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Oct 02, 2021
Astronics Q3 2021 Earnings Report
Astronics reported third quarter financial results with sales up 5% and net loss continuing sequential improvement.
Key Takeaways
Astronics Corporation reported a 5% increase in sales for the third quarter of 2021, reaching $111.8 million. The net loss showed sequential improvement, and adjusted EBITDA was $2.8 million, a significant improvement over the prior-year period. Bookings were up 88% year-over-year, resulting in a book-to-bill ratio of 1.37, and backlog increased sequentially to $354.4 million.
Sales for the quarter were $111.8 million, up 5% over prior-year period
Net loss of $7.2 million continues sequential improvement through 2021
Adjusted EBITDA was $2.8 million; measurably improved over prior-year period loss and trailing second quarter
Bookings up 88% over prior-year period and up 22% over trailing second quarter to $153.5 million; Achieved book-to-bill ratio of 1.37
Revenue by Segment
Forward Guidance
The company expects higher shipment levels in the final quarter of 2021, with fourth quarter revenues projected to be between $115 million and $118 million.
Positive Outlook
- Expecting to close 2021 with a higher shipment level in the final quarter.
- Shipping volume is expected to continue to strengthen as we move into 2022.
- The AMJP is expected to contribute approximately $7.3 million to gross profit as an offset to cost of goods sold in the fourth quarter
- At the end of the third quarter, the Company had backlog of $354 million, of which $113 million is expected to ship in the fourth quarter.
- The company expects additional cash inflows over the next several quarters related to an earn out from the 2019 sale of its semiconductor test business, an approximate $10 million tax refund and improved sales volumes.
Challenges Ahead
- Supply chain challenges introduce a level of uncertainty.
- The actual benefit between the two quarters may differ from these estimates based on actual payroll attribution for the eligible employee group.
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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