Business
Astronics Corporation Reports 2021 Third Quarter Financial Results
Sales for the quarter were $111.8 million, up 5% over prior-year period Net loss of $7.2 million continues sequential improvement through 2021 Adjusted
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales for the quarter were $111.8 million, up 5% over prior-year period\n\n\nNet loss of $7.2 million continues sequential improvement through 2021\n\n\nAdjusted EBITDA* was $2.8 million; measurably improved over prior-year period loss and trailing second quarter\n\n\nBookings up 88% over prior-year period and up 22% over trailing second quarter to $153.5 million; Achieved book-to-bill ratio of 1.37\n\n\nAerospace segment book-to-bill was 1.49 for the quarter\n\n\nBacklog increased 13% sequentially to $354.4 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.\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 nine months ended October 2, 2021.\n\nPeter J. Gundermann, the Company’s President and CEO, commented, “Our core markets are showing improved demand although our sales were hampered by approximately $8 million to $10 million due to supply chain challenges and a tight labor market. Nonetheless, we are encouraged with strong order activity across the business, with bookings exceeding shipments by 37%. This demand promises an improved fourth quarter and solid momentum as we prepare for 2022.”\n\nThird Quarter Results\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nNine Months Ended\n\n\n\n\n\n($ in thousands)\n\n\n\n\nOctober 2,\n\n\n2021\n\n\n\n \n\n\n\nSeptember 26,\n\n\n2020\n\n\n\n%\n\n\nChange\n\n\n\n \n\n\n\nOctober 2,\n\n\n2021\n\n\n\n \n\n\n\nSeptember 26,\n\n\n2020\n\n\n\n%\n\n\nChange\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nSales\n\n\n\n\n$\n\n\n\n111,841\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n106,506\n\n\n\n \n\n\n\n5.0\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n328,856\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n387,784\n\n\n\n \n\n\n\n(15.2\n\n\n\n)%\n\n\n\n\n\nLoss from Operations\n\n\n\n\n$\n\n\n\n(4,498\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(8,997\n\n\n\n)\n\n\n\n50.0\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n(19,930\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(95,232\n\n\n\n)\n\n\n\n79.1\n\n\n\n%\n\n\n\n\n\nOperating Margin %\n\n\n\n\n(4.0\n\n...