- Sales for the quarter were $131.4 million, up 18% over
prior-year period
- Operating loss was $14.3 million, including $4.6 million in
atypical costs, a portion of which is expected to be recovered in
the fourth quarter
- Bookings totaled $184.2 million, up 20% over prior-year
period; achieved book-to-bill ratio of 1.40
- Backlog increased 32% from year end 2021 to a record $547.1
million; Aerospace backlog reached a record $464.3 million
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 nine months ended October 1, 2022.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221115006434/en/
(Graphic: Business Wire)
Peter J. Gundermann, Chairman, President and Chief Executive
Officer, commented, “Our third quarter sales of $131 million were
our highest since the pandemic took hold in early 2020,
significantly exceeding average quarterly revenue of $118 million
in our previous four quarters. It was a lower sales level than we
anticipated, however, due to customer programs that were
rescheduled and certain supply chain challenges. Still, we expect
to see a steeper ramp in the fourth quarter as the supply chain
stabilizes and program schedules are locked down.”
“Demand stayed strong through the quarter, with consolidated
bookings of $184 million. Our cumulative bookings for the last four
quarters were $686 million, easily exceeding shipments during that
same period of $493 million. We ended the third quarter with
another record backlog which supports the step change increase in
sales we expect for the last quarter of 2022.”
He added, “Margins were under pressure in the quarter because of
inflation and supply chain challenges that are widespread these
days, as well as from significant legal and customer accommodation
expenses of $4 million, part of which we expect to recover. Last
year’s third quarter had the benefit of the Aviation Manufacturing
Jobs Protection Program. We are passing on increased material,
labor, and logistics costs where we can, but our ability to respond
in the short term is limited. Encouragingly, we have some evidence
that our supply chain is beginning to loosen up, giving us
confidence that execution in the near future should get easier than
it has been in the recent past.”
Third Quarter Results
Three Months Ended
Nine Months Ended
($ in thousands)
October
1, 2022
October
2, 2021
%
Change
October
1, 2022
October
2, 2021
%
Change
Sales
$
131,438
$
111,841
17.5
%
$
376,741
$
328,856
14.6
%
Loss from Operations
$
(14,314
)
$
(4,498
)
(218.2
) %
$
(26,877
)
$
(19,930
)
(34.9
) %
Operating Margin %
(10.9
) %
(4.0
) %
(7.1
) %
(6.1
) %
Net Gain on Sale of Business
$
—
$
—
$
(11,284
)
$
—
Net Loss
$
(14,857
)
$
(7,174
)
(107.1
) %
$
(28,968
)
$
(27,182
)
(6.6
) %
Net Loss %
(11.3
) %
(6.4
) %
(7.7
) %
(8.3
) %
*Adjusted EBITDA
$
(789
)
$
2,836
(127.8
) %
$
67
$
2,703
(97.5
) %
*Adjusted EBITDA Margin %
(0.6
) %
2.5
%
0.0
%
0.8
%
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see
the attached table for a reconciliation of adjusted EBITDA to GAAP
net income.
Third Quarter 2022 Results (compared with
the prior-year period, unless noted otherwise)
Consolidated sales were up $19.6 million from the third quarter
of 2021. Aerospace sales were up $16.4 million, or 17.1%, while
Test System sales increased $3.2 million.
Consolidated operating loss was $14.3 million, compared with
operating loss of $4.5 million in the prior-year period. Higher
operating loss was the result of material and labor inflation,
addressing supply chain constraints to meet customer requirements
and the lag in price increases implemented where possible to offset
higher costs and product mix. Third quarter 2022 operating loss
also reflects $4.6 million related to the settlement of a
litigation claim, a customer accommodation dispute, and a lease
termination settlement. The Company expects to be indemnified by
other parties for approximately $1.5 million related to the
settlement of the litigation claim and will record the gain as an
offset to SG&A when received, likely in the fourth quarter of
2022. The prior-year period benefited by a $1.1 million offset to
cost of products sold from the Aviation Manufacturing Jobs
Protection (“AMJP”) Program grant.
Tax benefit in the quarter was $2.4 million primarily due to
changes in the year-to-date and forecasted loss before income
taxes.
Consolidated net loss was $14.9 million, or $0.46 per diluted
share, compared with net loss of $7.2 million, or $0.23 per diluted
share, in the prior year.
Consolidated adjusted EBITDA decreased to a loss of $0.8
million, or 0.6% of consolidated sales, compared with adjusted
EBITDA of $2.8 million, or 2.5% of consolidated sales, in the
prior-year period.
