Astronics Q2 2022 Earnings Report
Key Takeaways
Astronics Corporation reported second quarter sales of $129.1 million, a 16% increase over the prior-year period. Bookings totaled $148.4 million, up 17% over the prior-year period, resulting in a book-to-bill ratio of 1.15. The company's backlog increased 19% from year-end 2021 to a record $494.4 million.
Sales for the quarter were $129.1 million, up 16% over prior-year period
Operating loss was $8.4 million without benefit of AMJP grant and earnouts
Bookings totaled $148.4 million, up 17% over prior-year period; Achieved book-to-bill ratio of 1.15
Backlog increased 19% from year end 2021 to a record $494.4 million; Aerospace backlog reached a record $410.8 million
Astronics
Astronics
Astronics Revenue by Segment
Forward Guidance
The company revised its expected 2022 revenue to be in the range of $550 million to $580 million, which incorporates a reduction at the high end of the range from previous guidance.
Positive Outlook
- Midpoint of revenue range would mean growth for the year of 27% over 2021
- Implies average quarterly revenue of $160 million in the second half
- Expansion in revenue is necessary and achievable
- Higher volume will help satisfy customer demand
- Improved profitability and momentum as we close out 2022
Challenges Ahead
- Revenue guidance incorporates a reduction at the high end of the range from previous guidance
- Ramp is expected to be weighted more toward the fourth quarter
- Ongoing supply chain challenges
- Ability to respond in the short term is limited
- Risks remain in supply chain
Revenue & Expenses
Visualization of income flow from segment revenue to net income