Astronics Corporation Reports 2023 Fourth Quarter and Full Year Financial Results
-
Sales grew 23.5% to
$195.3 million in the quarter and were up 28.8% to$689.2 million for the full year -
Operating income was
$7.8 million in the quarter, or 4.0% of sales -
Net income for the quarter was
$7.0 million , or$0.20 per diluted share, including a$5.4 million , or$0.16 per diluted share, tax benefit -
Adjusted EBITDA1 was
$24.8 million , or 12.7% of sales, a 780 basis point improvement over the fourth quarter of the prior year -
Bookings in the quarter were
$183.3 million ; 2023 bookings totaled$724.2 million -
Aerospace achieved its eighth consecutive record backlog of
$517.2 million -
2024 revenue expected to be approximately
$760 million to$795 million
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240228787644/en/
Astronics Segment Sales and Bookings (Graphic: Business Wire)
1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income.
Fourth Quarter Results
|
Three Months Ended |
|
Year Ended |
|||||||||||||||||||
($ in thousands) |
December
|
December
|
% Change |
|
December
|
December
|
% Change |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Sales |
$ |
195,292 |
|
$ |
158,153 |
|
23.5 |
% |
|
$ |
689,206 |
|
$ |
534,894 |
|
28.8 |
% |
|||||
Income (loss) from operations |
$ |
7,782 |
|
$ |
(3,167 |
) |
345.7 |
% |
|
$ |
(6,671 |
) |
$ |
(30,044 |
) |
77.8 |
% |
|||||
Operating margin % |
|
4.0 |
% |
|
(2.0 |
)% |
|
|
|
(1.0 |
)% |
|
(5.6 |
)% |
|
|||||||
Net gain on sale of businesses |
$ |
— |
|
$ |
— |
|
|
|
$ |
3,427 |
|
$ |
11,284 |
|
|
|||||||
Net income (loss) |
$ |
6,976 |
|
$ |
(6,779 |
) |
202.9 |
% |
|
$ |
(26,421 |
) |
$ |
(35,747 |
) |
26.1 |
% |
|||||
Net income (loss) % of sales |
|
3.6 |
% |
|
(4.3 |
)% |
|
|
|
(3.8 |
)% |
|
(6.7 |
)% |
|
|||||||
|
|
|
|
|
|
|
|
|||||||||||||||
*Adjusted EBITDA |
$ |
24,830 |
|
$ |
7,800 |
|
218.3 |
% |
|
$ |
55,579 |
|
$ |
11,307 |
|
391.5 |
% |
|||||
*Adjusted EBITDA margin % |
|
12.7 |
% |
|
4.9 |
% |
|
|
|
8.1 |
% |
|
2.1 |
% |
|
*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of Adjusted EBITDA to GAAP net income (loss).
Fourth Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Consolidated sales were up
Consolidated operating income was
Interest expense was
Consolidated net income was
Consolidated adjusted EBITDA increased to
Bookings were
Aerospace Segment Review (refer to sales by market and segment data in accompanying tables)
Aerospace Fourth Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales increased
Aerospace segment operating profit of
Aerospace bookings were
Test Systems Segment Review (refer to sales by market and segment data in accompanying tables)
Test Systems Fourth Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales were
Test Systems segment operating loss was
Bookings for the Test Systems segment in the quarter were
Liquidity and Financing
Cash on hand at the end of the quarter was
Cash used by operations was
During the quarter, under its at-the-market offering, the Company sold 500,000 shares at an average price of
He continued, “Our business is operating more smoothly and predictably with each passing quarter. As we are improving, we have reinitiated certain compensation and incentive programs that were suspended since the beginning of the pandemic. These programs normally pay out in cash, but are being paid in stock for now due to our cash position. We will revert to cash payments as liquidity allows.”
