Astronics Corporation reports US$177 million in preliminary bookings for fourth-quarter 2021

Astronics Corporation, a leading provider of advanced technologies for global aerospace, defence and other mission-critical industries, has reported preliminary revenue and bookings for the fourth quarter of 2021.

Astronics’ unaudited preliminary revenue in the fourth quarter of 2021 was approximately US$116 million of which approximately US$99 million was from the Aerospace segment and US$17 million was from the Test segment. For the full year, sales were approximately US$445 million.

Preliminary bookings in the fourth quarter of 2021 were US$177 million, which included US$30 million from the company’s Test segment. Bookings for the Aerospace segment were approximately US$147 million, nearly double the US$74 million in bookings realized in the fourth quarter of 2020.

Total bookings for 2021 were approximately US$577 million, a 35% increase over total bookings received in 2020. Aerospace segment bookings for 2021 were approximately US$509 million, up 53% over US$333 million in bookings in 2020. Backlog at year end was an estimated US$416 million.

On December 31, 2021, the company had approximately US$163 million in long-term debt, down US$20 million from October 2, 2021. Cash and equivalents at year end were US$30 million, relatively unchanged from the end of the third quarter. Included in the year-end cash balances were approximately US$18 million in cash received related to a facility sale, the Aviation Manufacturing Jobs Protection Programme (AMJP) and tax refunds. The company expects to receive an additional US$35 million in early 2022 which includes approximately US$21 million in earnout from the sale of its semiconductor business, of which half has already been received, US$9 million in tax refunds and an additional US$5 million related to the AMJP. In addition, the company expects to receive the final US$2 million instalment from the AMJP later in 2022. In total, the company’s cash proceeds from these items are expected to be approximately US$55 million. (£1.00 = US$1.35 at time of publication)