Astronics Q2 2020 Earnings Report
Key Takeaways
Astronics Corporation reported a decrease in sales and a net loss for the second quarter of 2020, primarily due to the impact of the COVID-19 pandemic on the commercial aircraft industry. The company implemented cost controls and downsized its operations to align with reduced demand. Despite the challenges, the Test Systems segment showed strong growth. The company is focused on maintaining a cash-positive position and positive adjusted EBITDA.
Sales for the quarter were $123.7 million with bookings of $61.5 million.
Net loss was $(23.6) million, after goodwill impairment charges of $12.6 million.
Adjusted EBITDA was $9.2 million, or 7.4% of sales.
Cash from operations was $18.3 million for the quarter.
Astronics
Astronics
Astronics Revenue by Segment
Forward Guidance
The Company believes that consolidated revenue for 2020 could be in the range of $500 million to $525 million. Management believes it has structured the Company to be cash positive at this level, with adjusted EBITDA margins in the range of 5% to 9%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income