Astronics Corporation, a supplier of advanced technologies and products to the global aerospace, defense and other mission-critical industries, has reported financial results for the three and twelve months ended December 31, 2020.
Astronics has posted fourth-quarter revenues of US$114.8 million, down 42.1% from the comparator period of 2019, but up 7.8% sequentially from the third quarter. The company incurred a pre-tax loss of US$7.5 million. The company’s net loss of US$20.0 million included a US$14.1 million non-cash tax expense reflecting a reserve recorded against its deferred tax assets. Adjusted EBITDA was US$2.9 million, or 2.5% of sales, up US$3.0 million sequentially from the third quarter of 2020. Revenue in 2020 was US$502.6 million, down 35% compared with 2019 as a direct result of the global pandemic.
Net loss for the year was US$115.8 million while Adjusted EBITDA was US$28.8 million as the company rapidly adjusted to the new environment by aggressively adjusting its cost structure to changes in demand. Consolidated Adjusted EBITDA was US$28.8 million, or 5.7% of consolidated sales, compared with US$88.3 million, or 11.4% of consolidated sales, in the prior year.
