with 13.5% of sales in
the same period last year. Aerospace E&D costs were $20.2
million in the quarter compared with $20.6 million in the same
period last year.
Aerospace orders in the fourth quarter of 2016 were $113.8
million, compared with orders of $121.8 million in the 2015 fourth
quarter. The Aerospace segment book to bill ratio for the
quarter was 0.89. Backlog was $219.1 million at the end of
the fourth quarter of 2016.
Aerospace Year-to-Date 2016 Results
Aerospace segment sales decreased by $15.7 million, or 2.9%,
when compared with the prior year to $534.0 million due to lower
Avionics sales that was offset by growth in other product
categories.
Electrical Power & Motion sales increased $8.7 million, or
3.1%, largely driven by higher sales of in-seat power products and
seat motion products, which were up $7.0 million and $4.3 million,
respectively. Sales of Structures products were up $4.5
million. These increases were offset by a $23.4 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 $4.8 million decrease
in System Certification sales.
Aerospace operating profit for 2016 was $78.0 million, or 14.6%
of sales, compared with $85.1 million, or 15.5% of sales, in the
same period last year. The decrease in operating profit was
the result of lower sales volume, coupled with slightly higher
E&D costs and a general increase in operating costs.
E&D costs for Aerospace were $78.5 million and $77.9 million in
2016 and 2015, respectively. Aerospace SG&A expense
decreased slightly to $60.0 million in 2016, compared with $60.1
million in 2015.
Mr. Gundermann noted, “Our avionics and system certification
product lines suffered a $28 million decline in revenue in 2016
while the rest of the business grew enough to compensate for almost
half of it. We have new products in avionics that are
generating solid enthusiasm in the market, making us optimistic
that 2017 will be a year of growth as the products enter the
market.”
Test Systems Segment Review (refer to sales by
market and segment data in accompanying tables)
Test Systems Fourth Quarter 2016 Results
Test Systems sales in the fourth quarter of 2016 increased
approximately $5.2 million to $26.0 million compared with the same
period in 2015, an increase of 24.8%. Sales to the Aerospace
& Defense market increased $7.0 million compared with the same
period in 2015, which was offset by decreased sales of $1.8 million
to the Semiconductor market.
Operating profit was $2.0 million, or 7.6% of sales, compared
with $0.9 million, or 4.4% of sales, in last year’s fourth
quarter. E&D costs decreased from $3.4 million in the
fourth quarter of 2015 to $2.5 million in the fourth quarter of
2016.
Orders for the Test Systems segment in the quarter were $23.1
million, up $10.3 million, or 79.8%, over the prior year
period. Backlog was $38.9 million at the end of the fourth
quarter of 2016.
Test Systems Year-to-Date 2016 Results
Sales in 2016 decreased 30.5% to $99.1 million compared with
sales of $142.5 million for 2015, due to lower shipments to the
Semiconductor market. Sales to the Semiconductor market
decreased $54.2 million compared with the same period in 2015,
which was partially offset by increased sales of $10.7 million to
the Aerospace & Defense market.
Operating profit was $8.5 million, or 8.6% of sales, compared
with $25.5 million, or 17.9% of sales, in 2015. E&D costs
were $11.7 million in 2016 compared with $12.2 million in the prior
year.
Mr. Gundermann commented, “We obviously struggled with lower
Semiconductor sales in 2016. While we do not yet have the
orders, we are hopeful that 2017 will mark a turnaround in that
business. We have multiple development programs underway with
enthusiastic customers, and anticipate good success in due
course. Meanwhile, our Aerospace & Defense business
posted solid growth of 21% in 2016, and we expect more of the same
in 2017.”
Forecast
Consolidated sales in 2017 are forecasted to be in the range of
$640 million to $720 million. Approximately $560 million to $600
million of revenue is expected from the Aerospace segment. Test
Systems segment revenue for 2017 is expected to be approximately
$80 million to $120 million.
Consolidated backlog at December 31, 2016 was $258.0 million, of
which approximately $230.4 million is expected to ship in 2017.
Mr. Gundermann commented, “We continue to view the future
optimistically. Our Aerospace business continues to benefit
from an impressive range of leading edge capabilities, and our Test
business continues to introduce new technologies that are being
well-received by the industry. We expect that our Aerospace
business will drive over 80% of our revenues in 2017, and that our
Test business will show a solid rebound, driven particularly by
continued innovation in the semiconductor market. Those
details will become clearer as the year progresses.”
