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Apr 01, 2023
Astronics Q1 2023 Earnings Report
Reported a solid start to the year with increased sales and record backlog.
Key Takeaways
Astronics Corporation reported a 35% increase in sales for the first quarter of 2023, reaching $156.5 million. The company's bookings totaled $157.8 million, resulting in a record backlog of $578.5 million. Despite the revenue growth, Astronics reported a net loss of $4.4 million, while adjusted EBITDA was $6.1 million. The company expects revenue to increase in the second quarter and is maintaining its full-year guidance.
Sales for the quarter increased by 35% year-over-year, reaching $156.5 million.
Bookings totaled $157.8 million, leading to a record backlog of $578.5 million.
Aerospace segment sales grew by 34% to $135.6 million, with bookings of $150.1 million.
Net loss for the quarter was $4.4 million, and adjusted EBITDA was $6.1 million.
Revenue by Segment
Forward Guidance
Astronics expects revenue for the second quarter of 2023 to be between $165 million and $175 million. The company maintains its full-year revenue guidance of $640 million to $680 million.
Positive Outlook
- Revenue for the second quarter of 2023 is expected to be $165 million to $175 million
- Full year revenue guidance of $640 million to $680 million is maintained
- Restructuring of Test segment expected to improve operating results
- Supply chain cooperation expected to improve financial results
- Strong customer demand expected to improve financial results
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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