2021-05-06

Astronics Corporation Reports 2021 First Quarter Financial Results - Test Systems Sales Up with $7.9 Mio

Source: Astronics Corporation

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, today reported financial results for the three months ended April 3, 2021.

First quarter revenue was $105.9 million, down 32.8% from the comparator period of 2020. The Company incurred a net loss of $11.9 million and an adjusted EBITDA loss of $0.5 million, or 0.5% of sales.

Test Systems segment sales were $24.4 million, up $7.9 million compared with the prior-year period.

Test Systems operating profit was $1.2 million, or 4.9% of sales, compared with $0.7 million, or 4.4% of sales, in the first quarter of 2020. Operating profit in the first quarter of 2021 was negatively affected by $0.9 million in legal fees related to infringement claims. Operating results in 2020 benefited from $1.6 million in semiconductor warranty revenue.

Bookings for the Test Systems segment in the quarter were $19.5 million, for a book-to-bill ratio of 0.80:1 for the quarter. Backlog was $87.4 million at the end of the first quarter of 2021.