The effective tax rate for 2017 is expected to be approximately
29% to 31%.
Capital equipment spending in 2017 is expected to be in the
range of $17 million to $22 million. E&D costs are
estimated to continue at roughly the same rate as 2016.
Fourth 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 13652862. The
telephonic replay will be available from 2:00 p.m. on the day of
the call through Friday, February 24, 2017. 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 |
|
Year Ended |
|
12/31/2016 |
12/31/2015 |
|
12/31/2016 |
12/31/2015 |
Sales |
$ |
154,068 |
|
$ |
157,340 |
|
|
$ |
633,123 |
|
$ |
692,279 |
|
Cost of products
sold |
|
117,582 |
|
|
118,439 |
|
|
|
473,656 |
|
|
504,337 |
|
Gross profit |
|
36,486 |
|
|
38,901 |
|
|
|
159,467 |
|
|
187,942 |
|
Gross margin |
|
23.7 |
% |
|
24.7 |
% |
|
|
25.2 |
% |
|
27.1 |
% |
|
|
|
|
|
|
Selling, general and
administrative |
|
21,082 |
|
|
22,928 |
|
|
|
86,328 |
|
|
89,141 |
|
SG&A % of sales |
|
13.7 |
% |
|
14.6 |
% |
|
|
13.6 |
% |
|
12.9 |
% |
Income from
operations |
|
15,404 |
|
|
15,973 |
|
|
|
73,139 |
|
|
98,801 |
|
Operating margin |
|
10.0 |
% |
|
10.2 |
% |
|
|
11.6 |
% |
|
14.3 |
% |
Interest expense,
net |
|
1,108 |
|
|
1,151 |
|
|
|
4,354 |
|
|
4,751 |
|
Income before tax |
|
14,296 |
|
|
14,822 |
|
|
|
68,785 |
|
|
94,050 |
|
Income tax expense |
|
4,411 |
|
|
915 |
|
|
|
20,361 |
|
|
27,076 |
|
Net
income |
$ |
9,885 |
|
$ |
13,907 |
|
|
$ |
48,424 |
|
$ |
66,974 |
|
Net income % of sales |
|
6.4 |
% |
|
8.8 |
% |
|
|
7.6 |
% |
|
9.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
*Basic earnings per
share: |
$ |
0.34 |
|
$ |
0.47 |
|
|
$ |
1.66 |
|
$ |
2.29 |
|
*Diluted earnings per
share: |
$ |
0.33 |
|
$ |
0.46 |
|
|
$ |
1.61 |
|
$ |
2.22 |
|
|
|
|
|
|
|
*Weighted average
diluted shares outstanding (in thousands) |
|
29,742 |
|
|
30,230 |
|
|
|
30,032 |
|
|
30,179 |
|
|
|
|
|
|
|
Capital
expenditures |
$ |
3,168 |
|
$ |
2,784 |
|
|
$ |
13,037 |
|
$ |
18,641 |
|
Depreciation and
amortization |
$ |
6,333 |
|
$ |
6,478 |
|
|
$ |
25,790 |
|
$ |
25,309 |
|
*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)12/31/2016 |
12/31/2015 |
ASSETS |
|
|
Cash and cash
equivalents |
$ |
17,901 |
$ |
18,561 |
Accounts receivable and
uncompleted contracts |
|
109,415 |
|
95,277 |
Inventories |
|
116,597 |
|
115,467 |
Other current
assets |
|
11,160 |
|
20,662 |
Property, plant and
equipment, net |
|
122,812 |
|
124,742 |
Other long-term
assets |
|
13,149 |
|
10,889 |
Intangible assets,
net |
|
98,103 |
|
108,276 |
Goodwill |
|
115,207 |
|
115,369 |
Total assets |
$ |
604,344 |
$ |
609,243 |
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
Current maturities of
long term debt |
$ |
2,636 |
$ |
2,579 |
Accounts payable and
accrued expenses |
|
60,756 |
|
62,896 |
Customer advances and
