- Sales for the quarter were $158.2 million, up 36% over
prior-year period; full year sales were $534.9 million, up 20% over
prior year
- Fourth quarter bookings totaled $182.4 million, with
book-to-bill ratio of 1.15; full year bookings totaled $690.6
million, up 19.6% over prior year resulting in book-to-bill ratio
of 1.29
- Backlog increased 37.4% during 2022 to a record $571.4
million; Aerospace backlog reached a record $477.7 million
- Net loss for the quarter was $6.8 million and adjusted
EBITDA was $4.3 million
- Maintaining revenue guidance of $640 million to $680 million
for 2023
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 twelve months ended December 31, 2022.
This press release features multimedia. View
the full release here:
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Peter J. Gundermann, Chairman, President and Chief Executive
Officer, commented, “Sales of $158 million were above our expected
range and validates both the recovery we are seeing in our
commercial aerospace market as well as the progress being made with
our supply chain. Bookings of $182 million demonstrates continued
strong demand for our products and further substantiates our
expectations for another 20% increase in sales in 2023. Although
challenges remain, our supply chain continues to improve, which is
necessary for us to meet our goals for the year.”
He added, “Margins remained under pressure in the quarter
because of inflation and supply chain workarounds. We are passing
on increased costs where we can although it will take time to roll
through sales. We are expecting improvement in pricing as well as
reduction in certain input costs as we advance through 2023.”
Fourth Quarter Results
Three Months Ended
Year Ended
($ in thousands)
December
31,
2022
December
31,
2021
%
Change
December
31,
2022
December
31,
2021
%
Change
Sales
$
158,153
$
116,052
36.3
%
$
534,894
$
444,908
20.2
%
Loss from Operations
$
(3,167
)
$
(8,744
)
63.8
%
$
(30,044
)
$
(28,674
)
(4.8
)%
Operating Margin %
(2.0
)%
(7.5
)%
(5.6
)%
(6.4
)%
Net Gain on Sale of Businesses
$
—
$
10,677
$
11,284
$
10,677
Net (Loss) Income
$
(6,779
)
$
1,604
(522.6
)%
$
(35,747
)
$
(25,578
)
(39.8
)%
Net (Loss) Income %
(4.3
)%
1.4
%
(6.7
)%
(5.7
)%
*Adjusted EBITDA
$
4,305
$
(805
)
634.8
%
$
4,372
$
1,898
130.3
%
*Adjusted EBITDA Margin %
2.7
%
(0.7
)%
0.8
%
0.4
%
*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 2022 Results (compared with
the prior-year period, unless noted otherwise)
Consolidated sales were up $42.1 million from the fourth quarter
of 2021. Aerospace sales were up by $39.5 million, or 40.0%, while
Test Systems sales increased $2.6 million.
Consolidated operating loss was $3.2 million, compared with
operating loss of $8.7 million in the prior-year period. Reduced
operating loss reflects higher sales volume, a $5.3 million decline
in legal expenses, $2.9 million decline in 401k contribution
expense and the benefit of a $1.5 million gain related to
indemnification proceeds received during the quarter associated
with a litigation settlement. This was offset by approximately $6
million to $7 million in material and labor inflation. The
prior-year period operating loss benefited from a $7.5 million
offset to cost of products sold from the Aviation Manufacturing
Jobs Protection (“AMJP”) Program grant and a $5.0 million gain on
the sale of a facility.
Consolidated net loss was $6.8 million, or $(0.21) per diluted
share, compared with net income of $1.6 million, or $0.05 per
diluted share, in the prior year, which included a $10.7 million
pre-tax gain from the sale of its semiconductor business.
Consolidated adjusted EBITDA increased to $4.3 million, or 2.7%
of consolidated sales, compared with adjusted EBITDA loss of $0.8
million, or 0.7% of consolidated sales, in the prior-year
period.
Bookings were $182.4 million in the quarter resulting in a
book-to-bill ratio of 1.15:1. Backlog of $571.4 million at quarter
end was at record levels for the fifth consecutive quarter.
Approximately $451.4 million of backlog is expected to ship in
2023.
Aerospace Segment Review (refer to sales by market and
segment data in accompanying tables)
Aerospace Fourth Quarter 2022 Results
(compared with the prior-year period, unless noted
otherwise)
Aerospace segment sales increased $39.5 million, or 40.0%, to
$138.3 million. Commercial transport sales increased 76.0%, or
$44.4 million, and drove the improvement. Sales to this market were
$102.8 million, or 65.0% of consolidated sales in the quarter,
compared with $58.4 million, or 50.4% of consolidated sales in the
fourth quarter of 2021. Improving domestic and regional airline
travel that is driving higher fleet utilization and increased
narrowbody production rates drove demand for Astronics’
products.