Bookings were $184.2 million in the quarter resulting in a
book-to-bill ratio of 1.40:1. Backlog at the end of the quarter
reached another record of $547.1 million for the fourth consecutive
quarter.
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace Third Quarter 2022 Results
(compared with the prior-year period, unless noted
otherwise)
Aerospace segment sales increased $16.4 million, or 17.1%, to
$112.2 million. Commercial aerospace sales increased 36.2%, or
$20.8 million, and drove the improvement. Sales to this market were
$78.4 million compared with $57.5 million in the third quarter of
2021. Improving domestic airline travel that is driving higher
fleet utilization and increased narrowbody production rates drove
demand for Astronics’ products.
General Aviation sales increased $2.6 million, or 21.8%, to
$14.8 million due in part to higher demand in the business jet
market for antenna systems and enhanced vision system products. The
Company expects the strong end user demand in the business jet
industry to drive higher OEM production rates in the near future,
resulting in further increases in demand for its products.
Military Aircraft sales decreased $4.6 million, or 27.0%, to
$12.5 million. The prior-year period benefited from incremental
non-recurring engineering revenue associated with development
programs and higher sales of avionics products.
Other revenue decreased $2.5 million to $6.6 million driven by
decreased contract manufacturing programs.
Aerospace segment operating loss was $6.9 million compared with
operating profit of $1.9 million for the same period last year.
Higher operating losses were driven by inflationary impacts on
input costs and inefficiencies associated with production execution
due to supply chain constraints that restricted shipment volume, as
well as the settlement of a litigation claim and a customer
accommodation dispute that resulted in $4.1 million of expense
during the quarter. We expect to be indemnified by other parties
for approximately $1.5 million related to the litigation claim and
will record that gain when such proceeds are received, likely in
the fourth quarter.
Aerospace bookings in the third quarter of 2022 were $165.7
million for a book-to-bill ratio of 1.48:1. Bookings were up 32%
sequentially, and up 16% over the comparator quarter of 2021,
continuing the strong trend of improvement since the pandemic took
hold. Backlog for the Aerospace segment was a record $464.3 million
at the end of the third quarter of 2022.
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems Third Quarter 2022 Results
(compared with the prior-year period, unless noted
otherwise)
Test Systems segment sales were $19.3 million, up $3.2 million
compared with the prior-year period driven by higher defense
revenue.
Test Systems segment operating loss was $2.3 million compared
with operating loss of $2.2 million in the third quarter of 2021.
Continued lower volume has driven operating losses in the third
quarters of 2022 and 2021. Operating loss in 2022 also included
$0.5 million in lease termination settlement costs.
Bookings for the Test Systems segment in the quarter were $18.4
million, for a book-to-bill ratio of 0.96:1 for the quarter.
Backlog was $82.8 million at the end of the third quarter of
2022.
Mr. Gundermann noted, “Our Test business achieved a big win
during the quarter when we were down-selected by the U.S. Army as
the winner of a major radio test competition. A directed
procurement is underway to finalize the terms of a contract, a
process that is expected to be completed soon. Preliminarily, the
Company expects the program could generate sales of $150 million to
$200 million in the coming years.”
Liquidity and Financing
Cash on hand at the end of the quarter was $2.6 million and
capital expenditures in the quarter were $1.8 million. Net debt was
up to $156.4 million, compared with $133.2 million at the end of
2021.
As of November 11, 2022, the Company had approximately $8.0
million in cash and $25.0 million of total liquidity.
On October 21, 2022, the Company entered into an amended
revolving credit facility with its bank group, under which the
lenders waived their rights against the Company arising from the
Company’s failure to comply with the maximum net leverage ratio and
minimum liquidity covenants, each as of September 30, 2022. The
Amendment increased the maximum aggregate amount that the Company
can borrow under the facility from $170 million to $180 million as
of October 21, 2022, which brought the maximum aggregate amount
available for borrowing by the Company back to the level to which
it had been from September 12, 2022 to October 10, 2022. The
maximum aggregate amount available for borrowing by the Company
would decrease back to $170 million on November 21, 2022.
Furthermore, the amendment required the Company to maintain minimum
liquidity of at least $15 million as of November 21, 2022 and at
least $35 million as of November 30, 2022 and the end of any month
thereafter. Under the provisions of the amendment, the inclusion of
any “going concern” language in the Company’s financial statements
would constitute an event of default.