deferred revenue |
|
23,168 |
|
38,757 |
Long-term debt |
|
145,484 |
|
167,210 |
Other liabilities |
|
34,851 |
|
37,576 |
Shareholders'
equity |
|
337,449 |
|
300,225 |
Total liabilities and shareholders'
equity |
$ |
604,344 |
$ |
609,243 |
ASTRONICS CORPORATION |
Segment Data |
(Unaudited, $ in thousands) |
|
Three Months Ended |
Year Ended |
|
|
12/31/2016 |
|
12/31/2015 |
|
12/31/2016 |
|
12/31/2015 |
Sales |
|
|
|
|
|
|
|
|
Aerospace |
$ |
|
128,052 |
|
$ |
$ |
136,488 |
|
|
$ |
534,408 |
|
|
$ |
549,738 |
|
Less Inter-segment |
|
|
- |
|
|
|
- |
|
|
|
(367 |
) |
|
|
- |
|
Total Aerospace |
|
|
128,052 |
|
|
|
136,488 |
|
|
|
534,041 |
|
|
|
549,738 |
|
|
|
|
|
|
|
|
|
|
Test Systems |
|
|
26,016 |
|
|
|
20,852 |
|
|
|
99,082 |
|
|
|
142,541 |
|
Total
sales |
|
|
154,068 |
|
|
|
157,340 |
|
|
|
633,123 |
|
|
|
692,279 |
|
|
|
|
|
|
|
|
|
|
Operating profit and
margins |
|
|
|
|
|
|
|
|
Aerospace |
|
|
16,867 |
|
|
|
18,375 |
|
|
|
77,966 |
|
|
|
85,103 |
|
|
|
|
13.2 |
% |
|
|
13.5 |
% |
|
|
14.6 |
% |
|
|
15.5 |
% |
Test Systems |
|
|
1,983 |
|
|
|
911 |
|
|
|
8,507 |
|
|
|
25,529 |
|
|
|
|
7.6 |
% |
|
|
4.4 |
% |
|
|
8.6 |
% |
|
|
17.9 |
% |
Total operating
profit |
|
|
18,850 |
|
|
|
19,286 |
|
|
|
86,473 |
|
|
|
110,632 |
|
|
|
|
12.2 |
% |
|
|
12.3 |
% |
|
|
13.7 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,108 |
|
|
|
1,151 |
|
|
|
4,354 |
|
|
|
4,751 |
|
Corporate expenses and
other |
|
|
3,446 |
|
|
|
3,313 |
|
|
|
13,334 |
|
|
|
11,831 |
|
Income before
taxes |
$ |
$ |
14,296 |
|
$ |
$ |
14,822 |
|
|
$ |
68,785 |
|
$ |
$ |
94,050 |
|
ASTRONICS CORPORATION |
SALES BY MARKET |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
12/31/2016 |
|
12/31/2015 |
|
% change |
|
12/31/2016 |
|
12/31/2015 |
|
% change |
|
2016 YTD |
Aerospace
Segment |
|
|
|
|
|
|
|
|
Commercial Transport |
$ |
104,378 |
|
$ |
112,730 |
|
-7.4 |
% |
|
$ |
435,552 |
|
$ |
455,569 |
|
-4.4 |
% |
|
68.8 |
% |
Military |
|
14,624 |
|
|
11,366 |
|
28.7 |
% |
|
|
54,556 |
|
|
43,295 |
|
26.0 |
% |
|
8.6 |
% |
Business
Jet |
|
5,042 |
|
|
7,600 |
|
-33.7 |
% |
|
|
25,407 |
|
|
32,796 |
|
-22.5 |
% |
|
4.0 |
% |
Other |
|
4,008 |
|
|
4,792 |
|
-16.4 |
% |
|
|
18,526 |
|
|
18,078 |
|
2.5 |
% |
|
2.9 |
% |
Aerospace
Total |
|
128,052 |
|
|
136,488 |
|
-6.2 |
% |
|
|
534,041 |
|
|
549,738 |
|
-2.9 |
% |
|
84.3 |
% |
|
|
|
|
|
|
|
|
|
Test Systems
Segment |
|
|
|
|
|
|
|
|
Semiconductor |
|
4,076 |
|
|
5,912 |
|
-31.1 |
% |
|
|
37,939 |
|
|
92,136 |
|
-58.8 |
% |
|
6.0 |
% |
Aerospace
& Defense |
|
21,940 |
|
|
14,940 |
|
46.9 |
% |
|
|
61,143 |
|
|
50,405 |
|
21.3 |
% |
|
9.7 |
% |
Test Systems
Total |
|
26,016 |
|
|
20,852 |
|
24.8 |
% |
|
|
99,082 |
|
|
142,541 |
|
-30.5 |
% |
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
154,068 |
|
$ |
157,340 |
|
-2.1 |
% |
|
$ |