Military Aircraft sales decreased $2.3 million, or 14.7%, to
$13.2 million. The prior-year period benefited from incremental
non-recurring engineering revenue associated with development
programs and higher sales of avionics products.
General Aviation sales decreased $0.9 million, or 5.8%, to $14.6
million. Other revenue decreased $1.7 million to $7.6 million
driven by decreased contract manufacturing programs.
Aerospace segment operating profit improved to $5.2 million
compared with operating loss of $2.3 million in the same period
last year. The increase in operating profit was driven by higher
volume primarily in the commercial transport market, $7.1 million
reduction in legal expenses, approximately $2.5 million lower 401K
costs and a $1.5 million gain related to indemnification proceeds
received during the quarter related to a litigation settlement
which was recorded as an offset to SG&A expense. These were
partially offset by the effects of material and labor inflation.
The prior-year period operating loss benefited from a $7.5 million
offset to cost of products sold from the Aviation Manufacturing
Jobs Protection (“AMJP”) Program grant, and a $5.0 million gain on
the sale of a facility.
Aerospace bookings in the fourth quarter of 2022 were $151.7
million for a book-to-bill ratio of 1.10:1. While bookings declined
8.5% sequentially, they improved 2.7% from the prior year’s
comparator quarter continuing the elevated level of orders realized
with the ongoing recovery of the commercial airline industry.
Backlog for the Aerospace segment was a record $477.7 million at
the end of the fourth quarter of 2022.
Test Systems Segment Review (refer to sales by market and
segment data in accompanying tables)
Test Systems Fourth Quarter Results
(compared with the prior-year period, unless noted
otherwise)
Test Systems segment sales were $19.8 million, up $2.6 million
compared with the prior-year period driven by higher defense
revenue.
Test Systems segment operating loss was $4.0 million compared
with operating loss of $1.8 million in the fourth quarter of 2021.
The higher operating loss was primarily attributable to mix and
underabsorption of fixed costs due to volume, $1.8 million in
increased legal expenses related to an ongoing litigation claim,
and investments in staffing in preparation for the expected
contract award from the U.S. Army. As previously disclosed,
Astronics Test Systems was selected as the down select winner for
the development of its Radio Test Set referred to as TS-4549/T. The
Test Systems segment has been investing in significant new
development programs which are expected to result in more
profitable business in the near future.
Bookings for the Test Systems segment in the quarter were $30.7
million, for a book-to-bill ratio of 1.55:1 for the quarter.
Backlog was $93.7 million at the end of 2022 compared with backlog
of $81.0 million at the end of 2021.
Liquidity and Financing
Cash on hand at the end of the quarter was $13.8 million and
capital expenditures in the quarter were $3.4 million. Net debt was
$150.2 million, compared with $133.2 million at the end of
2021.
On January 19, 2023, the Company announced it had completed a
financing transaction totaling $205 million, which refinanced its
previous revolving credit facility that was scheduled to mature in
November 2023. The new financing consists of a $90 million
asset-based term loan and a $115 million asset-based revolving
credit facility. The term loan has a scheduled maturity of January
19, 2027, an interest rate of SOFR plus 8.75% and is collateralized
primarily by real estate, fixed assets and intellectual property.
The revolving credit facility has a scheduled maturity of January
19, 2026, an interest rate of SOFR plus 2.25% to 2.75% and is
collateralized primarily by inventory and accounts receivable.
Amortization of the term loan principal will begin in April 2023
with a monthly amortization rate of 0.292% of the outstanding term
loan principal balance for the period April 1, 2023 through June 1,
2023, increasing to 0.542% per month for the period July 1, 2023
through September 1, 2023 then increasing to 0.833% thereafter.
The new capitalization provided post-closing available liquidity
of approximately $35 million, net of required minimum liquidity of
$20 million through the date of delivery of the compliance
certificate for the quarter ended March 31, 2024, which will then
revert to $10 million thereafter. The Company was cash flow
positive in the fourth quarter and expects to remain so in
2023.
2023 Outlook
Mr. Gundermann commented, “We are maintaining our earlier
revenue guidance of $640 million to $680 million for 2023. The
midpoint of this range would represent growth of 23% for the year,
slightly higher than the 20% growth achieved in 2022. We are
encouraged by our fourth quarter revenue performance, our record
backlog, and continued strong demand which is now benefitting from
a recovery in the widebody/long-haul market. The first quarter is
expected to be our lightest with revenue in the range of $140
million to $150 million. We expect subsequent quarterly revenue to
be in the range of $160 million to $185 million, increasing
throughout the year.”