On November 14, 2022, the Company entered into an amended and
extended revolving credit facility with its bank group. The purpose
of the amendment was to extend the scheduled expiration of the
agreement from August 31, 2023 to November 30, 2023, giving the
Company more time to complete the refinancing of its revolving
credit facility, which it expects to have complete in the coming
weeks. The maximum net leverage ratio is waived for the duration of
the facility. The maximum commitment is set at $180 million, with a
reduction to $170 million at December 21, 2022. The Company will be
required to maintain minimum liquidity of $10 million as of
November 30, 2022 and December 31, 2022, and $15 million at the end
of any month thereafter. The Amended Facility requires the Company
to comply with a minimum trailing twelve month EBITDA covenant, set
at $15 million as of December 31, 2022 and March 31, 2023, and $25
million in each quarter thereafter. We expect to remain in
compliance with these covenants for the duration of the
agreement.
Mr. David C. Burney, “Our refinancing process has taken much
longer than expected given delays with property appraisals as well
as the many elements of the structure. This extension enables us to
continue the process and we expect to complete a new lending
structure before year end.”
2022 and 2023 Outlook
Mr. Gundermann commented, “Increasing sales is critical to
satisfying our customers’ demand, and improving financial results.
Revenue has been starting to ramp and we believe it will accelerate
as we move forward. As previously reported, we are expecting sales
of $140 million to $150 million in the fourth quarter of 2022, an
increase of 10%, or $14 million, at the midpoint over the trailing
third quarter. This would result in estimated 2022 sales to be up
approximately 17% from last year’s revenue of $445 million. While
disappointed with the lower sales level for the year than we had
previously anticipated, we remain very encouraged with the demand
for our products, our position in the industry and the significant
opportunities in which we are engaged.”
He continued, “Our initial look at 2023 suggests sales of $640
million to $680 million. This expectation is supported by
cumulative bookings of $686 million over the last four quarters and
our record backlog of $547 million. Our supply chain has been a
challenge during the last year, but we now see clear signs of
improvement and anticipate continued recovery over the course of
2023.”
Planned capital expenditures for 2022 are expected to be
approximately $9 million to $10 million.
Third Quarter 2022 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 (201)
493-6784. 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 13734416. The
telephonic replay will be available from 7:45 p.m. on the day of
the call through Tuesday, November 29, 2022. 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 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 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
Nine
Months Ended
10/1/2022
10/2/2021
10/1/2022
10/2/2021
Sales
$
131,438
$
111,841
$
376,741
$
328,856
Cost of products sold
117,050
94,610
326,711
281,957
Gross profit
14,388
17,231
50,030
46,899
Gross margin
10.9
%
15.4
%
13.3
%
14.3
%
Selling, general and administrative 1
28,702
21,729
76,907
66,829
SG&A % of sales
21.8
%
19.4
%
20.4
%
20.3
%
Loss from operations
(14,314
)
(4,498
)
(26,877
)
(19,930
)
Operating margin
(10.9
) %
(4.0
) %
(7.1
) %
(6.1
) %
Net gain on sale of business
—
—
(11,284
)
—
Other expense, net of other income
427
546
1,180
1,627
Interest expense, net
2,519
1,795
5,812
5,252
Loss before tax
(17,260
)
(6,839
)
(22,585
)
(26,809
)
Income tax (benefit) expense
(2,403
)
335
6,383
373
Net loss
$
(14,857
)
$
(7,174
)
$
(28,968
)
$
(27,182
)
Net loss % of sales
(11.3
) %
(6.4
) %
(7.7
) %
(8.3
) %
*Basic loss per share:
$
(0.46
)
$
(0.23
)
$
(0.90
)
$
(0.88
)
*Diluted loss per share:
$
(0.46
)
$
(0.23
)
$
(0.90
)
$
(0.88
)
*Weighted average diluted shares
outstanding (in thousands)
32,241
30,954
32,085
30,927
Capital expenditures 2
$
1,790
$
1,073
$
4,283
$
4,639
Depreciation and amortization
$
6,817
$
7,071
$
20,905
$
21,950
1 Includes fair value adjustment of contingent consideration
liabilities, which was a $2.2 million benefit in the nine months
ended October 2, 2021.
2 Excludes $1.4 million of capital expenditures in accounts
payable at October 1, 2022.
