Astronics (ATRO)2024-05-02 20:22Financial 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]