The following is a summary of the Astronics Corporation (ATRO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Astronics Corporation reported Q1 2024 sales of $185 million, an increase of 18% year-over-year.
Operating income stood at 18%, with Aerospace segment registering 21% growth and Test segment 2% growth.
Adjusted EBITDA witnessed an improving trend, reaching 10.3%, up from 3.9% a year earlier.
Company ended the quarter with a backlog of $612 million, and Q1 bookings amounting to $205 million resulting in a book-to-bill ratio of 1.11.
For Q2, the company's guidance is between $185 million to $195 million, supporting the 2024 guide of $760 million to $795 million in revenue.
Business Progress:
Astronics Corporation executed a restructuring plan during April to reduce costs and plans to close one of the smaller facilities in the Test segment.
The company anticipates a significant profitability gain as the revenue approaches pre-pandemic levels, mostly due to improvements in supply chain, workforce efficiency, and pricing.
Anticipation around the launch of the U.S Army radio test program projected to be worth $200 million to $300 million over the upcoming years.
Updates were provided on development of the FLRAA program and plans to cement the contract with Bell.
The company emphasized growth in consumer electronics, particularly in-plane wireless access points, and power systems.
More details: Astronics IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.