Astronics Q2 2021 Earnings Report
Key Takeaways
Astronics Corporation reported second-quarter 2021 financial results, with sales of $111.2 million and a net loss of $8.1 million. The company's bookings for the quarter continued sequential improvement to $126.3 million, achieving a book-to-bill ratio of 1.14. The aerospace segment saw a book-to-bill ratio of 1.32 for the quarter, and backlog increased 5% sequentially to $312.7 million.
Sales for the quarter were $111.2 million.
Net loss was $8.1 million.
Adjusted EBITDA was $0.4 million.
Bookings for the quarter continued sequential improvement to $126.3 million, achieving a book-to-bill ratio of 1.14.
Astronics
Astronics
Astronics Revenue by Segment
Forward Guidance
The Company had sales of $217 million in the first half of 2021 and are expecting an uptick in the second half to about $240 million, weighted slightly to the fourth quarter. Planned capital expenditures for 2021 remain unchanged at approximately $10 million to $11 million.
Positive Outlook
- Expecting an uptick in sales in the second half of 2021 to about $240 million.
- Backlog of $313 million, of which $184 million is expected to ship this year.
- Assuming the world will continue to make steady progress against the pandemic.
- Assuming that supply chain stresses will not get worse.
- Planned capital expenditures for 2021 remain unchanged at approximately $10 million to $11 million.
Challenges Ahead
- Second half sales are weighted slightly to the fourth quarter
- Watching eagerly for demand signals which will determine expectations for 2022.
- Continued weakness in the widebody international market, which is well documented.
- Near-term prospects for the Test business are challenged.
- Orders were delayed mostly because of the pandemic, and not due to competitive pressures.
Revenue & Expenses
Visualization of income flow from segment revenue to net income