Astronics Corporation, a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission critical industries, has reported financial results for the three months ended April 3, 2021.
First-quarter revenue was US$105.9 million, down 32.8% from the comparator period of 2020. The company incurred a net loss of US$11.9 million and an adjusted EBITDA loss of US$0.5 million, or 0.5% of sales. The Company evaluates three revenue streams to monitor demand and analyze the impact of the pandemic to its business. These are (1) the commercial aircraft market, which includes OEM line fit and airline aftermarket business, (2) defense and other government markets, and (3) general aviation.
Commercial aerospace continues to be heavily impacted by the pandemic and was US$38.2 million, or 36% of total revenue in the quarter, compared with US$102.8 million, or 65% of total revenue in the first quarter of 2020. Narrow-body aircraft build rates are expected to improve through 2021 from current levels as production of the 737 MAX picks up. The aftermarket is expected to strengthen over the course of the year as aircraft utilization and load factors increase.
Defense and government markets, including military aircraft sales and test segment sales, have remained strong through the pandemic. Sales to these markets were US$45.4 million, or 43% of first-quarter revenue in 2021, up from US$33.0 million, or 21% in the comparator period of 2020. General aviation sales were US$14.0 million, representing about 13% of first-quarter revenue in 2021. This compares with US$15.0 million, or 10% of revenue in the comparator period.
Most of general aviation revenue is line fit production driven by the manufacture of new aircraft, although there is some amount of aftermarket business as well. Demand for private aircraft has recovered quickly and is expected to result in higher aircraft production rates in the near future. Other revenue was about 8% of total revenue in the first quarter of 2021.
