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Astronics Corporation Announces Third Quarter 2022 Preliminary Revenue and Orders
Preliminary third quarter revenue was $131 million, below expectations due to supply chain challenges and program reschedules Preliminary third quarter
About this update from Astronics Corporation
[{"type":"text","content":"\n\nPreliminary third quarter revenue was $131 million, below expectations due to supply chain challenges and program reschedules\n\n\nPreliminary third quarter bookings were $184 million, driving another record backlog and demonstrating continued strong demand for the Company’s products\n\n\nFourth 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\n\n\nThird quarter 2022 teleconference and webcast planned for Tuesday, November 15 at 4:45 pm ET\n\n\n EAST AURORA, N.Y.--(BUSINESS WIRE)--\nAstronics 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.\n\nPreliminary Revenue, Orders and Net Loss for Third Quarter 2022\n\nAstronics’ 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.\n\nPreliminary 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.\n\nBacklog at the end of the quarter was an estimated $547 million including a record $464 million in backlog for the Aerospace segment.\n\nThe 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.\n\nRevenue Expectations for the Fourth Quarter and 2023\n\nThe Company expects fourth quarter revenue to be in the ran...