633,123 |
|
$ |
692,279 |
|
-8.5 |
% |
|
ASTRONICS CORPORATION |
SALES BY PRODUCT LINE |
(Unaudited, $ in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
12/31/2016 |
|
12/31/2015 |
|
% change |
|
12/31/2016 |
|
12/31/2015 |
|
% change |
|
2016 YTD |
|
|
|
|
|
|
|
|
|
Aerospace
Segment |
|
|
|
|
|
|
|
|
Electrical Power & Motion |
$ |
69,250 |
|
$ |
71,173 |
|
-2.7 |
% |
|
$ |
288,465 |
|
$ |
279,752 |
|
3.1 |
% |
|
45.5 |
% |
Lighting & Safety |
|
35,351 |
|
|
37,194 |
|
-5.0 |
% |
|
|
156,871 |
|
|
157,143 |
|
-0.2 |
% |
|
24.8 |
% |
Avionics |
|
10,077 |
|
|
14,521 |
|
-30.6 |
% |
|
|
32,761 |
|
|
56,150 |
|
-41.7 |
% |
|
5.2 |
% |
Systems Certification |
|
3,954 |
|
|
4,853 |
|
-18.5 |
% |
|
|
16,531 |
|
|
21,317 |
|
-22.5 |
% |
|
2.6 |
% |
Structures |
|
5,412 |
|
|
3,955 |
|
36.8 |
% |
|
|
20,887 |
|
|
16,372 |
|
27.6 |
% |
|
3.3 |
% |
Other |
|
4,008 |
|
|
4,792 |
|
-16.4 |
% |
|
|
18,526 |
|
|
19,004 |
|
-2.5 |
% |
|
2.9 |
% |
Aerospace
Total |
|
128,052 |
|
|
136,488 |
|
-6.2 |
% |
|
|
534,041 |
|
|
549,738 |
|
-2.9 |
% |
|
84.3 |
% |
|
|
|
|
|
|
|
|
|
Test
Systems |
|
26,016 |
|
|
20,852 |
|
24.8 |
% |
|
|
99,082 |
|
|
142,541 |
|
-30.5 |
% |
|
15.7 |
% |
|
|
|
|
|
|
|
|
|
Total |
$ |
154,068 |
|
$ |
157,340 |
|
-2.1 |
% |
|
$ |
633,123 |
|
$ |
692,279 |
|
-8.5 |
% |
|
ASTRONICS CORPORATIONORDER
AND BACKLOG TREND(Unaudited, $ in thousands) |
|
|
|
|
|
Q1 2016 |
|
Q2 2016 |
|
Q3 2016 |
|
Q4 2016 |
|
TwelveMonths |
|
|
|
|
|
4/2/16 |
|
7/2/16 |
|
10/1/16 |
|
12/31/16 |
|
12/31/16 |
Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
138,309 |
$ |
142,501 |
$ |
125,179 |
$ |
128,052 |
$ |
534,041 |
Test Systems |
|
|
|
|
21,221 |
|
21,925 |
|
29,920 |
|
26,016 |
|
99,082 |
Total
Sales |
|
|
|
$ |
159,530 |
$ |
164,426 |
$ |
155,099 |
$ |
154,068 |
$ |
633,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bookings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
140,427 |
$ |
163,532 |
$ |
122,821 |
$ |
113,756 |
$ |
540,536 |
Test Systems |
|
|
|
|
21,503 |
|
17,941 |
|
13,694 |
|
23,118 |
|
76,256 |
Total
Bookings |
|
|
|
$ |
161,930 |
$ |
181,473 |
$ |
136,515 |
$ |
136,874 |
$ |
616,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
$ |
214,769 |
$ |
235,800 |
$ |
233,442 |
$ |
219,146 |
|
N/A |
Test Systems |
|
|
|
|
61,995 |
|
58,011 |
|
41,785 |
|
38,887 |
|
N/A |
Total
Backlog |
|
|
|
$ |
276,764 |
$ |
293,811 |
$ |
275,227 |
$ |
258,033 |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book:Bill
Ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace |
|
|
|
|
1.02 |
|
1.15 |
|
0.98 |
|
0.89 |
|
1.01 |
Test Systems |
|
|
|
|
1.01 |
|
0.82 |
|
0.46 |
|
0.89 |
|
0.77 |
Total
Book:Bill |
|
|
|
|
1.02 |
|
1.10 |
|
0.88 |
|
0.89 |
|
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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