Business
Astronics Corporation Reports 2020 Fourth Quarter and Full Year Financial Results
Fourth quarter sales of $114.8 million; full year sales of $502.6 million Fourth quarter pre-tax loss of $7.5 million and net loss of $20.0 million due to
About this update from Astronics Corporation
[{"type":"text","content":"\n\nFourth quarter sales of $114.8 million; full year sales of $502.6 million\n\n\nFourth quarter pre-tax loss of $7.5 million and net loss of $20.0 million due to the non-cash reserve of $14.1 million against deferred tax assets\n\n\nFourth quarter Adjusted EBITDA* was $2.9 million\n\n\nFourth quarter bookings were $116.0 million, demonstrating sequential improvement\n\n\nBacklog at end of the year was $283.4 million\n\n\n*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 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, 2020.\n\nPeter J. Gundermann, President and Chief Executive Officer, commented, “Even while the commercial aerospace industry continues to be challenged, there was some good news in the quarter.\n\n\nWe had sequential improvement in Aerospace bookings.\n\n\nWe were cash positive in the quarter, generating $5.8 million in cash from operations reflecting the impact of our restructuring efforts.\n\n\nWe had strong Test bookings driven by the transit test order from Stadler Rail for the Metro Atlanta Rapid Transit Authority (MARTA).\n\n\nThe 737 MAX was recertified to fly in the U.S. in late December, which is important as the MAX was our biggest OEM production program before the pandemic.\n\n\nPerhaps the best news from the quarter was the initial approval of multiple effective COVID-19 vaccines, which we expect will result in increased demand for air travel later in 2021. To this end, we are seeing positive signs that demand is picking up in our aerospace business, though conditions currently remain depressed. In the meantime, we are carefully managing our cost structure, pursuing new opportunities and advancing development programs for our customers.”\n\nFourth Quarter and 2020 Summary and Review of Demand by Major Markets\n\nFourth quarter revenue was $114.8 million, down 42.1% from the comparator period of 2019, but up 7.8% sequentially from the third quarter. The Company incurred a pre-tax loss of $7.5 million. The Company’s net loss of $20.0 m...