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Astronics (ATRO) - 2024 Q1 - Quarterly Results
ATROAstronics (ATRO)2024-05-02 20:22
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Financial Performance - Sales grew 18.2% to 185.1millioninthefirstquarterof2024comparedto185.1 million in the first quarter of 2024 compared to 156.5 million in the prior year[6] - Adjusted EBITDA increased to 19.1million,or10.319.1 million, or 10.3% of sales, up from 6.1 million, or 3.9% of sales in the prior year[8] - Consolidated net loss was 3.2million,or3.2 million, or 0.09 per diluted share, an improvement from a net loss of 4.4million,or4.4 million, or 0.14 per diluted share in the prior year[8] - Gross profit for the quarter was 34,191thousand,withagrossmarginof18.534,191 thousand, with a gross margin of 18.5%, compared to a gross profit of 27,510 thousand and a margin of 17.6% in the prior year[29] - The net loss for the quarter was 3,178thousand,improvingfromanetlossof3,178 thousand, improving from a net loss of 4,415 thousand in the same quarter of the previous year, resulting in a net loss margin of (1.7)% compared to (2.8)%[29] - Adjusted EBITDA for the quarter was 19,073thousand,significantlyupfrom19,073 thousand, significantly up from 6,078 thousand in the prior year, with an adjusted EBITDA margin of 10.3%[33] - Corporate expenses and other increased to 7.8millionfrom7.8 million from 4.6 million in the prior year, impacting overall profitability[45] Sales and Backlog - Bookings for the quarter were 205.3million,resultinginarecordbacklogof205.3 million, resulting in a record backlog of 612.5 million[2] - Backlog at the end of the first quarter included approximately 511.8millionexpectedtoshipin2024,representingabout86511.8 million expected to ship in 2024, representing about 86% of expected sales for the remainder of the year[19] - Total backlog as of March 30, 2024, was 612.5 million, reflecting an increase from 592.3millioninthepreviousquarter[49]−Book−to−billratiofortheAerospacesegmentwas1.13,indicatingstrongorderintakerelativetosales[49]SegmentPerformance−Aerospacesegmentsalesincreased20.7592.3 million in the previous quarter[49] - Book-to-bill ratio for the Aerospace segment was 1.13, indicating strong order intake relative to sales[49] Segment Performance - Aerospace segment sales increased 20.7% to 163.6 million, driven by a 28.9% increase in commercial transport sales[9] - Operating profit for the Aerospace segment was 12.1million,withamarginof7.412.1 million, with a margin of 7.4%, up from 4.1 million and a margin of 3.0% in the previous year[45] - Test Systems segment sales were 21.4million,withabook−to−billratioof0.93:1forthequarter[14]−TestSystemssegmentreportedsalesof21.4 million, with a book-to-bill ratio of 0.93:1 for the quarter[14] - Test Systems segment reported sales of 21.4 million, a slight increase of 2.4% from 20.9million,butincurredanoperatinglossof20.9 million, but incurred an operating loss of 3.1 million[45] - The company experienced a significant increase in sales from the Electrical Power & Motion product line, which rose by 55.5% to 83.1million[46]GuidanceandFutureOutlook−Thecompanyismaintainingits2024revenueguidanceofapproximately83.1 million[46] Guidance and Future Outlook - The company is maintaining its 2024 revenue guidance of approximately 760 million to 795million,representingapotential13795 million, representing a potential 13% increase over 2023 sales[19] - Planned capital expenditures for 2024 are expected to be in the range of 17 million to 22million[19]LiquidityandCapitalStructure−Availableliquidityattheendofthequarterwas22 million[19] Liquidity and Capital Structure - Available liquidity at the end of the quarter was 22.9 million, with net debt reduced to 160.0million[17]−Cashandcashequivalentsattheendoftheperiodwere160.0 million[17] - Cash and cash equivalents at the end of the period were 6,610 thousand, compared to 5,717thousandattheendofthesameperiodlastyear[39]−Accountsreceivableanduncompletedcontractstotaled5,717 thousand at the end of the same period last year[39] - Accounts receivable and uncompleted contracts totaled 170,246 thousand, a decrease from 172,108thousandattheendof2023[36]−Inventoriesincreasedto172,108 thousand at the end of 2023[36] - Inventories increased to 199,497 thousand from 191,801thousandattheendof2023,indicatingariseof4.4191,801 thousand at the end of 2023, indicating a rise of 4.4%[36] - Total assets decreased to 629,964 thousand from 633,792thousandattheendof2023[36]InterestandExpenses−Thecompanyreportedinterestexpenseof633,792 thousand at the end of 2023[36] Interest and Expenses - The company reported interest expense of 5,759 thousand, up from 5,470thousandinthepreviousyear[33]−Interestexpensesincreasedto5,470 thousand in the previous year[33] - Interest expenses increased to 5.8 million from 5.5millionyear−over−year[45]−Capitalexpendituresforthequarterwere5.5 million year-over-year[45] - Capital expenditures for the quarter were 1,598 thousand, slightly higher than $1,573 thousand in the same period last year[39]