ASTRONICS CORPORATION
SEGMENT
DATA
(Unaudited, $ in thousands)
Three
Months Ended
Nine
Months Ended
10/1/2022
10/2/2021
10/1/2022
10/2/2021
Sales
Aerospace
$
112,177
$
95,775
$
322,871
$
266,425
Less inter-segment
—
(9
)
(10
)
(23
)
Total Aerospace
112,177
95,766
322,861
266,402
Test Systems
19,261
16,128
53,899
62,811
Less inter-segment
—
(53
)
(19
)
(357
)
Total Test Systems
19,261
16,075
53,880
62,454
Total consolidated sales
131,438
111,841
376,741
328,856
Segment operating loss and
margins
Aerospace
(6,859
)
1,917
(7,085
)
(6,352
)
(6.1
) %
2.0
%
(2.2
) %
(2.4
) %
Test Systems
(2,312
)
(2,201
)
(4,125
)
(1,958
)
(12.0
) %
(13.7
) %
(7.7
) %
(3.1
) %
Total segment operating loss
(9,171
)
(284
)
(11,210
)
(8,310
)
Net gain on sale of business
—
—
(11,284
)
—
Interest expense
2,519
1,795
5,812
5,252
Corporate expenses and other 1
5,570
4,760
16,847
13,247
Loss before taxes
$
(17,260
)
$
(6,839
)
$
(22,585
)
$
(26,809
)
1 Includes fair value adjustment of contingent consideration
liabilities, which was a $2.2 million benefit in the nine months
ended October 2, 2021.
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, customer accommodation settlements,
lease termination settlements, restructuring charges, fair value
adjustments to the valuation of contingent consideration
liabilities, 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
Nine
Months Ended
10/1/2022
10/2/2021
10/1/2022
10/2/2021
Net loss
$
(14,857
)
$
(7,174
)
$
(28,968
)
$
(27,182
)
Add back (deduct):
Interest expense
2,519
1,795
5,812
5,252
Income tax expense (benefit)
(2,403
)
335
6,383
373
Depreciation and amortization expense
6,817
7,071
20,905
21,950
Equity-based compensation expense
1,457
1,446
5,178
5,147
Contingent consideration liability fair
value adjustment
—
—
—
(2,200
)
Restructuring-related charges including
severance
25
492
199
492
Legal reserve, settlements and
recoveries
2,000
—
2,000
—
Customer accommodation settlement
2,100
—
2,100
—
Lease termination settlement
450
—
450
—
Non-cash accrued 401K contribution
1,103
—
3,300
—
AMJP grant benefit
—
(1,129
)
(6,008
)
(1,129
)
Net gain on sale of business
—
—
(11,284
)
—
Adjusted EBITDA
$
(789
)
$
2,836
$
67
$
2,703
Sales
$
131,438
$
111,841
$
376,741
$
328,856
Adjusted EBITDA margin
(0.6
) %
2.5
%
0.0
%
0.8
%
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
(unaudited)
10/1/2022
12/31/2021
ASSETS
Cash and cash equivalents
$
2,568
$
29,757
Accounts receivable and uncompleted
contracts
133,835
107,439
Inventories
190,198
157,576
Other current assets
20,736
45,089
Property, plant and equipment, net
90,640
95,236
Other long-term assets
19,953
21,439
Intangible assets, net
82,814
94,320
Goodwill
58,143
58,282
Total assets
$
598,887
$
609,138
LIABILITIES AND
SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses
$
104,440
$
91,257
Customer advances and deferred revenue
29,048
27,356
Long-term debt
159,000
163,000
Other liabilities
69,311
70,921
Shareholders' equity
237,088
256,604
Total liabilities and shareholders'
equity
$
598,887
$
609,138
ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
(Unaudited, $ in thousands)
Nine Months Ended
(Unaudited, $ in thousands)
10/1/2022
10/2/2021
Cash flows from operating
activities:
Net loss
$
(28,968
)
$
(27,182
)
Adjustments to reconcile net loss to cash
from operating activities:
Depreciation and amortization
20,905
21,950
Provisions for non-cash losses on
inventory and receivables
1,033
2,750
Equity-based compensation expense
5,178
5,147
Non-cash accrued 401(k) contribution
3,300
—
Deferred tax benefit
—
(145
)
Non-cash severance expense
—
182
Operating lease non-cash expense
4,568
3,783
Non-cash litigation provision
2,000
—
Net gain on sale of business, before
taxes
(11,284
)
—
Contingent consideration liability fair
value adjustment
—
(2,200
)
Other