He concluded, “Our ability to meet forecast for 2023 will
certainly depend on the cooperation of our supply chain, which we
perceive is slowly improving. Challenges certainly remain, but our
supply base is getting more predictable and the ratio of positive
surprises relative to negative surprises is getting higher. We have
plenty of backlog for 2023, and believe our supply chain is on
track to support our expected revenue range.”
Planned capital expenditures for 2023 are expected to be in the
range of $17 million to $20 million.
Fourth 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 13736547. The telephonic
replay will be available from 7:45 p.m. on the day of the call
through Thursday, March 9, 2023. 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, the recovery of the commercial
aerospace widebody/long haul markets, the recovery of its supply
chain, the timing of pricing and impact of inflation on margins,
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 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 INCOME STATEMENT DATA
(Unaudited, $ in thousands except
per share data)
Three Months Ended
Year Ended
12/31/2022
12/31/2021
12/31/2022
12/31/2021
Sales
$
158,153
$
116,052
$
534,894
$
444,908
Cost of products sold 1
136,643
97,588
463,354
379,545
Gross profit
21,510
18,464
71,540
65,363
Gross margin
13.6
%
15.9
%
13.4
%
14.7
%
Selling, general and administrative 2
24,677
32,222
101,584
99,051
SG&A % of sales
15.6
%
27.8
%
19.0
%
22.3
%
Net gain on sale of facility
—
5,014
—
5,014
Loss from operations
(3,167
)
(8,744
)
(30,044
)
(28,674
)
Operating margin
(2.0
)%
(7.5
)%
(5.6
)%
(6.4
)%
Net gain on sale of business 3
—
10,677
11,284
10,677
Other expense, net of other income
431
532
1,611
2,159
Interest expense, net
3,610
1,552
9,422
6,804
Loss before tax
(7,208
)
(151
)
(29,793
)
(26,960
)
Income tax (benefit) expense
(429
)
(1,755
)
5,954
(1,382
)
Net (loss) income
$
(6,779
)
$
1,604
$
(35,747
)
$
(25,578
)
Net (loss) income % of sales
(4.3
)%
1.4
%
(6.7
)%
(5.7
)%
Basic (loss) earnings per share:
$
(0.21
)
$
0.05
$
(1.11
)
$
(0.82
)
Diluted (loss) earnings per share:
$
(0.21
)
$
0.05
$
(1.11
)
$
(0.82
)
Weighted average diluted shares
outstanding (in thousands)
32,401
31,915
32,164
31,061
Capital expenditures
$
3,392
$
1,395
$
7,675
$
6,034
Depreciation and amortization
$
6,872
$
7,055
$
27,777
$
29,005
1 In September 2021, the Company
was awarded a grant of $14.7 million as part of the Aviation
Manufacturing Jobs Protection Program. In the year ended December
31, 2022, $6.0 million was recognized as an offset to the cost of
products sold. In the quarter and year ended December 31, 2021,
$7.6 million and $8.7 million, respectively, was recognized as an
offset to the cost of products sold.
2 Includes fair value adjustment
of contingent consideration liabilities, which was a $2.2 million
benefit in the year ended December 31, 2021. The quarter and year
ended December 31, 2021 also includes $8.4 million reserve related
to its ongoing patent litigation dispute. Additionally, the year
ended December 31, 2022 reflects $4.6 million related to the
settlement of a litigation claim, a customer accommodation dispute,
and a lease termination settlement. In the fourth quarter of 2022,
the Company was indemnified by other parties for approximately $1.5
million related to the settlement of the litigation claim and
record the gain as an offset to SG&A in that period.
3 Net gain on sale of business
for the year ended December 31, 2022 and the quarter and year ended
December 31, 2021 is comprised of the additional gain on the sale
of the Company’s former semiconductor test business resulting from
the contingent earnout for the 2020 and 2021 calendar years.
