Astronics Corporation (Astronics) has released that preliminary revenue in the quarter was approximately US$131 million, up 18% compared with the prior-year period and up 2% over the trailing second quarter. Preliminary revenue was below earlier expectations due to a combination of supply chain constraints and programme reschedules by customers. Approximately US$112 million of preliminary revenue was from the Aerospace segment and US$19 million from the Test segment.
Preliminary bookings in the quarter were US$184 million, up 20% compared with the prior-year period and up 24% over the trailing second quarter. Preliminary orders included a record US$166 million in orders for the company’s Aerospace segment and US$18 million in orders related to the Test segment.
Backlog at the end of the quarter was an estimated US$547 million including a record US$464 million in backlog for the Aerospace segment.
The company’s preliminary consolidated net loss for the quarter ended October 1, 2022, is estimated to be approximately US$15 million, compared with a net loss of US$7.2 million in the prior-year period. This is reflective of US$4 million of legal and customer accommodation expense and increased labour and material costs for the quarter ended October 1, 2022, while the prior-year period benefited by US$1.1 million from the Aviation Manufacturing Jobs Protection Programme Grant. (£1.00 = US$1.14 at time of publication)