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Astronics Corporation Reports 2023 Second Quarter Financial Results

2023-08-04 04:25
EAST AURORA, N.Y.--(BUSINESS WIRE)--Aug 3, 2023--
Astronics Corporation Reports 2023 Second Quarter Financial Results

EAST AURORA, N.Y.--(BUSINESS WIRE)--Aug 3, 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 six months ended July 1, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230803576443/en/

ATRO Segment Sales and Bookings Chart (Graphic: Business Wire)

Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our second quarter results show the momentum in our business as the commercial aerospace industry advances its recovery. Demand for our products is high and our supply chain continues to improve. Revenue of $175 million was a significant step up sequentially and year-over-year, and bookings of $207 million were at pre-pandemic levels. We believe we are set for a strong second half of 2023 and, if current trends continue, an even stronger 2024.”

_____________________________

1Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss.

Second Quarter Results

Three Months Ended

Six Months Ended

($ in thousands)

July 1, 2023

July 2, 2022

% Change

July 1, 2023

July 2, 2022

% Change

Sales

$

174,454

$

129,127

35.1

%

$

330,992

$

245,303

34.9

%

Income (Loss) from Operations

$

2,396

$

(8,396

)

128.5

%

$

26

$

(12,563

)

100.2

%

Operating Margin %

1.4

%

(6.5

)%

%

(5.1

)%

Net Gain on Sale of Business

$

$

$

(3,427

)

$

(11,284

)

Net Loss

$

(11,999

)

$

(11,010

)

(9.0

)%

$

(16,414

)

$

(14,111

)

(16.3

)%

Net Loss %

(6.9

)%

(8.5

)%

(5.0

)%

(5.8

)%

*Adjusted EBITDA

$

15,844

$

2,081

661.4

%

$

21,922

$

3,030

623.5

%

*Adjusted EBITDA Margin %

9.1

%

1.6

%

6.6

%

1.2

%

*Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss.

Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)

Consolidated sales were up $45.3 million, or 35.1%, from the second quarter of 2022, and up 11.4% sequentially. Aerospace sales increased $49.1 million over the comparator quarter, or 44.9%, driven primarily by higher sales to the commercial transport market. Test Systems sales decreased $3.8 million on lower defense revenue.

Consolidated operating income was $2.4 million, an improvement over an operating loss of $8.4 million in the prior-year period. The current period operating income improvement was driven by the contribution margin from the increased sales. The current period was impacted by litigation-related legal expenses of $4.9 million partially offset by a reduction in legal reserves of $1.3 million.

Interest expense was $5.9 million in the current period, compared with $1.7 million in the prior-year period, primarily driven by higher interest rates on the Company’s new credit facilities. Interest expense includes approximately $0.7 million of non-cash amortization of capitalized financing-related fees.

Income tax expense was $8.1 million in the current period, primarily due to a valuation allowance applied against the deferred tax asset associated with research and development costs that are required to be capitalized for tax purposes.

Consolidated net loss was $12.0 million, or $0.37 per diluted share, compared with net loss of $11.0 million, or $0.34 per diluted share, in the prior year.

Consolidated adjusted EBITDA was $15.8 million, or 9.1% of consolidated sales, compared with an adjusted EBITDA of $2.1 million, or 1.6% of consolidated sales, in the prior-year period.

Bookings were $207.1 million in the quarter resulting in a book-to-bill ratio of 1.19:1. The quarter closed with a record backlog of $611.1 million. Approximately $502.0 million of backlog is expected to ship over the next twelve months.

Aerospace Segment Review(refer to sales by market and segment data in accompanying tables)

Aerospace Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)

Aerospace segment sales increased $49.1 million, or 44.9%, to $158.4 million, and up 16.8% sequentially. The increase was driven by a 61.9% increase, or $42.8 million, in commercial transport sales. Sales to this market were $112.1 million, or 64.3% of consolidated sales in the quarter, compared with $69.2 million, or 53.6% of consolidated sales in the second quarter of 2022. Improving global airline travel driving higher fleet utilization and increased production rates resulted in increased demand.

General Aviation sales increased $6.9 million, or 38.0%, to $25.0 million.

Aerospace segment operating profit improved to $13.7 million, or 8.7% of sales, compared with operating loss of $3.3 million in the same period last year. The improved operating profit was driven by higher volume primarily in the commercial transport market.

