Business
Astronics Corporation Reports 14% Growth in Sales in 2024 Second Quarter
Sales grew 14% to $198.1 million in the quarter Operating income increased to $7.6 million in the quarter, or 3.8% of sales Achieved net income for the
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales grew 14% to $198.1 million in the quarter\n\n\n\nOperating income increased to $7.6 million in the quarter, or 3.8% of sales\n\n\n\nAchieved net income for the quarter of $1.5 million, or $0.04 per diluted share\n\n\n\nAdjusted EBITDA1 grew 28% to $20.2 million, or 10.2% of sales, an increase of $4.4 million over the second quarter of the prior year\n\n\n\nBookings in the quarter were $219.0 million, driving a record backlog of $633.4 million with book to bill ratio of 1.11x\n\n\n\nAerospace achieved its tenth consecutive record backlog of $554.6 million\n\n\n\nRaising 2024 revenue guidance to $780 million to $800 million\n\n\n\n EAST AURORA, N.Y.--(BUSINESS WIRE)--\nAstronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission-critical industries, today reported financial results for the three and six months ended June 29, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240801227455/en/Astronics Segment Sales and Bookings (Graphic: Business Wire)\nPeter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our second quarter confirmed success with increased demand, new program wins, and our ability to deliver product to our customers more efficiently and predictably. We exceeded our guidance with 14% growth in sales and improved profitability. Bookings were at a post-pandemic high, resulting in yet another record backlog. Our strong performance supports raising our expectations for the year. Looking beyond 2024, our market leadership positions, the significant programs that we have won recently, and our high level of innovation point to a long runway for delivering value and improved earnings power.”\n\n\n\n____________________________\n\n\n\n1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net income (loss).\n\n\n\n\n\n\n\nSecond Quarter Results\n\n\n\n\n \n\n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n\nSix Months Ended\n\n\n\n\n\n\n\n\n($ in thousands)\n\n\n\n\n\n\n\nJune 29, 2024\n\n\n\n\n\n\n\nJuly 1, 2023\n\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\nJune 29, 2024\n\n\n\n\n\n\n\nJuly 1, 2023\n\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\n \...