Financial Performance - Sales grew 14% to $198.1 million in Q2 2024, compared to $174.5 million in Q2 2023[2] - Operating income increased to $7.6 million, or 3.8% of sales, up from $2.4 million, or 1.4% of sales, in the prior year[6] - Net income for the quarter was $1.5 million, or $0.04 per diluted share, compared to a net loss of $12.0 million, or $0.37 per diluted share, in the prior year[8] - Adjusted EBITDA grew 28% to $20.2 million, or 10.2% of sales, compared to $15.8 million, or 9.1% of sales, in the prior year[6] - Gross profit for Q2 2024 was $41.4 million, resulting in a gross margin of 20.9%, compared to 18.7% in Q2 2023[30] - Net income for Q2 2024 was $1.5 million, a significant improvement from a net loss of $12.0 million in Q2 2023[34] - Adjusted EBITDA for Q2 2024 was $20.2 million, with an adjusted EBITDA margin of 10.2%, up from 9.1% in Q2 2023[34] - Operating income for Q2 2024 was $7.6 million, leading to an operating margin of 3.8%, compared to 1.4% in Q2 2023[30] - The company reported a basic earnings per share of $0.04 for Q2 2024, compared to a loss of $0.37 per share in Q2 2023[30] - Astronics Corporation reported a net loss of $1,645,000 for the six months ended June 29, 2024, compared to a net loss of $16,414,000 for the same period in the previous year[39] - Cash flows from operating activities showed a net cash used of $4,223,000 for the six months ended June 29, 2024, significantly improved from $21,151,000 used in the same period last year[39] Sales and Backlog - Bookings in the quarter were $219.0 million, resulting in a record backlog of $633.4 million with a book-to-bill ratio of 1.11x[2] - Backlog at the end of Q2 2024 was a record $633.4 million, with approximately $402.3 million expected to ship in 2024[21] - Total consolidated sales for the three months ended June 29, 2024, were $198,114,000, representing a 13.6% increase from $174,454,000 in the same period last year[42] - Aerospace segment sales increased by 11.7% to $176,943,000 for the three months ended June 29, 2024, compared to $158,382,000 for the same period in 2023[46] - The military aircraft market saw a significant sales increase of 82.4% to $24,781,000 for the three months ended June 29, 2024, compared to $13,584,000 in the same period last year[45] - Total bookings for Q3 2023 were $176.0 million, with a book-to-bill ratio of 1.08 for Aerospace[49] - Total backlog as of Q3 2023 was $604.3 million, with Aerospace backlog at $513.9 million[49] - The backlog for Test Systems decreased to $90.4 million in Q3 2023[49] Segment Performance - Aerospace segment sales increased 11.7% to $176.9 million, driven by a 14.6% increase in Commercial Transport sales[10] - Test Systems segment sales were $21.2 million, up $5.1 million, primarily due to the U.S. Army TS-4549/T contract[12] - The operating profit for the Aerospace segment was $19,280,000, with a margin of 10.9%, up from $13,719,000 and a margin of 8.7% in the prior year[42] - The Test Systems segment reported sales of $21,171,000 for the three months ended June 29, 2024, a 31.7% increase from $16,072,000 in the same period last year[46] Guidance and Future Outlook - The company raised its 2024 revenue guidance to $780 million to $800 million, representing a 15% increase over 2023 sales[21] - The company expects continued growth in the aerospace sector, driven by increased demand in commercial transport and military aircraft markets[41] - The company continues to focus on improving operational efficiency and expanding its market presence through new product development and strategic initiatives[28] Capital Expenditures and Debt - Capital expenditures in Q2 2024 were $1.8 million, with net debt increasing to $174.0 million from $161.2 million at the end of 2023[18] - Capital expenditures for Q2 2024 were $1.8 million, down from $2.2 million in Q2 2023[30] - Long-term debt increased to $172.6 million as of June 29, 2024, compared to $159.2 million at the end of 2023[36] - Capital expenditures for the six months ended June 29, 2024, were $3,394,000, compared to $3,806,000 in the same period last year[39] Assets and Cash Position - Total assets as of June 29, 2024, were $644.9 million, an increase from $633.8 million at the end of 2023[36] - The company had cash and cash equivalents of $4,392,000 at the end of the period, slightly up from $4,294,000 at the end of the previous year[39]

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Northern Technologies International (NTIC) develops and markets proprietary environmentally beneficial products and technical services either directly or via a network of joint ventures and independent distributors in over fifty countries. The Zacks Consensus Estimate for its current year earnings has been revised 25.6% downward over the last 60 days.Astronics (ATRO) is a manufacturer of specialized lighting and electronics for the co ...

