Astronics Corporation has reported financial results for the three- and nine-months ended October 2, 2021.
Consolidated sales were up US$5.3 million from the third quarter of 2020. Aerospace sales were up US$13.2 million, or 16.0%, and Test System sales decreased US$7.9 million. Total sales and volume continued to reflect the ongoing impact of the COVID-19 pandemic on the global aerospace industry. Supply chain pressures impacted delivery schedules and costs, limiting the company’s ability to respond to accelerated or quick-turn delivery requests from customers and delayed shipments that otherwise would have been made during the quarter. The company estimates that revenue would have been US$8 million to US$10 million higher in the third quarter if its supply chain was functioning normally.
The company was awarded a grant of up to US$14.7 million as part of the Aviation Manufacturing Jobs Protection (AMJP) programme. The grant will be recognised ratably over the six-month period of performance. In the third quarter of 2021, US$1.1 million was recognised as an offset to cost of products sold.
Consolidated operating loss improved measurably over the prior-year period as higher volume reflecting improvements in the commercial aerospace and the benefit of the AMJP helped to offset the impacts of supply chain constraints.
Consolidated net loss was US$7.2 million, compared with net loss of US$5.3 million in the prior year. The prior-year net loss benefitted from a US$3.1 million tax adjustment related to a revised state income tax filing position.
Consolidated adjusted EBITDA was US$2.8 million, or 2.5% of consolidated sales, compared with adjusted EBITDA of US$(0.1) million, or (0.1)% of consolidated sales, in the prior-year period.
Sequentially, compared with the second quarter of 2021, while revenue remained consistent, net loss improved to US$(7.2) million from $US(8.1) million, and adjusted EBITDA improved to US$2.8 million from US$0.4 million.
Bookings were US$153.5 million in the quarter resulting in a book-to-bill ratio of 1.37:1. Backlog at the end of the quarter was US$354.4 million. Approximately US$113.3 million, or 32%, of backlog is expected to ship in the remainder of 2021. (£1.00 = US$1.36 at time of publication)
