Business
Astronics Corporation Reports Third Quarter 2022 Financial Results
Sales for the quarter were $131.4 million, up 18% over prior-year period Operating loss was $14.3 million, including $4.6 million in atypical costs, a
About this update from Astronics Corporation
[{"type":"text","content":"\n\nSales for the quarter were $131.4 million, up 18% over prior-year period\n\n\nOperating loss was $14.3 million, including $4.6 million in atypical costs, a portion of which is expected to be recovered in the fourth quarter\n\n\nBookings totaled $184.2 million, up 20% over prior-year period; achieved book-to-bill ratio of 1.40\n\n\nBacklog increased 32% from year end 2021 to a record $547.1 million; Aerospace backlog reached a record $464.3 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 and nine months ended October 1, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221115006434/en/(Graphic: Business Wire)\nPeter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our third quarter sales of $131 million were our highest since the pandemic took hold in early 2020, significantly exceeding average quarterly revenue of $118 million in our previous four quarters. It was a lower sales level than we anticipated, however, due to customer programs that were rescheduled and certain supply chain challenges. Still, we expect to see a steeper ramp in the fourth quarter as the supply chain stabilizes and program schedules are locked down.”\n\n“Demand stayed strong through the quarter, with consolidated bookings of $184 million. Our cumulative bookings for the last four quarters were $686 million, easily exceeding shipments during that same period of $493 million. We ended the third quarter with another record backlog which supports the step change increase in sales we expect for the last quarter of 2022.”\n\nHe added, “Margins were under pressure in the quarter because of inflation and supply chain challenges that are widespread these days, as well as from significant legal and customer accommodation expenses of $4 million, part of which we expect to recover. Last year’s third quarter had the benefit of the Aviation Manufacturing Jobs Protection Program. We are passing on increased material, labor, and logistics costs where we can, but our ability to respond in the short term is limited. Encouragingly, w...