ASTRONICS CORPORATION
SEGMENT
DATA
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
12/31/2022
12/31/2021
12/31/2022
12/31/2021
Sales
Aerospace
$
138,335
$
98,836
$
461,206
$
365,261
Less Inter-segment
—
—
(10
)
(23
)
Total Aerospace
138,335
98,836
461,196
365,238
Test Systems
19,818
17,216
73,717
80,027
Less Inter-segment
—
—
(19
)
(357
)
Total Test Systems
19,818
17,216
73,698
79,670
Total consolidated sales
158,153
116,052
534,894
444,908
Segment operating profit (loss) and
margins
Aerospace
5,202
(2,262
)
(1,883
)
(8,614
)
3.8
%
(2.3
)%
(0.4
)%
(2.4
)%
Test Systems
(3,993
)
(1,807
)
(8,118
)
(3,765
)
(20.1
)%
(10.5
)%
(11.0
)%
(4.7
)%
Total segment operating profit
(loss)
1,209
(4,069
)
(10,001
)
(12,379
)
Net gain on sale of business
—
10,677
11,284
10,677
Interest expense
3,610
1,552
9,422
6,804
Corporate expenses and other 1
4,807
5,207
21,654
18,454
Loss before taxes
$
(7,208
)
$
(151
)
$
(29,793
)
$
(26,960
)
1 Includes fair value adjustment of
contingent consideration liabilities, which was a $2.2 million
benefit in the year ended December 31, 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) INCOME TO ADJUSTED
EBITDA
(Unaudited, $ in thousands)
Consolidated
Three
Months Ended
Year
Ended
12/31/2022
12/31/2021
12/31/2022
12/31/2021
Net (loss) income
$
(6,779
)
$
1,604
$
(35,747
)
$
(25,578
)
Add back (deduct):
Interest expense
3,610
1,552
9,422
6,804
Income tax (benefit) expense
(429
)
(1,755
)
5,954
(1,382
)
Depreciation and amortization expense
6,872
7,055
27,777
29,005
Equity-based compensation expense
1,319
1,313
6,497
6,460
Contingent consideration liability fair
value adjustment
—
—
—
(2,200
)
Restructuring-related charges including
severance
—
85
199
577
Legal reserve, settlements and
recoveries
(1,500
)
8,374
500
8,374
Customer accommodation settlement
—
—
2,100
—
Lease termination settlement
—
—
450
—
Non-cash 401K contribution accrual
1,212
4,199
4,512
4,199
AMJP grant benefit
—
(7,541
)
(6,008
)
(8,670
)
Net gain on sale of facility
—
(5,014
)
—
(5,014
)
Net gain on sale of business
—
(10,677
)
(11,284
)
(10,677
)
Adjusted EBITDA
$
4,305
$
(805
)
$
4,372
$
1,898
Sales
$
158,153
$
116,052
$
534,894
$
444,908
Adjusted EBITDA margin
2.7
%
(0.7
)%
0.8
%
0.4
%
ASTRONICS CORPORATION
CONSOLIDATED BALANCE SHEET DATA
($ in thousands)
(unaudited)
12/31/2022
12/31/2021
ASSETS
Cash and cash equivalents
$
13,778
$
29,757
Accounts receivable and uncompleted
contracts
147,790
107,439
Inventories
187,983
157,576
Other current assets
15,743
45,089
Property, plant and equipment, net
90,658
95,236
Other long-term assets
21,633
21,439
Intangible assets, net
79,277
94,320
Goodwill
58,169
58,282
Total assets
$
615,031
$
609,138
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current maturities of long-term debt
$
4,500
$
—
Accounts payable and accrued expenses
114,545
91,257
Customer advances and deferred revenue
32,567
27,356
Long-term debt
159,500
163,000
Other liabilities
63,999
70,921
Shareholders' equity
239,920
256,604
Total liabilities and shareholders'
equity
$
615,031
$
609,138
ASTRONICS CORPORATION
CONSOLIDATED CASH FLOWS DATA
(Unaudited, $ in thousands)
Year
Ended
Cash flows from operating
activities:
December 31, 2022
December 31, 2021
Net loss
$
(35,747
)
$
(25,578
)
Adjustments to reconcile net loss to cash
flows from operating activities:
Non-cash items:
Depreciation and amortization
27,777
29,005
Provisions for non-cash losses on
inventory and receivables
3,415
3,942
Equity-based compensation expense
6,497
6,460
Deferred tax expense (benefit)
19
(441
)
Net gain on sale of business
(11,284
)
(10,677
)
Net gain on sales of assets
—
(5,083
)
Contingent consideration liability fair
value adjustment
—
(2,200
)
Operating lease non-cash expense
6,028
5,198
Non-cash 401K contribution accrual
4,512
4,199
