Astronics Corporation has reported financial results for the three months ended March 30, 2024.
Consolidated sales were up $28.5 million, or 18.2%. Aerospace sales increased US$28.0 million, or 20.7%, driven by increased demand in its Electrical Power & Motion product line. Test Systems sales increased US$0.5 million.
Consolidated operating income was US$1.7 million, compared with an operating loss of US$2.4 million in the prior-year period. Improved operating income reflects higher sales volume, partially offset by US$3.6 million in non-cash stock bonuses as the company's bonus programs resumed.
The prior-year period operating loss benefited from a US$5.8 million liability reversal of a deferred revenue liability that increased sales in the Test Segment. In the first quarter of 2023, the company recognised a US$3.4 million gain from the final earn-out payment for the 2019 sale of its semiconductor test business, as well as US$1.8 million within other income associated with the reversal of a liability related to an equity investment.
Consolidated net loss was US$3.2 million, or $0.09 per diluted share, compared with a net loss of US$4.4 million, or $0.14 per diluted share, in the prior year. Tax benefit in the quarter was US$1.4 million, compared with a tax expense of US$1.3 million in the prior year.
Consolidated adjusted EBITDA increased to US$19.1 million, or 10.3% of consolidated sales, compared with an adjusted EBITDA of US$6.1 million, or 3.9% of consolidated sales, in the prior-year period primarily as a result of higher sales. Bookings were US$205.3 million in the quarter resulting in a book-to-bill ratio of 1.11:1.
For the trailing twelve months, bookings totalled US$771.6 million, and the book-to-bill ratio was 1.08:1.
