Astronics Corporation, a leading supplier of advanced technologies and products to the global aerospace, defence and other mission-critical industries, has reported financial results for the three- and six-month periods ended July 2, 2022.
Consolidated sales were up US$18.0 million from the second quarter of 2021. Aerospace sales were up US$20.1 million, or 22.5%, while Test System sales decreased US$2.1 million.
Consolidated operating loss was US$8.4 million, compared with operating loss of US$5.9 million in the prior-year period. The prior-year-period benefitted 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 that offset SG&A expenses.
Compared to the first quarter of 2022, operating loss increased as a result of not having the benefit of the US$6.0 million Aviation Manufacturing Jobs Protection Program grant combined with the impact of material and labour inflation, addressing supply chain constraints to meet customer requirements and the lag in price increases implemented where possible to offset higher costs and product mix.
Consolidated net loss was US$11.0 million, compared with a net loss of US$8.1 million in the prior year.
Consolidated adjusted EBITDA improved to US$1.2 million, or 0.9% of consolidated sales, compared with adjusted EBITDA of US$0.4 million, or 0.3% of consolidated sales, in the prior-year-period. (£1.00 = US$1.21 at time of publication)
