Astronics Corporation Reports 2023 Q4 FY Financial Results - Test Systems up 14.5% over 2022

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 twelve months ended December 31, 2023.

Test Systems Fourth Quarter 2023 Results (compared with the prior-year period, unless noted otherwise)

Test Systems segment sales were $26.5 million, up $6.7 million primarily as a result of higher radio test revenue.

Test Systems segment operating loss was $0.2 million, an improvement over operating loss of $4.0 million in the fourth quarter of 2022. The improvement reflects higher sales volume coupled with the benefit of the realignment of staffing in the second quarter of 2023 and a $1.3 million decrease in litigation-related legal expenses. This helped to offset a $0.7 million increase in non-cash bonuses. Test Systems’ operating loss continues to be negatively affected by mix and under absorption of fixed costs due to volume. The Test Systems segment has been investing in significant new development programs which are expected to result in more profitable business in the near future.

Bookings for the Test Systems segment in the quarter were $11.2 million, for a book-to-bill ratio of 0.42:1 for the quarter. Backlog was $75.0 million at the end of 2023 compared with backlog of $93.7 million at the end of 2022.

Mr. Gundermann commented, “Our Test business ended the year with revenue of $84.4 million, up 14.5% over 2022. The business made significant progress as the year ended towards securing some significant contracts which are expected to result in a step up in volume as we move through 2024.”