Astronics Corporation Reports 2023 Third Quarter 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, today reported financial results for the three and nine months ended September 30, 2023.

• Sales grew 24% to $162.9 million in the quarter and were up 31% year-to-date to $493.9 million
• Bookings totaled $176.0 million in the quarter and $540.9 million for the nine month period
• Record backlog of $604.3 million1, the seventh consecutive quarterly record reflecting continued strong demand
• Net loss was $17.0 million after $3.8 million tax benefit and $11.1 million non-cash reserves related to a customer bankruptcy
• Adjusted EBITDA2 was $8.8 million, or 5.4% of sales, a 500 basis point improvement over prior-year period
• Revenue guidance for 2023 raised to $680 million to $690 million from previous range of $640 million to $680 million; Fourth quarter revenue expected to be $185 million to $195 million, the mid-point returns to pre-pandemic average quarterly sales levels of 2019

Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our business continues to strengthen, driven by consistent demand and an improving supply chain. Our manufacturing processes are building momentum but progress is somewhat lumpy, with light third quarter results followed by a significant step up expected in the fourth quarter. We are increasing our 2023 revenue guidance range to $680 million to $690 million from our previous range of $640 million to $680 million. At the midpoint of our updated guidance, we would record 28% growth for the year. Our expectations for a very strong fourth quarter promise an exciting end to the year, and a return in average quarterly sales volume to pre-pandemic levels.”