Business
Astronics Corporation Reports 2019 Fourth Quarter and Full Year Financial Results
Fourth quarter sales of $198.4 million; full year sales of $772.7 million Consolidated orders for the quarter were $156 million Fourth quarter net loss of
About this update from Astronics Corporation
[{"type":"text","content":"\n\nFourth quarter sales of $198.4 million; full year sales of $772.7 million\n\n\nConsolidated orders for the quarter were $156 million\n\n\nFourth quarter net loss of $34.1 million includes restructuring and impairment charges and legal reserves totaling $51.7 million \n\n\nBacklog at the end of the year was $360 million\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 twelve months ended December 31, 2019. Financial results reflect the divestiture of the Test Systems’ semiconductor business on February 13, 2019, and the acquisitions of Freedom Communications Technologies (“Freedom”), acquired in July 2019, and the primary operating subsidiaries of Diagnosys Test Systems Limited (“Diagnosys”), acquired in October 2019 (collectively, the “Acquired Businesses”).\n\n\nPeter J. Gundermann, President and Chief Executive Officer, commented, “2019 proved to be a year of significant transition for our Company. Early in the year, we sold our semiconductor test business for a solid gain. Later in the year, we completed two acquisitions to strengthen and refocus our Test business into promising new areas of growth. At the end of the year, we restructured our antenna business and concluded the long development program for a new VVIP cabin management system. Given all of this, we believe today we are in a much better position to deliver results and increased profitability than we were at the beginning of 2019.”\n\n\nHe added, “Like others in the industry, we are challenged with the 737 MAX situation. Our Aerospace business dealt with the situation as it worsened over the year, eventually resulting in a production halt in January 2020. Besides being our largest line-fit production program, its grounding also affects our aftermarket business. We have made significant adjustments to our business while we wait for news of a production ramp and a return to service.”\n\n\nAs previously reported on February 3, 2020, several events occurred in the fourth quarter of 2019 which impacted financial results. First, Astronics implemented a restructuring plan to narrow the initiatives of the antenna business to fo...