Astronics Corporation reports 2020 fourth quarter and full year financial results
Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense and other mission critical industries, reported financial results for the three and twelve months ended December 31, 2020.
Peter J. Gundermann, President and Chief Executive Officer, commented, “Even while the commercial aerospace industry continues to be challenged, there was some good news in the quarter.
We were cash positive in the quarter, generating $5.8 million in cash from operations reflecting the impact of our restructuring efforts and we had strong Test bookings driven by the transit test order from Stadler Rail for the Metro Atlanta Rapid Transit Authority (MARTA).
Test Systems operating profit was $5.5 million, or 6.6% of sales, compared with operating profit of $4.5 million, or 5.6% of sales, in 2019. Operating profit in the prior-year period was impacted by restructuring-related severance charges of $2.0 million.