Aerospace bookings were $188.8 million for a book-to-bill ratio of 1.19:1. Backlog for the Aerospace segment was a record $522.6 million at quarter end.

Mr. Gundermann commented, “The recovery in our Aerospace segment over the last four quarters has been dramatic, with revenue increasing from $112 million per quarter to $158 million. Bookings during that period have totaled $656 million with a book-to-bill of 1.21:1, indicating strong demand for our products and opportunity for further growth. The increase in global passenger travel is driving the recovery, resulting in higher production rates and retrofit activity across all portions of the industry.”

Test Systems Segment Review(refer to sales by market and segment data in accompanying tables)

Test Systems Second Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)

Test Systems segment sales were $16.1 million, down $3.8 million primarily as a result of lower defense revenue.

Test Systems segment operating loss was $6.1 million compared with nearly break-even in the second quarter of 2022. Test Systems operating loss for the current period was negatively affected by mix, under absorption of fixed costs due to volume and $2.2 million in increased litigation-related legal expenses.

Shortly after the first quarter ended, the Test Systems segment implemented restructuring initiatives to align the workforce and management structure with near-term revenue expectations and operational needs. These initiatives are expected to provide savings of $4 million to $5 million annually, beginning with the third quarter.

Bookings for the Test Systems segment in the quarter were $18.3 million and included the initial $9.6 million production order for the Handheld Radio Test Sets (“HHRTS”) Program for the U.S. Marine Corps. Book-to-bill ratio was 1.14:1 for the quarter. Backlog was $88.5 million at the end of the second quarter of 2023 compared with backlog of $83.6 million at the end of the second quarter of 2022.

In April 2023, Astronics announced that the Test business had been awarded a contract award to produce portable radio test equipment for the U.S. Marine Corps’ HHRTS Program. This program is expected to generate revenue of approximately $40 million over a five-year period.

Mr. Gundermann commented, “Our Test business had a difficult quarter, with lower-than-expected revenue and high legal costs. We expect significant improvement in the coming quarters as our radio test programs advance, setting up 2024 as a much better year.”

Liquidity and Financing

Cash on hand at the end of the quarter was $4.3 million. Capital expenditures in the quarter were $2.2 million. Net debt was $178.7 million.

Cash used for operations was $2.0 million in second quarter of 2023, improving from cash used of $19.2 million in the prior quarter. Astronics expects to be cash flow positive for the remainder of 2023. During the quarter, higher inventory and accounts receivable were partially offset by increased accounts payable and accrued expenses.

David Burney, the Company’s CFO, said, “Our liquidity during the second quarter was tighter than expected as inventory levels continued to increase. We are challenged by elevated inventory levels as we forecast strong sales growth but struggle with the inefficiencies in the supply chain. We expect inventory levels to begin to decline and liquidity to improve as we move through the second half of the year.”

2023 Outlook

Revenue guidance for 2023 is unchanged at $640 million to $680 million with expectations of achieving the higher end of the range. Planned capital expenditures for 2023 are expected to be in the range of $7 million to $12 million.

Peter Gundermann commented, “We are pleased with the progress we made in the first half of 2023 and are confident about the second half as well. Demand remains strong, and our supply chain, though imperfect, continues to improve. We feel we have line of sight to the high end of our range based on existing backlog and the established momentum of our revenue ramp. Sales in the first half of the year were $331 million and we began the second half of 2023 with $330 million of scheduled backlog. With that, we expect our typical additional drop-in and pull-in orders could deliver revenue at the high end of our guidance. There’s modest risk with the supply chain and timing of major Test segment contract awards. We expect margins to continue to improve with expected increases in volume, lower cost inputs, pricing improvements, and the effects of restructuring activities accomplished in the second quarter. We also expect our year end to be busy with shipments and continued demand strength, setting up for another strong year of improvement in 2024.”

