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Apr 02, 2022
Astronics Q1 2022 Earnings Report
Astronics reported first quarter financial results with sales up 10% over prior-year period and bookings totaled $175.6 million, up 46% over prior-year period.
Key Takeaways
Astronics Corporation reported a 10% increase in sales for the first quarter of 2022, reaching $116.2 million. Pretax income rose to $5.0 million, a significant improvement from the prior-year loss of $11.8 million. The company's bookings totaled $175.6 million, a 46% increase over the previous year, resulting in a book-to-bill ratio of 1.51. Backlog increased by 14% from the end of 2021, reaching a record $475.1 million.
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 period
Bookings totaled $175.6 million, up 46% over prior-year period; Achieved book-to-bill ratio of 1.51
Backlog increased 14% from year end 2021 to a record $475.1 million; Aerospace backlog reached a record $394.0 million
Astronics
Astronics
Astronics Revenue by Segment
Revenue by Segment
Aerospace Revenue
CapyFin.comTest Systems Revenue
CapyFin.com Forward Guidance
Astronics is maintaining its previous revenue guidance of $550 million to $600 million for the year. Revenue in the second quarter is expected to be between $125 million and $135 million, with similar rates of improvement in the third and fourth quarters. Planned capital expenditures for 2022 are expected to be approximately $15 million to $20 million.
Positive Outlook
- Maintaining revenue guidance of $550 million to $600 million for the year.
- Expecting revenue in the second quarter to be between $125 million and $135 million.
- Projecting similar rates of improvement in the third and fourth quarters.
- Expecting approximately $364.3 million, or 77%, of backlog is expected to ship in the remainder of 2022.
Challenges Ahead
- Supply chain challenges are likely to be faced.
- Labor challenges are likely to be faced.
- Some unpredictability exists in the operating environment.
- First quarter sales were not on the required pace.
- Sales 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income