2024 Outlook
The Company expects 2024 revenue to be approximately
Backlog at the end of the fourth quarter was
Planned capital expenditures for 2024 are expected to be in the range of
Fourth Quarter 2023 Webcast and Conference Call
The Company will host a teleconference today at
The
About
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, the productivity of manufacturing personnel and efficiency of staff, the effectiveness on profitability of cost reduction efforts, the timing of receipt of task orders or future orders, the continued momentum in the business and favorable tailwinds, 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 impact of global pandemics and related governmental and other actions taken in response, the 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
FINANCIAL TABLES FOLLOW
|
||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS DATA |
||||||||||||||
(Unaudited, $ in thousands except per share data) |
||||||||||||||
|
|
|
|
|||||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|||||||||
Sales1 |
$ |
195,292 |
|
$ |
158,153 |
|
|
$ |
689,206 |
|
$ |
534,894 |
|
|
Cost of products sold2 |
|
155,319 |
|
|
136,643 |
|
|
|
568,410 |
|
|
463,354 |
|
|
Gross profit |
|
39,973 |
|
|
21,510 |
|
|
|
120,796 |
|
|
71,540 |
|
|
Gross margin |
|
20.5 |
% |
|
13.6 |
% |
|
|
17.5 |
% |
|
13.4 |
% |
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative3 |
|
32,191 |
|
|
24,677 |
|
|
|
127,467 |
|
|
101,584 |
|
|
SG&A % of sales |
|
16.5 |
% |
|
15.6 |
% |
|
|
18.5 |
% |
|
19.0 |
% |
|
Income (loss) from operations |
|
7,782 |
|
|
(3,167 |
) |
|
|
(6,671 |
) |
|
(30,044 |
) |
|
Operating margin |
|
4.0 |
% |
|
(2.0 |
)% |
|
|
(1.0 |
)% |
|
(5.6 |
)% |
|
|
|
|
|
|
|
|||||||||
Net gain on sale of business4 |
|
— |
|
|
— |
|
|
|
3,427 |
|
|
11,284 |
|
|
Other expense (income)5 |
|
301 |
|
|
431 |
|
|
|
(261 |
) |
|
1,611 |
|
|
Interest expense, net |
|
5,947 |
|
|
3,610 |
|
|
|
23,328 |
|
|
9,422 |
|
|
Income (loss) before tax |
|
1,534 |
|
|
(7,208 |
) |
|
|
(26,311 |
) |
|
(29,793 |
) |
|
Income tax (benefit) expense |
|
(5,442 |
) |
|
(429 |
) |
|
|
110 |
|
|
5,954 |
|
|
Net income (loss) |
$ |
6,976 |
|
$ |
(6,779 |
) |
|
$ |
(26,421 |
) |
$ |
(35,747 |
) |
|
Net income (loss) % of sales |
|
3.6 |
% |
|
(4.3 |
)% |
|
|
(3.8 |
)% |
|
(6.7 |
)% |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
Basic earnings (loss) per share: |
$ |
0.20 |
|
$ |
(0.21 |
) |
|
$ |
(0.80 |
) |
$ |
(1.11 |
) |
|
Diluted earnings (loss) per share: |
$ |
0.20 |
|
$ |
(0.21 |
) |
|
$ |
(0.80 |
) |
$ |
(1.11 |
) |
|
|
|
|
|
|
|
|||||||||
Weighted average diluted shares outstanding (in thousands) |
|
34,512 |
|
|
32,401 |
|
|
|
33,104 |
|
|
32,164 |
|
|
|
|
|
|
|
|
|||||||||
Capital expenditures |
$ |
1,606 |
|
$ |
3,392 |
|
|
$ |
7,643 |
|
$ |
7,675 |
|
|
Depreciation and amortization |
$ |
6,346 |
|
$ |
6,872 |
|
|
$ |
26,104 |
|
$ |
27,777 |
|
1 In the year ended
2 In the year ended
3 Selling, general and administrative expense in the year ended
