- Preliminary third quarter revenue was $131 million, below
expectations due to supply chain challenges and program
reschedules
- Preliminary third quarter bookings were $184 million,
driving another record backlog and demonstrating continued strong
demand for the Company’s products
- Fourth quarter revenue is expected to be in the range of
$140 million to $150 million and preliminary 2023 revenue is
expected to be $640 million to $680 million
- Third quarter 2022 teleconference and webcast planned for
Tuesday, November 15 at 4:45 pm ET
Astronics Corporation (Nasdaq: ATRO), a leading provider of
advanced technologies for global aerospace, defense and other
mission critical industries, today announced preliminary revenue,
orders and net loss, and provided an update on liquidity
events.
Preliminary Revenue, Orders and Net Loss for Third Quarter
2022
Astronics’ preliminary revenue in the quarter was approximately
$131 million, up 18% compared with the prior-year period and up 2%
over the trailing second quarter. Preliminary revenue was below
earlier expectations due to a combination of supply chain
constraints and program reschedules by customers. Approximately
$112 million of preliminary revenue was from the Aerospace segment
and $19 million from the Test segment.
Preliminary bookings in the quarter were $184 million, up 20%
compared with the prior-year period and up 24% over the trailing
second quarter. Preliminary orders included a record $166 million
in orders for the Company’s Aerospace segment and $18 million in
orders related to the Test segment.
Backlog at the end of the quarter was an estimated $547 million
including a record $464 million in backlog for the Aerospace
segment.
The Company’s preliminary consolidated net loss for the quarter
ended October 1, 2022 is estimated to be approximately $15 million,
compared with a net loss of $7.2 million in the prior-year period.
This is reflective of $4 million of legal and customer
accommodation expense and increased labor and material costs for
the quarter ended October 1, 2022, while the prior-year period
benefited by $1.1 million from the Aviation Manufacturing Jobs
Protection Program Grant.
Revenue Expectations for the Fourth Quarter and 2023
The Company expects fourth quarter revenue to be in the range of
$140 million to $150 million, which, at the midpoint, implies full
year 2022 revenue of approximately $521 million, a 17% increase
over 2021.
Astronics expects 2023 revenue to grow substantially, reaching a
range of $640 million to $680 million driven by strong demand that
resulted in cumulative bookings of $686 million over the last four
quarters.
Refinancing of Credit Facility Continues to Advance
On October 21, 2022, the Company amended its credit facility and
increased the maximum borrowing under the revolving credit line to
$180 million. The maximum aggregate amount available for borrowing
by the Company will decrease back to $170 million on November 21,
2022.
The amendment included a waiver of the maximum net leverage
ratio and minimum liquidity covenants as of September 30, 2022.
The Company is in active discussions with lenders regarding
refinancing its existing credit facility.
Third Quarter 2022 Teleconference and Webcast
The Company plans to release its third quarter 2022 financial
results after the close of financial markets on Tuesday, November
15, 2022 and to host a conference call and webcast that same day at
4:45 p.m. ET to review its financial and operating results and
discuss its corporate strategies and outlook.
Third Quarter 2022 Conference Call Details
Tuesday, November 15, 2022 4:45 p.m. Eastern
Time Phone: +1 (201) 493-6784 Webcast: www.astronics.com
A telephonic replay will be available from 7:45 p.m. ET on the
day of the call through Tuesday, November 29, 2022. To listen to
the archived call, dial (412) 317-6671 and enter replay pin number
13734416. The webcast replay can be accessed via the investor
relations section at www.astronics.com, where a transcript will
also be posted 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, militaries, 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.
For more information on Astronics and its solutions, visit
Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934, as amended. One can
identify these forward-looking statements by the use of the words
“expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other
similar expressions, and includes all statements regarding revenue
expectations for the fourth quarter of 2022, full year 2022 and
full year 2023 and the timing for the release of the Company’s
third quarter 2022 financial results and associated conference
call. 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 Company’s
ability to complete a refinancing of its existing credit facility
or additional amendment of its existing credit facility, the impact
of a global pandemic and 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. Except as required by
applicable law, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221108005548/en/
Company Contact: David C. Burney Executive Vice President
and CFO invest@astronics.com +1.716.805.1599
Investor Contact: Kei Advisors LLC Deborah K. Pawlowski
Investor Relations dpawlowski@keiadvisors.com +1.716.843.3908
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Apr 2023 to Apr 2024