PPAMPicture/E+ via Getty Images I believe that the aerospace and defense industry has the potential to show market outperforming returns, and many stocks that I cover can outperform the markets. I believe that Astronics Corporation (NASDAQ:ATRO) has the same potential. However, since I assigned a buy rating to Astronics, the stock has been performing more in line with the market. In this report, I explain why I believe that this company has the potential to outperform. Astronics Margins Expand On Sales ...

Financial Data and Key Metrics Changes - Sales for Q1 2024 reached $185 million, an 18% increase year-over-year, but down slightly from $195 million in Q4 2023, indicating a near return to pre-pandemic revenue levels [6][10] - Adjusted EBITDA improved to 10.3% compared to 3.9% one year ago, reflecting positive operational trends [9] - Consolidated operating income increased by $4 million to $1.7 million, although the previous year's Q1 benefited from a $5.8 million liability reversal [21][22] Business Line Data and Key Metrics Changes - Aerospace segment sales grew by 21% year-over-year, with an operating profit of $12 million, while the Test segment saw a modest 2% increase but reported an operating loss of $3.1 million [10][21] - Aerospace operating margin improved to 7.4%, a 440 basis point expansion over the previous year, driven by higher sales and improved pricing [24] Market Data and Key Metrics Changes - The company reported a record backlog of $612 million and a book-to-bill ratio of 1.11, indicating strong demand across its business lines [13][14] - The commercial transport market within the Aerospace segment increased by $27 million or about 29%, demonstrating a strong recovery [23] Company Strategy and Development Direction - The company is focusing on improving its Test segment through restructuring, which is expected to yield $4 million in annual savings starting in Q3 2024 [11][24] - The management is optimistic about the potential of the Army radio test program, which could generate $200 million to $300 million over the next few years [12] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain improvements, reduced workforce churn, and moderated inflation are creating positive tailwinds for the business [8][9] - The company anticipates a revenue range of $760 million to $795 million for 2024, with potential upside depending on the Army contract and Boeing's production rates [19][20] Other Important Information - Total liquidity at the end of the quarter was $23 million, with plans to increase this by an additional $5 million through upcoming filings [25][26] - The company is reviewing its debt structure options to lower interest rates and improve cash flow [26] Q&A Session Summary Question: Impact of MAX production rates on BFE content - Management explained that while lower production rates could eventually affect BFE, airlines typically reallocate from line-fit to retrofit, minimizing immediate impacts [31][32] Question: Changes in 787 production rates - Management indicated that the 787 has been at lower rates for some time, and while there is potential upside, it is not expected to significantly impact the P&L for the year [34] Question: Long-term opportunities and refinancing plans - Management expressed confidence in refinancing opportunities due to improved financials and market interest, with plans to act in 2024 [40][41] Question: Update on litigation status - Management noted that litigation has been quiet, with expectations of resolution by 2025 [45] Question: Update on FLRAA program - Management confirmed ongoing work on the FLRAA program and expressed satisfaction with the current focus, viewing the cancellation of FLRAA as a positive development [47]