2,997
3,010
Cash flows from changes in operating
assets and liabilities:
Accounts receivable
(28,196
)
(15,027
)
Inventories
(35,444
)
(3,255
)
Accounts payable
17,595
(1,883
)
Accrued expenses
638
1,733
Other current assets and liabilities
(4,015
)
(666
)
Customer advance payments and deferred
revenue
1,990
(2,215
)
Income taxes
14,583
217
Operating lease liabilities
(5,715
)
(4,395
)
Supplemental retirement plan and other
liabilities
(306
)
(304
)
Cash flows from operating activities
(39,141
)
(18,500
)
Cash flows from investing
activities:
Proceeds on sale of business and
assets
21,981
30
Capital expenditures
(4,283
)
(4,639
)
Cash flows from investing activities
17,698
(4,609
)
Cash flows from financing
activities:
Proceeds from long-term debt
109,625
20,000
Principal payments on long-term debt
(113,625
)
(10,000
)
Stock award activity
104
3,187
Finance lease principal payments
(85
)
(878
)
Debt acquisition costs
(968
)
—
Cash flows from financing activities
(4,949
)
12,309
Effect of exchange rates on cash
(797
)
(521
)
Decrease in cash and cash equivalents
(27,189
)
(11,321
)
Cash and cash equivalents at beginning of
period
29,757
40,412
Cash and cash equivalents at end of
period
$
2,568
$
29,091
Supplemental Disclosure of Cash Flow
Information
Non-Cash Investing Activities:
Capital Expenditures in Accounts
Payable
$
1,392
$
—
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three
Months Ended
Nine
Months Ended
10/1/2022
10/2/2021
%
Change
10/1/2022
10/2/2021
%
Change
% of
Sales
Aerospace Segment
Commercial Transport
$
78,389
$
57,549
36.2
%
$
211,721
$
143,550
47.5
%
56.2
%
Military
12,463
17,064
(27.0
) %
41,336
54,847
(24.6
) %
11.0
%
General Aviation
14,751
12,109
21.8
%
48,748
41,131
18.5
%
12.9
%
Other
6,574
9,044
(27.3
) %
21,056
26,874
(21.6
) %
5.6
%
Aerospace Total
112,177
95,766
17.1
%
322,861
266,402
21.2
%
85.7
%
Test Systems Segment
19,261
16,075
19.8
%
53,880
62,454
(13.7
) %
14.3
%
Total Sales
$
131,438
$
111,841
17.5
%
$
376,741
$
328,856
14.6
%
SALES BY
PRODUCT LINE
(Unaudited, $ in thousands)
Three
Months Ended
Nine
Months Ended
10/1/2022
10/2/2021
%
Change
10/1/2022
10/2/2021
%
Change
% of
Sales
Aerospace Segment
Electrical Power & Motion
$
46,155
$
38,650
19.4
%
$
132,757
$
102,742
29.2
%
35.2
%
Lighting & Safety
29,740
25,461
16.8
%
90,339
76,929
17.4
%
24.0
%
Avionics
24,172
14,491
66.8
%
67,453
47,355
42.4
%
17.9
%
Systems Certification
3,985
6,099
(34.7
) %
6,656
7,937
(16.1
) %
1.8
%
Structures
1,551
2,021
(23.3
) %
4,600
4,565
0.8
%
1.2
%
Other
6,574
9,044
(27.3
) %
21,056
26,874
(21.6
) %
5.6
%
Aerospace Total
112,177
95,766
17.1
%
322,861
266,402
21.2
%
85.7
%
Test Systems Segment
19,261
16,075
19.8
%
53,880
62,454
(13.7
) %
14.3
%
Total Sales
$
131,438
$
111,841
17.5
%
$
376,741
$
328,856
14.6
%
ASTRONICS CORPORATION
ORDER AND BACKLOG
TREND
(Unaudited, $ in thousands)
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Trailing Twelve Months
12/31/2021
4/2/2022
7/2/2022
10/1/2022
10/1/2022
Sales
Aerospace
$
98,836
$
101,394
$
109,290
$
112,177
$
421,697
Test Systems
17,216
14,782
19,837
19,261
71,096
Total Sales
$
116,052
$
116,176
$
129,127
$
131,438
$
492,793
Bookings
Aerospace
$
147,689
$
160,778
$
126,012
$
165,719
$
600,198
Test Systems
29,651
14,844
22,377
18,433
85,305
Total Bookings
$
177,340
$
175,622
$
148,389
$
184,152
$
685,503
Backlog
Aerospace
$
334,659
$
394,043
$
410,765
$
464,307
Test Systems
81,033
81,095
83,635
82,807
Total Backlog
$
415,692
$
475,138
$
494,400
$
547,114
N/A
Book:Bill Ratio
Aerospace
1.49
1.59
1.15
1.48
1.42
Test Systems
1.72
1.00
1.13
0.96
1.20
Total Book:Bill
1.53
1.51
1.15
1.40
1.39
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221115006434/en/
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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