4 Net gain on sale of business for the year ended
5 Other expense (income) for the year ended
Reconciliation to Non-GAAP Performance Measures
In addition to reporting net income, a
|
|||||||||||||||
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA |
|||||||||||||||
(Unaudited, $ in thousands) |
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
Consolidated |
||||||||||||||
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
$ |
6,976 |
|
|
$ |
(6,779 |
) |
|
$ |
(26,421 |
) |
|
$ |
(35,747 |
) |
Add back (deduct): |
|
|
|
|
|
|
|
||||||||
Interest expense |
|
5,947 |
|
|
|
3,610 |
|
|
|
23,328 |
|
|
|
9,422 |
|
Income tax (benefit) expense |
|
(5,442 |
) |
|
|
(429 |
) |
|
|
110 |
|
|
|
5,954 |
|
Depreciation and amortization expense |
|
6,346 |
|
|
|
6,872 |
|
|
|
26,104 |
|
|
|
27,777 |
|
Equity-based compensation expense |
|
1,595 |
|
|
|
1,319 |
|
|
|
7,198 |
|
|
|
6,497 |
|
Non-cash stock bonus expense |
|
4,249 |
|
|
|
— |
|
|
|
4,249 |
|
|
|
— |
|
Equity investment accrued payable write-off |
|
— |
|
|
|
— |
|
|
|
(1,800 |
) |
|
|
— |
|
Restructuring-related charges including severance |
|
— |
|
|
|
— |
|
|
|
564 |
|
|
|
199 |
|
Legal reserve, settlements and recoveries |
|
— |
|
|
|
(1,500 |
) |
|
|
(2,532 |
) |
|
|
500 |
|
Customer accommodation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,100 |
|
Lease termination settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
450 |
|
Litigation-related legal expenses |
|
3,826 |
|
|
|
3,495 |
|
|
|
17,850 |
|
|
|
6,935 |
|
Non-cash 401K contribution accrual |
|
1,333 |
|
|
|
1,212 |
|
|
|
5,106 |
|
|
|
4,512 |
|
AMJP grant benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,008 |
) |
Net gain on sale of business |
|
— |
|
|
|
— |
|
|
|
(3,427 |
) |
|
|
(11,284 |
) |
Non-cash reserves for customer bankruptcy |
|
— |
|
|
|
— |
|
|
|
11,074 |
|
|
|
— |
|
Deferred liability recovery |
|
— |
|
|
|
— |
|
|
|
(5,824 |
) |
|
|
— |
|
Adjusted EBITDA |
$ |
24,830 |
|
|
$ |
7,800 |
|
|
$ |
55,579 |
|
|
$ |
11,307 |
|
|
|
|
|
|
|
|
|
||||||||
Sales |
$ |
195,292 |
|
|
$ |
158,153 |
|
|
$ |
689,206 |
|
|
$ |
534,894 |
|
Adjusted EBITDA margin |
|
12.7 |
% |
|
|
4.9 |
% |
|
|
8.1 |
% |
|
|
2.1 |
% |
|
|
|
|
|
|
||||||
CONSOLIDATED BALANCE SHEET DATA |
||||||
($ in thousands) |
||||||
|
(unaudited) |
|
|
|||
|
|
|
|
|||
ASSETS |
|
|
|
|||
Cash and cash equivalents |
$ |
4,756 |
|
$ |
13,778 |
|
Restricted cash |
|
6,557 |
|
|
— |
|
Accounts receivable and uncompleted contracts |
|
172,108 |
|
|
147,790 |
|
Inventories |
|
191,801 |
|
|
187,983 |
|
Other current assets |
|
14,560 |
|
|
15,743 |
|
Property, plant and equipment, net |
|
85,436 |
|
|
90,658 |
|
Other long-term assets |
|
34,944 |
|
|
21,633 |
|
Intangible assets, net |
|
65,420 |
|
|
79,277 |
|
|
|
58,210 |
|
|
58,169 |
|
Total assets |
$ |
633,792 |
|
$ |
615,031 |
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|||
Current maturities of long-term debt |
$ |
8,996 |
|
$ |
4,500 |
|
Accounts payable and accrued expenses |