Financial Performance - Sales grew 18.2% to $185.1 million in the first quarter of 2024 compared to $156.5 million in the prior year[6] - Adjusted EBITDA increased to $19.1 million, or 10.3% of sales, up from $6.1 million, or 3.9% of sales in the prior year[8] - Consolidated net loss was $3.2 million, or $0.09 per diluted share, an improvement from a net loss of $4.4 million, or $0.14 per diluted share in the prior year[8] - Gross profit for the quarter was $34,191 thousand, with a gross margin of 18.5%, compared to a gross profit of $27,510 thousand and a margin of 17.6% in the prior year[29] - The net loss for the quarter was $3,178 thousand, improving from a net loss of $4,415 thousand in the same quarter of the previous year, resulting in a net loss margin of (1.7)% compared to (2.8)%[29] - Adjusted EBITDA for the quarter was $19,073 thousand, significantly up from $6,078 thousand in the prior year, with an adjusted EBITDA margin of 10.3%[33] - Corporate expenses and other increased to $7.8 million from $4.6 million in the prior year, impacting overall profitability[45] Sales and Backlog - Bookings for the quarter were $205.3 million, resulting in a record backlog of $612.5 million[2] - Backlog at the end of the first quarter included approximately $511.8 million expected to ship in 2024, representing about 86% of expected sales for the remainder of the year[19] - Total backlog as of March 30, 2024, was $612.5 million, reflecting an increase from $592.3 million in the previous quarter[49] - Book-to-bill ratio for the Aerospace segment was 1.13, indicating strong order intake relative to sales[49] Segment Performance - Aerospace segment sales increased 20.7% to $163.6 million, driven by a 28.9% increase in commercial transport sales[9] - Operating profit for the Aerospace segment was $12.1 million, with a margin of 7.4%, up from $4.1 million and a margin of 3.0% in the previous year[45] - Test Systems segment sales were $21.4 million, with a book-to-bill ratio of 0.93:1 for the quarter[14] - Test Systems segment reported sales of $21.4 million, a slight increase of 2.4% from $20.9 million, but incurred an operating loss of $3.1 million[45] - The company experienced a significant increase in sales from the Electrical Power & Motion product line, which rose by 55.5% to $83.1 million[46] Guidance and Future Outlook - The company is maintaining its 2024 revenue guidance of approximately $760 million to $795 million, representing a potential 13% increase over 2023 sales[19] - Planned capital expenditures for 2024 are expected to be in the range of $17 million to $22 million[19] Liquidity and Capital Structure - Available liquidity at the end of the quarter was $22.9 million, with net debt reduced to $160.0 million[17] - Cash and cash equivalents at the end of the period were $6,610 thousand, compared to $5,717 thousand at the end of the same period last year[39] - Accounts receivable and uncompleted contracts totaled $170,246 thousand, a decrease from $172,108 thousand at the end of 2023[36] - Inventories increased to $199,497 thousand from $191,801 thousand at the end of 2023, indicating a rise of 4.4%[36] - Total assets decreased to $629,964 thousand from $633,792 thousand at the end of 2023[36] Interest and Expenses - The company reported interest expense of $5,759 thousand, up from $5,470 thousand in the previous year[33] - Interest expenses increased to $5.8 million from $5.5 million year-over-year[45] - Capital expenditures for the quarter were $1,598 thousand, slightly higher than $1,573 thousand in the same period last year[39]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________ Form 10-K ___________________________________________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from__________ to __________ Commission File Number 0-7087 ...

Astronics Corporation (NASDAQ:ATRO) Q4 2023 Earnings Conference Call February 28, 2024 4:45 PM ET Company Participants Craig Mychajluk - IR Peter Gundermann - Chairman, CEO & President David Burney - EVP, Finance, CFO & Treasurer Conference Call Participants Pete Osterland - Truist Securities Jonathan Tanwanteng - CJS Securities Tony Bancroft - Gabelli Funds Operator Good day, and welcome to the Astronics Corporation Fourth Quarter Fiscal Year 2023 Financial Results Conference Call. [Operator Instructions] ...

Astronics Corporation (ATRO) came out with quarterly earnings of $0.20 per share, beating the Zacks Consensus Estimate of $0.12 per share. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 66.67%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced a loss of $0.18, delivering a surprise of -700%.Over the last four quarters, the company h ...

EAST AURORA, N.Y.--(BUSINESS WIRE)--Astronics Corporation (Nasdaq: ATRO), a leading provider of advanced technologies for global aerospace, defense and other mission critical industries, announced its fourth quarter 2023 preliminary unaudited revenue was $193 million to $195 million. At the mid-point of the range, preliminary revenue was up 23% over the prior-year period and up 19% over the trailing third quarter. Full year preliminary unaudited revenue for 2023 was approximately $688 million. Preliminary b ...

Astronics Corporation (NASDAQ:ATRO) Q3 2023 Earnings Conference Call November 8, 2023 4:45 PM ET Company Participants Deborah Pawlowski - Chairman, CEO and Founder, Kei Advisors LLC Peter Gundermann - Chairman, CEO & President David Burney - EVP, Finance, CFO & Treasurer Conference Call Participants Pete Osterland - Truist Securities Jon Tanwanteng - CJS Securities Operator Good afternoon, everyone, and welcome to the Astronics Corporation Third Quarter 2023 Financial Results Conference Call. [Operator Inst ...