Second Quarter 2023 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 (412) 317-5180. 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 10180028. The telephonic replay will be available from 8:00 p.m. on the day of the call through Thursday, August 17, 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 achieving any revenue or profitability expectations, the rate of recovery of the commercial aerospace widebody/long haul markets, the improvement in the supply chain and reduction of spot buys, the timing of pricing and impact of inflation on margins, the effectiveness on profitability of cost reduction efforts, the timing of receipt of task orders or future orders, 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, the effectiveness of the Company’s supply chain, 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

Six Months Ended

7/1/2023

7/2/2022

7/1/2023

7/2/2022

Sales 1

$

174,454

$

129,127

$

330,992

$

245,303

Cost of products sold 2

141,759

113,418

270,787

209,661

Gross profit

32,695

15,709

60,205

35,642

Gross margin

18.7

%

12.2

%

18.2

%

14.5

%

Selling, general and administrative

30,299

24,105

60,179

48,205

SG&A % of sales

17.4

%

18.7

%

18.2

%

19.7

%

Income (loss) from operations

2,396

(8,396

)

26

(12,563

)

Operating margin

1.4

%

(6.5

)%

%

(5.1

)%

Net gain on sale of business 3

(3,427

)

(11,284

)

Other expense (income) 4

378

291

(910

)

753

Interest expense, net

5,920

1,662

11,390

3,293

Loss before tax

(3,902

)

(10,349

)

(7,027

)

(5,325

)

Income tax expense

8,097

661

9,387

8,786

Net loss

$

(11,999

)

$

(11,010

)

$

(16,414

)

$

(14,111

)

Net loss % of sales

(6.9

)%

(8.5

)%

(5.0

)%

(5.8

)%

*Basic loss per share:

$

(0.37

)

$

(0.34

)

$

(0.50

)

$

(0.44

)

*Diluted loss per share:

$

(0.37

)

$

(0.34

)

$

(0.50

)

$

(0.44

)

*Weighted average diluted shares outstanding (in thousands)

32,614

32,082

32,560

32,007

Capital expenditures

$

2,233

$

1,333

$

3,806

$

2,493

Depreciation and amortization

$

6,711

$

7,000

$

13,373

$

14,088

_______________________________
1 In the six months ended July 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability recorded with a previous acquisition within our Test Systems Segment.
2 In the six months ended July 2, 2022, $6.0 million of the Aviation Manufacturing Jobs Protection Program grant was recognized as an offset to cost of products sold.
3 Net gain on sale of business for the six months ended July 1, 2023 and July 2, 2022 is comprised of the additional gain on the sale of the Company’s former semiconductor test business resulting from the contingent earnout for the 2022 and 2021 calendar year, respectively.
4 Other expense (income) for the six months ended July 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment.

ASTRONICS CORPORATION

SEGMENT DATA

(Unaudited, $ in thousands)

Three Months Ended

Six Months Ended

7/1/2023

7/2/2022

7/1/2023

7/2/2022

Sales

Aerospace

$

158,386

$

109,300

$

294,101

$

210,694

Less inter-segment

(4

)

(10

)

(122

)

(10

)

Total Aerospace

158,382

109,290

293,979

210,684

Test Systems 1

16,072

19,840

37,013

34,638

Less inter-segment

(3

)

(19

)

Total Test Systems

16,072

19,837

37,013

34,619

Total consolidated sales

174,454

129,127

330,992

245,303

Segment operating profit (loss) and margins

Aerospace 2

13,719

(3,276

)

17,806

(226

)

8.7

%

(3.0

)%

6.1

%

(0.1

)%

Test Systems 1

(6,143

)

(26

)

(6,740

)

(1,813

)

(38.2

)%

(0.1

)%

(18.2

)%

(5.2

)%

Total segment operating profit (loss)

7,576

(3,302

)

11,066

(2,039

)

Net gain on sale of business

(3,427

)

(11,284

)

Interest expense

5,920

1,662

11,390

3,293

Corporate expenses and other 3

5,558

5,385

10,130

11,277

Loss before taxes

$

(3,902

)

$

(10,349

)

$

(7,027

)

$

(5,325

)

________________________________
1 In the six months ended July 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability recorded with a previous acquisition within our Test Systems Segment, which also benefits operating loss for the period. Absent that benefit, Test Systems operating loss was $12.6 million.
2 In the six months ended July 2, 2022, $6.0 million of the Aviation Manufacturing Jobs Protection Program grant was recognized as an offset to the cost of products sold in the Aerospace segment.
3 Corporate expenses and other for the six months ended July 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment.

