Business
Astronics Corporation Reports 2022 Fourth Quarter and Full Year Financial Results
Sales for the quarter were $158.2 million, up 36% over prior-year period; full year sales were $534.9 million, up 20% over prior year Fourth quarter bookings
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales for the quarter were $158.2 million, up 36% over prior-year period; full year sales were $534.9 million, up 20% over prior year\n\n\nFourth quarter bookings totaled $182.4 million, with book-to-bill ratio of 1.15; full year bookings totaled $690.6 million, up 19.6% over prior year resulting in book-to-bill ratio of 1.29\n\n\nBacklog increased 37.4% during 2022 to a record $571.4 million; Aerospace backlog reached a record $477.7 million\n\n\nNet loss for the quarter was $6.8 million and adjusted EBITDA was $4.3 million\n\n\nMaintaining revenue guidance of $640 million to $680 million for 2023\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, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230302005842/en/(Graphic: Business Wire)\nPeter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Sales of $158 million were above our expected range and validates both the recovery we are seeing in our commercial aerospace market as well as the progress being made with our supply chain. Bookings of $182 million demonstrates continued strong demand for our products and further substantiates our expectations for another 20% increase in sales in 2023. Although challenges remain, our supply chain continues to improve, which is necessary for us to meet our goals for the year.”\n\nHe added, “Margins remained under pressure in the quarter because of inflation and supply chain workarounds. We are passing on increased costs where we can although it will take time to roll through sales. We are expecting improvement in pricing as well as reduction in certain input costs as we advance through 2023.”\n\nFourth Quarter Results\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nYear Ended\n\n\n\n\n\n($ in thousands)\n\n\n\n\nDecember\n\n\n31, 2022\n\n\n\n\nDecember\n\n\n31, 2021\n\n\n\n\n% Change\n\n\n\n \n\n\n\nDecember\n\n\n31, 2022\n\n\n\n\nDecember\n\n\n31, 2021\n\n\n\n\n% Change\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\nSale...