Business
Astronics Corporation Reports 2023 Second Quarter Financial Results
Sales for the quarter were $174.5 million, up 35% over prior year, and 11% sequentially Bookings totaled $207.1 million Record backlog of $611.1 million
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales for the quarter were $174.5 million, up 35% over prior year, and 11% sequentially\n\n\n\nBookings totaled $207.1 million\n\n\n\nRecord backlog of $611.1 million\n\n\n\nAerospace segment sales increased 45% to $158.4 million; bookings were $188.8 million\n\n\n\nIncome from operations was $2.4 million in the quarter; net loss was $12.0 million after $8.1 million tax expense\n\n\n\nAdjusted EBITDA1 grew to $15.8 million, or 9.1% of sales\n\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 six months ended July 1, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230803576443/en/ATRO Segment Sales and Bookings Chart (Graphic: Business Wire)\nPeter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our second quarter results show the momentum in our business as the commercial aerospace industry advances its recovery. Demand for our products is high and our supply chain continues to improve. Revenue of $175 million was a significant step up sequentially and year-over-year, and bookings of $207 million were at pre-pandemic levels. We believe we are set for a strong second half of 2023 and, if current trends continue, an even stronger 2024.”\n\n\n\n\n_____________________________ \n\n\n\n\n\n\n\n1 Adjusted EBITDA is a Non-GAAP Performance Measure. Please see the attached table for a reconciliation of adjusted EBITDA to GAAP net loss.\n\n\nSecond Quarter Results\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nSix Months Ended\n\n\n\n\n\n\n\n\n($ in thousands)\n\n\n\n\n\n\nJuly 1, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 2, 2022\n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 1, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJuly 2, 2022\n\n\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 \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$\n\n\n\n\n\n\n174,454\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n129,127\n\n\n\n\n\n\n \n\n\n\n\n\n\n35.1\n\n\n\n\n\n\n%\n\n\n\...