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, litigation-related expenses, restructuring charges, 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

Six Months Ended

7/1/2023

7/2/2022

7/1/2023

7/2/2022

Net loss

$

(11,999

)

$

(11,010

)

$

(16,414

)

$

(14,111

)

Add back (deduct):

Interest expense

5,920

1,662

11,390

3,293

Income tax expense

8,097

661

9,387

8,786

Depreciation and amortization expense

6,711

7,000

13,373

14,088

Equity-based compensation expense

1,593

1,620

3,992

3,721

Restructuring-related charges including severance

564

90

564

174

Legal reserve, settlements and recoveries

(1,305

)

(1,305

)

Non-cash accrued 401K contribution

1,328

1,186

2,536

2,197

Litigation-related legal expenses

4,935

872

9,450

2,174

Equity investment accrued payable write-off

(1,800

)

AMJP grant benefit

(6,008

)

Net gain on sale of business

(3,427

)

(11,284

)

Deferred liability recovery

(5,824

)

Adjusted EBITDA

$

15,844

$

2,081

$

21,922

$

3,030

Sales

$

174,454

$

129,127

$

330,992

$

245,303

Adjusted EBITDA margin on sales

9.1

%

1.6

%

6.6

%

1.2

%

ASTRONICS CORPORATION

CONSOLIDATED BALANCE SHEET DATA

($ in thousands)

(unaudited)

7/1/2023

12/31/2022

ASSETS

Cash and cash equivalents

$

3,472

$

13,778

Restricted cash

822

Accounts receivable and uncompleted contracts

170,806

147,790

Inventories

207,446

187,983

Other current assets

15,650

15,743

Property, plant and equipment, net

87,800

90,658

Other long-term assets

37,274

21,633

Intangible assets, net

72,108

79,277

Goodwill

58,210

58,169

Total assets

$

653,588

$

615,031

LIABILITIES AND SHAREHOLDERS' EQUITY

Current maturities of long-term debt

$

8,960

$

4,500

Accounts payable and accrued expenses

137,920

114,545

Customer advances and deferred revenue

27,288

32,567

Long-term debt

168,733

159,500

Other liabilities

80,286

63,999

Shareholders' equity

230,401

239,920

Total liabilities and shareholders' equity

$

653,588

$

615,031

ASTRONICS CORPORATION

CONSOLIDATED CASH FLOWS DATA

Six Months Ended

(Unaudited, $ in thousands)

7/1/2023

7/2/2022

Cash flows from operating activities:

Net loss

$

(16,414

)

$

(14,111

)

Adjustments to reconcile net loss to cash from operating activities:

Non-cash items:

Depreciation and amortization

13,373

14,088

Amortization of deferred financing fees

1,363

Provisions for non-cash losses on inventory and receivables

1,705

677

Equity-based compensation expense

3,992

3,721

Net gain on sale of business

(3,427

)

(11,284

)

Operating lease non-cash expense

2,563

2,928

Non-cash 401K contribution accrual

2,536

2,197

Non-cash deferred liability reversal

(5,824

)

Other

(1,275

)

1,320

Cash flows from changes in operating assets and liabilities:

Accounts receivable

(22,619

)

(11,449

)

Inventories

(22,638

)

(19,293

)

Prepaid expenses and other current assets

472

(3,030

)

Accounts payable

14,081

11,660

Accrued expenses

5,460

(458

)

Income taxes payable/receivable

7,422

16,909

Operating lease liabilities

(2,674

)

(3,601

)

Customer advance payments and deferred revenue

959

(389

)

Supplemental retirement plan and other liabilities

(206

)

(215

)

Net cash from operating activities

(21,151

)

(10,330

)

Cash flows from investing activities:

Proceeds on sale of business and assets

3,427

21,977

Capital expenditures

(3,806

)

(2,493

)

Net cash from investing activities

(379

)

19,484

Cash flows from financing activities:

Proceeds from long-term debt

131,732

52,625

Principal payments on long-term debt

(112,774

)

(79,625

)

Stock award and employee stock purchase plan activity

(601

)

104

Finance lease principal payments

(24

)

(55

)

Financing-related costs

(6,388

)

(771

)

Net cash from financing activities

11,945

(27,722

)

Effect of exchange rates on cash

101

(505

)

Decrease in cash and cash equivalents and restricted cash

(9,484

)

(19,073

)

Cash and cash equivalents and restricted cash at beginning of period

13,778

29,757

Cash and cash equivalents and restricted cash at end of period

$

4,294

$

10,684

ASTRONICS CORPORATION

SALES BY MARKET

(Unaudited, $ in thousands)

