Business
Astronics Corporation Reports 2022 First Quarter Financial Results
Sales for the quarter were $116.2 million, up 10% over prior-year period Pretax income was $5.0 million, up from a loss of $11.8 million in the prior-year
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales for the quarter were $116.2 million, up 10% over prior-year period\n\n\nPretax income was $5.0 million, up from a loss of $11.8 million in the prior-year period\n\n\nBookings totaled $175.6 million, up 46% over prior-year period; Achieved book-to-bill ratio of 1.51\n\n\nBacklog increased 14% from year end 2021 to a record $475.1 million; Aerospace backlog reached a record $394.0 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 months ended April 2, 2022.\n\nPeter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “We continue to see very strong demand from our customers, with the first quarter being our second consecutive quarter with a book-to-bill ratio above 1.5x. In fact, our book-to-bill ratio for the trailing twelve months was 1.4x. This strong demand is encouraging as it clearly indicates recovery in our markets and enthusiasm for our products. We expect this demand will drive growth throughout the remainder of 2022.”\n\nHe continued, “However, our operating environment remains very challenging, especially with respect to our supply chain. Our sales were up 10% over last year, but could have been much higher were it not for supply chain challenges which caused about $15 million in revenue to slide out of the quarter. These orders were not lost and will remain in backlog until the required raw materials arrive.”\n\nFirst Quarter Results\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\n\n($ in thousands)\n\n\n\n\nApril 2, 2022\n\n\n\n \n\n\n\nApril 3, 2021\n\n\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\nSales\n\n\n\n\n$\n\n\n\n116,176\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n105,857\n\n\n\n \n\n\n\n \n\n\n\n9.7\n\n\n\n%\n\n\n\n\n\nLoss from Operations\n\n\n\n\n$\n\n\n\n(4,167\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n(9,512\n\n\n\n)\n\n\n\n \n\n\n\n56.2\n\n\n\n%\n\n\n\n\n\nOperating Margin %\n\n\n\n\n \n\n\n\n(3.6\n\n\n\n)%\n\n\n\n \n\n\n\n \n\n\n\n(9.0\n\n\n\n)%\n\n\n\n \n\n\n\n \n\n\n\n\n\nNet Gain on Sale of Business\n\n\n\n\n$\n\n\n\n(11,284\n\n\n\n)\n\n\n\n \n\n\n\n$\n\n\n\n—\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n...