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- and six-month periods ended July 3, 2021.
Consolidated sales were down US$12.5 million from the second quarter of 2020. Aerospace sales were down US$13.4 million, and Test System sales increased US$0.8 million.
Consolidated operating loss was US$5.9 million, compared with operating loss of US$18.7 million in the prior-year period. The loss in the second quarter of 2021 was due to low volume related to the continued impacts of the COVID-19 pandemic on the global aerospace industry. This impact was partially offset by a US$2.2 million non-cash reduction of the fair value of a contingent consideration liability related to the 2019 acquisition of Diagnosys Test Systems. The prior-year period reflected non-cash goodwill impairment charges of US$12.6 million in the aerospace segment and restructuring-related severance charges of US$4.9 million.
Consolidated net loss was US$8.1 million, compared with net loss of US$23.6 million in the prior year. Consolidated adjusted EBITDA was US$0.4 million, or 0.3% of consolidated sales, compared with adjusted EBITDA of US$9.2 million, or 7.4% of consolidated sales, in the prior-year period.