Non-cash litigation provision
500
8,374
Restructuring activities
—
267
Other
3,086
3,912
Cash flows from changes in operating
assets and liabilities:
Accounts receivable
(41,646
)
(14,832
)
Inventories
(34,058
)
(5,150
)
Prepaid expenses and other current
assets
261
20
Accounts payable
27,843
8,610
Accrued expenses
787
(5,037
)
Income taxes payable/receivable
16,134
156
Operating lease liabilities
(7,295
)
(6,036
)
Customer advanced payments and deferred
revenue
5,264
(235
)
Supplemental retirement plan and other
liabilities
(405
)
(404
)
Cash flows from operating activities
(28,312
)
(5,530
)
Cash flows from investing
activities:
Proceeds from sales of businesses and
assets
22,061
9,213
Capital expenditures
(7,675
)
(6,034
)
Cash flows from investing activities
14,386
3,179
Cash flows from financing
activities:
Proceeds from long-term debt
125,825
20,000
Principal payments on long-term debt
(124,825
)
(30,000
)
Stock award and employee stock purchase
plan activity
97
3,396
Finance lease principal payments
(93
)
(901
)
Financing-related costs
(2,416
)
—
Cash flows from financing activities
(1,412
)
(7,505
)
Effect of exchange rates on cash
(641
)
(799
)
Decrease in cash and cash equivalents
(15,979
)
(10,655
)
Cash and cash equivalents at beginning of
year
29,757
40,412
Cash and cash equivalents at end of
year
$
13,778
$
29,757
ASTRONICS CORPORATION
SALES BY
MARKET
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
2022
YTD
12/31/2022
12/31/2021
%
change
12/31/2022
12/31/2021
%
change
% of
Sales
Aerospace Segment
Commercial Transport
$
102,843
$
58,441
76.0
%
$
314,564
$
201,990
55.7
%
58.8
%
Military
13,198
15,464
(14.7
)%
54,534
70,312
(22.4
)%
10.2
%
General Aviation
14,647
15,542
(5.8
)%
63,395
56,673
11.9
%
11.9
%
Other
7,647
9,389
(18.6
)%
28,703
36,263
(20.8
)%
5.4
%
Aerospace Total
138,335
98,836
40.0
%
461,196
365,238
26.3
%
86.2
%
Test Systems Segment
19,818
17,216
15.1
%
73,698
79,670
(7.5
)%
13.8
%
Total Sales
$
158,153
$
116,052
36.3
%
$
534,894
$
444,908
20.2
%
SALES BY
PRODUCT LINE
(Unaudited, $ in thousands)
Three
Months Ended
Year
Ended
2022
YTD
12/31/2022
12/31/2021
%
change
12/31/2022
12/31/2021
%
change
% of
Sales
Aerospace Segment
Electrical Power & Motion
$
54,689
$
39,003
40.2
%
$
187,446
$
141,746
32.2
%
35.0
%
Lighting & Safety
34,008
26,820
26.8
%
124,347
103,749
19.9
%
23.2
%
Avionics
29,781
17,546
69.7
%
97,234
64,901
49.8
%
18.2
%
Systems Certification
10,566
5,113
106.6
%
17,222
13,050
32.0
%
3.2
%
Structures
1,644
965
70.4
%
6,244
5,529
12.9
%
1.2
%
Other
7,647
9,389
(18.6
)%
28,703
36,263
(20.8
)%
5.4
%
Aerospace Total
138,335
98,836
40.0
%
461,196
365,238
26.3
%
86.2
%
Test Systems Segment
19,818
17,216
15.1
%
73,698
79,670
(7.5
)%
13.8
%
Total Sales
$
158,153
$
116,052
36.3
%
$
534,894
$
444,908
20.2
%
ASTRONICS CORPORATION
ORDER
AND BACKLOG TREND
(Unaudited, $ in thousands)
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Trailing Twelve
Months
4/2/2022
7/2/2022
10/1/2022
12/31/2022
12/31/2022
Sales
Aerospace
$
101,394
$
109,290
$
112,177
$
138,335
$
461,196
Test Systems
14,782
19,837
19,261
19,818
73,698
Total Sales
$
116,176
$
129,127
$
131,438
$
158,153
$
534,894
Bookings
Aerospace
$
160,778
$
126,012
$
165,719
$
151,688
$
604,197
Test Systems
14,844
22,377
18,433
30,707
86,361
Total Bookings
$
175,622
$
148,389
$
184,152
$
182,395
$
690,558
Backlog
Aerospace
$
394,043
$
410,765
$
464,307
$
477,660
Test Systems
81,095
83,635
82,807
93,696
Total Backlog
$
475,138
$
494,400
$
547,114
$
571,356
N/A
Book:Bill Ratio
Aerospace
1.59
1.15
1.48
1.10
1.31
Test Systems
1.00
1.13
0.96
1.55
1.17
Total Book:Bill
1.51
1.15
1.40
1.15
1.29
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230302005842/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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