|
112,309 |
|
|
114,545 |
|
Customer advances and deferred revenue |
|
22,029 |
|
|
32,567 |
|
Long-term debt |
|
159,237 |
|
|
159,500 |
|
Other liabilities |
|
81,703 |
|
|
63,999 |
|
Shareholders' equity |
|
249,518 |
|
|
239,920 |
|
Total liabilities and shareholders' equity |
$ |
633,792 |
|
$ |
615,031 |
|
|
||||||||
CONSOLIDATED CASH FLOWS DATA |
||||||||
|
Year Ended |
|||||||
(Unaudited, $ in thousands) |
|
|
|
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net loss |
$ |
(26,421 |
) |
|
$ |
(35,747 |
) |
|
Adjustments to reconcile net loss to cash flows from operating activities: |
|
|
|
|||||
Non-cash items: |
|
|
|
|||||
Depreciation and amortization |
|
26,104 |
|
|
|
27,777 |
|
|
Amortization of deferred financing fees |
|
3,023 |
|
|
|
— |
|
|
Provisions for non-cash losses on inventory and receivables |
|
16,003 |
|
|
|
3,415 |
|
|
Equity-based compensation expense |
|
7,198 |
|
|
|
6,497 |
|
|
Deferred tax expense |
|
146 |
|
|
|
19 |
|
|
Operating lease non-cash expense |
|
5,088 |
|
|
|
6,028 |
|
|
Non-cash accrued 401K contribution |
|
5,106 |
|
|
|
4,512 |
|
|
Non-cash accrued stock bonus expense |
|
4,249 |
|
|
|
— |
|
|
Net gain on sale of business, before taxes |
|
(3,427 |
) |
|
|
(11,284 |
) |
|
Non-cash litigation provision adjustment |
|
(1,305 |
) |
|
|
500 |
|
|
Non-cash deferred liability recovery |
|
(5,824 |
) |
|
|
— |
|
|
Other |
|
1,913 |
|
|
|
3,086 |
|
|
Changes in operating assets and liabilities providing (using) cash: |
|
|
|
|||||
Accounts receivable |
|
(31,872 |
) |
|
|
(41,646 |
) |
|
Inventories |
|
(13,283 |
) |
|
|
(34,058 |
) |
|
Accounts payable |
|
(4,495 |
) |
|
|
27,843 |
|
|
Accrued expenses |
|
4,634 |
|
|
|
1,193 |
|
|
Income taxes |
|
(1,949 |
) |
|
|
16,134 |
|
|
Customer advanced payments and deferred revenue |
|
(4,835 |
) |
|
|
5,264 |
|
|
Operating lease liabilities |
|
(4,880 |
) |
|
|
(7,295 |
) |
|
Supplemental retirement plan liabilities |
|
(408 |
) |
|
|
(405 |
) |
|
Other assets and liabilities |
|
1,285 |
|
|
|
(145 |
) |
|
Net cash used by operating activities |
|
(23,950 |
) |
|
|
(28,312 |
) |
|
Cash flows from investing activities: |
|
|
|
|||||
Proceeds from sales of businesses and assets |
|
3,537 |
|
|
|
22,061 |
|
|
Capital expenditures |
|
(7,643 |
) |
|
|
(7,675 |
) |
|
Net cash (used) provided by investing activities |
|
(4,106 |
) |
|
|
14,386 |
|
|
Cash flows from financing activities: |
|
|
|
|||||
Proceeds from long-term debt |
|
139,732 |
|
|
|
125,825 |
|
|
Principal payments on long-term debt |
|
(131,233 |
) |
|
|
(124,825 |
) |
|
Stock award and employee stock purchase plan (“ESPP”) activity |
|
2,476 |
|
|
|
97 |
|
|
Proceeds from at-the-market (“ATM”) stock sales |
|
21,269 |
|
|
|
— |
|
|
Finance lease principal payments |
|
(47 |
) |
|
|
(93 |
) |
|
Debt acquisition costs |
|
(6,762 |
) |
|
|
(2,416 |
) |
|
Net cash provided (used) by financing activities |
|
25,435 |
|
|
|
(1,412 |
) |
|
Effect of exchange rates on cash |
|
156 |
|
|
|
(641 |