Three Months Ended

Six Months Ended

2023 YTD

7/1/2023

7/2/2022

% Change

7/1/2023

7/2/2022

% Change

% of Sales

Aerospace Segment

Commercial Transport

$

112,079

$

69,243

61.9

%

$

206,292

$

133,332

54.7

%

62.3

%

Military Aircraft

13,584

13,897

(2.3

)%

27,648

28,873

(4.2

)%

8.4

%

General Aviation

25,015

18,130

38.0

%

44,463

33,997

30.8

%

13.4

%

Other

7,704

8,020

(3.9

)%

15,576

14,482

7.6

%

4.7

%

Aerospace Total

158,382

109,290

44.9

%

293,979

210,684

39.5

%

88.8

%

Test Systems Segment 1

Government & Defense

16,072

19,837

(19.0

)%

37,013

34,619

6.9

%

11.2

%

Total Sales

$

174,454

$

129,127

35.1

%

$

330,992

$

245,303

34.9

%

SALES BY PRODUCT LINE

(Unaudited, $ in thousands)

Three Months Ended

Six Months Ended

2023 YTD

7/1/2023

7/2/2022

% Change

7/1/2023

7/2/2022

% Change

% of Sales

Aerospace Segment

Electrical Power & Motion

$

67,946

$

42,135

61.3

%

$

121,400

$

86,602

40.2

%

36.7

%

Lighting & Safety

41,918

31,388

33.5

%

78,471

60,599

29.5

%

23.7

%

Avionics

30,923

24,406

26.7

%

60,664

43,281

40.2

%

18.3

%

Systems Certification

7,620

1,669

356.6

%

13,297

2,671

397.8

%

4.0

%

Structures

2,271

1,672

35.8

%

4,571

3,049

49.9

%

1.4

%

Other

7,704

8,020

(3.9

)%

15,576

14,482

7.6

%

4.7

%

Aerospace Total

158,382

109,290

44.9

%

293,979

210,684

39.5

%

88.8

%

Test Systems Segment 1

16,072

19,837

(19.0

)%

37,013

34,619

6.9

%

11.2

%

Total Sales

$

174,454

$

129,127

35.1

%

$

330,992

$

245,303

34.9

%

________________________________
1 Test Systems sales in the six months ended July 1, 2023 included a $5.8 million reversal of a deferred revenue liability recorded with a previous acquisition.

ASTRONICS CORPORATION

ORDER AND BACKLOG TREND

(Unaudited, $ in thousands)

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Trailing

Twelve Months

10/1/2022

12/31/2022

4/1/2023

7/1/2023

7/1/2023

Sales

Aerospace

$

112,177

$

138,335

$

135,597

$

158,382

$

544,491

Test Systems 1

19,261

19,818

20,941

16,072

76,092

Total Sales 1

$

131,438

$

158,153

$

156,538

$

174,454

$

620,583

Bookings

Aerospace

$

165,719

$

151,688

$

150,096

$

188,800

$

656,303

Test Systems

18,433

30,707

7,740

18,252

75,132

Total Bookings

$

184,152

$

182,395

$

157,836

$

207,052

$

731,435

Backlog

Aerospace

$

464,307

$

477,660

$

492,159

$

522,577

Test Systems

82,807

93,696

86,319

88,499

Total Backlog

$

547,114

$

571,356

$

578,478

$

611,076

N/A

Book:Bill Ratio

Aerospace

1.48

1.10

1.11

1.19

1.21

Test Systems 1

0.96

1.55

0.51

1.14

1.07

Total Book:Bill 1

1.40

1.15

1.05

1.19

1.19

________________________________
1 In the first quarter of 2023, Test Systems and Total sales includes the $5.8 million reversal of a deferred revenue liability. The book:bill ratios have been calculated excluding the impact of that transaction.

View source version on businesswire.com:https://www.businesswire.com/news/home/20230803576443/en/

CONTACT: 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

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: AEROSPACE TECHNOLOGY MANUFACTURING OTHER TRANSPORT AIR TRANSPORT OTHER MANUFACTURING OTHER DEFENSE DEFENSE ENGINEERING ELECTRONIC DESIGN AUTOMATION

SOURCE: Astronics Corporation

Copyright Business Wire 2023.

PUB: 08/03/2023 04:15 PM/DISC: 08/03/2023 04:15 PM

http://www.businesswire.com/news/home/20230803576443/en