Astronics Corporation (NASDAQ: ATRO) – Astronics shares drop amid missing second quarter estimates and weak margins

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  • Astronics Corp (NASDAQ: ATRO) reported a 10.1% year-on-year second-quarter sales decline to $ 111.16 million, missing the consensus of $ 114.52 million.
  • Operating loss reduced to (5.92) million dollars from (18.68) million dollars a year ago.
  • Adjusted EBITDA fell 96% to $ 0.36 million from $ 9.16 million in 2Q20, and the margin contracted 708 basis points to 0.33%.
  • The gross margin contracted 790 basis points to 13.8%.
  • General and administrative expenses were reduced 35.2% year-on-year to $ 21.32 million and as a percentage of sales decreased 740 basis points to 19.2%.
  • Sales by segments: Aerospace 89.2 million dollars (-13% Y / Y) and Test Systems 21.94 million (+ 3% Y / Y).
  • The loss per share improved to ($ 0.26) from ($ 0.77) in 2Q20, missing the consensus of ($ 0.16).
  • Astronics cash used in operating activities year-to-date was $ 2.34 million, compared to $ 41.55 million a year ago.
  • Bookings for the quarter were $ 126.3 million, resulting in an orders-to-bill ratio of 1.14: 1. Backlog at the end of the quarter was $ 312.7 million, up 5% sequentially.
  • Outlook FY21: Astronics expects sales to increase to around $ 240 million in the second half, slightly weighted from the fourth quarter.
  • Planned capital spending remains unchanged at $ 10 million – $ 11 million.
  • Price action: ATRO shares traded down 9.58% to $ 15.0 pre-market as of the last check on Friday.


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