) |
|
Decrease in cash and cash equivalents and restricted cash |
|
(2,465 |
) |
|
|
(15,979 |
) |
|
Cash and cash equivalents and restricted cash at beginning of year |
|
13,778 |
|
|
|
29,757 |
|
|
Cash and cash equivalents and restricted cash at end of year |
$ |
11,313 |
|
|
$ |
13,778 |
|
|
|
||||||||||||||
SEGMENT DATA |
||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||
|
|
|
|
|
|
|||||||||
|
Three Months Ended |
|
Year Ended |
|||||||||||
|
|
|
|
|
|
|||||||||
Sales |
|
|
|
|
|
|||||||||
Aerospace |
$ |
168,784 |
|
$ |
138,335 |
|
|
$ |
605,001 |
|
$ |
461,206 |
|
|
Less Inter-segment |
|
(37 |
) |
|
— |
|
|
|
(171 |
) |
|
(10 |
) |
|
|
|
168,747 |
|
|
138,335 |
|
|
|
604,830 |
|
|
461,196 |
|
|
|
|
|
|
|
|
|||||||||
Test Systems1 |
|
26,545 |
|
|
19,818 |
|
|
|
84,376 |
|
|
73,717 |
|
|
Less Inter-segment |
|
— |
|
|
— |
|
|
|
— |
|
|
(19 |
) |
|
Total Test Systems |
|
26,545 |
|
|
19,818 |
|
|
|
84,376 |
|
|
73,698 |
|
|
|
|
|
|
|
|
|||||||||
Total consolidated sales |
|
195,292 |
|
|
158,153 |
|
|
|
689,206 |
|
|
534,894 |
|
|
|
|
|
|
|
|
|||||||||
Segment operating profit (loss) and margins |
|
|
|
|
|
|||||||||
Aerospace2 |
|
14,287 |
|
|
5,202 |
|
|
|
24,629 |
|
|
(1,883 |
) |
|
|
|
8.5 |
% |
|
3.8 |
% |
|
|
4.1 |
% |
|
(0.4 |
)% |
|
Test Systems1 |
|
(224 |
) |
|
(3,993 |
) |
|
|
(8,745 |
) |
|
(8,118 |
) |
|
|
|
(0.8 |
)% |
|
(20.1 |
)% |
|
|
(10.4 |
)% |
|
(11.0 |
)% |
|
Total segment operating profit (loss) |
|
14,063 |
|
|
1,209 |
|
|
|
15,884 |
|
|
(10,001 |
) |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
Net gain on sale of business |
|
— |
|
|
— |
|
|
|
3,427 |
|
|
11,284 |
|
|
Interest expense |
|
5,947 |
|
|
3,610 |
|
|
|
23,328 |
|
|
9,422 |
|
|
Corporate expenses and other3 |
|
6,582 |
|
|
4,807 |
|
|
|
22,294 |
|
|
21,654 |
|
|
Income (loss) before taxes |
$ |
1,534 |
|
$ |
(7,208 |
) |
|
$ |
(26,311 |
) |
$ |
(29,793 |
) |
1 In the year ended
2 Aerospace segment operating profit in the year ended
3 Corporate expenses and other for the year ended
|
||||||||||||||||
SALES BY MARKET |
||||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Three Months Ended |
Year Ended |
2023 YTD |
|||||||||||||
|
|
% change |
|
|
% change |
% of Sales |
||||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
||||||||
|
$ |
124,183 |
$ |
102,843 |
20.8 |
% |
|
$ |
432,199 |
$ |
314,564 |
37.4 |
% |
62.8 |
% |
|
Military Aircraft |
|
17,282 |
|
13,198 |
30.9 |
% |
|
|
61,617 |
|
54,534 |
13.0 |
% |
8.9 |
% |
|
|
|
20,186 |
|
14,647 |
37.8 |
% |
|
|
80,842 |
|
63,395 |
27.5 |
% |
11.7 |
% |
|
Other |
|
7,096 |
|
7,647 |
(7.2 |
)% |
|
|
30,172 |
|
28,703 |
5.1 |
% |
4.4 |
% |
|
Aerospace Total |
|
168,747 |
|
138,335 |
22.0 |
% |
|
|
604,830 |
|
461,196 |
31.1 |
% |
87.8 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Test Systems Segment1 |
|
|
|
|
|
|
|
|
||||||||
Government & Defense |
|
26,545 |
|
19,818 |
33.9 |
% |
|
|
84,376 |
|
73,698 |
14.5 |
% |
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Sales |
$ |
