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Jun 29, 2024
Astronics Q2 2024 Earnings Report
Reported a 14% sales growth in the second quarter of 2024 with improved profitability.
Key Takeaways
Astronics Corporation reported a 14% increase in sales to $198.1 million and improved profitability in Q2 2024. Operating income increased to $7.6 million, and net income was $1.5 million, or $0.04 per diluted share. The company's bookings reached a post-pandemic high, resulting in a record backlog of $633.4 million.
Sales grew 14% to $198.1 million.
Operating income increased to $7.6 million, or 3.8% of sales.
Net income for the quarter was $1.5 million, or $0.04 per diluted share.
Bookings were $219.0 million, driving a record backlog of $633.4 million with book to bill ratio of 1.11x.
Astronics
Astronics
Astronics Revenue by Segment
Astronics Revenue by Geographic Location
Revenue by Segment
Aerospace Revenue
CapyFin.comTest Systems Revenue
CapyFin.comRevenue by Geographic Location
Commercial Transport Revenue
CapyFin.comMilitary Aircraft Revenue
CapyFin.comGeneral Aviation Revenue
CapyFin.comOther Revenue
CapyFin.comGovernment & Defense Revenue
CapyFin.com Forward Guidance
The Company is increasing its 2024 revenue guidance to $780 million to $800 million. The midpoint of this range would be a 15% increase over 2023 sales. The Company expects third quarter revenue to be in the range of $195 million to $205 million.
Positive Outlook
- First half 2024 sales up 15.8%.
- Strong margin improvement.
- Innovative products are valued by customers.
- Executing on key wins after significant investments of time and money over the last few years.
- Regaining operational stride which allows continued expansion of margin profile and earnings.
Challenges Ahead
- Risks associated with OEM production rates.
- Revision of estimated costs to complete certain long-term mass transit contracts in the Test Systems segment negatively impacted consolidated sales and operating profit by $3.5 million.
- Operating profit in the second quarter of 2024 was impacted by a $3.0 million increase in litigation-related legal expenses and reserve adjustments related to an ongoing patent dispute.
- Operating profit in the second quarter of 2024 was impacted by $2.9 million related to the resumption of the Company’s incentive programs.
- Third quarter 2024 expenses will include refinancing-related fees, the call premium on the previous term loan and the write-off of deferred financing costs related to the previous financing. These expenses in total are estimated to be $7.5 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income