195,292 |
$ |
158,153 |
23.5 |
% |
|
$ |
689,206 |
$ |
534,894 |
28.8 |
% |
|
||
SALES BY PRODUCT LINE |
||||||||||||||||
(Unaudited, $ in thousands) |
||||||||||||||||
|
|
|
|
|
||||||||||||
|
Three Months Ended |
|
Year Ended |
2023 YTD |
||||||||||||
|
1 |
|
% change |
|
|
|
% change |
% of Sales |
||||||||
Aerospace Segment |
|
|
|
|
|
|
|
|
||||||||
|
$ |
82,337 |
$ |
54,689 |
50.6 |
% |
|
$ |
268,049 |
$ |
187,446 |
43.0 |
% |
39.0 |
% |
|
Lighting & Safety |
|
40,467 |
|
34,008 |
19.0 |
% |
|
|
157,434 |
|
124,347 |
26.6 |
% |
22.8 |
% |
|
Avionics |
|
30,106 |
|
29,781 |
1.1 |
% |
|
|
113,117 |
|
97,234 |
16.3 |
% |
16.4 |
% |
|
Systems Certification |
|
6,423 |
|
10,566 |
(39.2 |
)% |
|
|
26,255 |
|
17,222 |
52.5 |
% |
3.8 |
% |
|
Structures |
|
2,318 |
|
1,644 |
41.0 |
% |
|
|
9,803 |
|
6,244 |
57.0 |
% |
1.4 |
% |
|
Other |
|
7,096 |
|
7,647 |
(7.2 |
)% |
|
|
30,172 |
|
28,703 |
5.1 |
% |
4.4 |
% |
|
Aerospace Total |
|
168,747 |
|
138,335 |
22.0 |
% |
|
|
604,830 |
|
461,196 |
31.1 |
% |
87.8 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Test Systems Segment1 |
|
26,545 |
|
19,818 |
33.9 |
% |
|
|
84,376 |
|
73,698 |
14.5 |
% |
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Sales |
$ |
195,292 |
$ |
158,153 |
23.5 |
% |
|
$ |
689,206 |
$ |
534,894 |
28.8 |
% |
|
||
1 Test Systems sales in the year ended
|
|||||||||||
ORDER AND BACKLOG TREND |
|||||||||||
(Unaudited, $ in thousands) |
|||||||||||
|
Q1
|
Q2
|
Q3
|
Q4
|
Trailing Twelve
|
||||||
|
|
|
|
|
|
||||||
Sales |
|
|
|
|
|
||||||
Aerospace |
$ |
135,597 |
$ |
158,382 |
$ |
142,104 |
$ |
168,747 |
$ |
604,830 |
|
Test Systems1 |
|
20,941 |
|
16,072 |
|
20,818 |
|
26,545 |
|
84,376 |
|
Total Sales1 |
$ |
156,538 |
$ |
174,454 |
$ |
162,922 |
$ |
195,292 |
$ |
689,206 |
|
|
|
|
|
|
|
||||||
Bookings |
|
|
|
|
|
||||||
Aerospace |
$ |
150,096 |
$ |
188,800 |
$ |
153,272 |
$ |
172,106 |
$ |
664,274 |
|
Test Systems |
|
7,740 |
|
18,252 |
|
22,724 |
|
11,176 |
|
59,892 |
|
Total Bookings |
$ |
157,836 |
$ |
207,052 |
$ |
175,996 |
$ |
183,282 |
$ |
724,166 |
|
|
|
|
|
|
|
||||||
Backlog |
|
|
|
|
|
||||||
Aerospace2 |
$ |
472,295 |
$ |
502,713 |
$ |
513,881 |
$ |
517,240 |
|
||
Test Systems |
|
86,319 |
|
88,499 |
|
90,405 |
|
75,036 |
|
||
Total Backlog |
$ |
558,614 |
$ |
591,212 |
$ |
604,286 |
$ |
592,276 |
|
N/A |
|
|
|
|
|
|
|
||||||
Book:Bill Ratio |
|
|
|
|
|
||||||
Aerospace |
|
1.11 |
|
1.19 |
|
1.08 |
|
1.02 |
|
1.10 |
|
Test Systems1 |
|
0.51 |
|
1.14 |
|
1.09 |
|
0.42 |
|
0.76 |
|
Total Book:Bill1 |
|
1.05 |
|
1.19 |
|
1.08 |
|
0.94 |
|
1.06 |
1 In the first quarter of 2023, Test Systems and Total sales include the
2 In November of 2023, a non-core contract manufacturing customer reported within the Aerospace segment declared bankruptcy, and as a result, Aerospace and Total Backlog was reduced by
View source version on businesswire.com: https://www.businesswire.com/news/home/20240228787644/en/
Company:
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
Source: