Astronics Stock up 8% After Strong Q4 Results

Astronics Corporation (NASDAQ: ATRO) has announced its preliminary unaudited revenue for the fourth quarter of 2023 and its revenue guidance for 2024. The company reported that its preliminary, unaudited fourth quarter revenue was in the range of $193 million to $195 million, indicating a 23% increase over the prior-year period and a 19% increase over the trailing third quarter.

For the full year 2023, Astronics Corporation reported preliminary unaudited revenue of approximately $688 million, marking a 29% increase over 2022. The company's preliminary bookings in the quarter were $185 million, bringing orders for the full year to approximately $726 million.

In addition, Astronics Corporation provided preliminary revenue expectations for 2024, forecasting a range of $760 million to $795 million, representing an increase of approximately 13% over 2023 at the mid-point of the range.

Peter J. Gundermann, Chairman, President, and CEO of Astronics Corporation, expressed optimism about the company's performance, stating, "We ended the year on a strong note with the second consecutive year of over 20% growth. Our supply chain continues to improve, our workforce is getting better, and we are regaining our operating rhythm." Gundermann added, "We expect 2024 will be another year of solid growth driven by our opening backlog of approximately $595 million. We look forward to getting back to pre-pandemic sales levels and growing beyond as we continue to innovate with new products and solutions."

Astronics Corporation, a leading provider of advanced technologies for global aerospace, defense, and other mission-critical industries, aims to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.

The company's full 8-K submission is available here.

2018 2019 2020 2021 2022 2023
Revenue (k) $803,256 $772,702 $502,587 $444,908 $534,894 $652,067
Revenue Growth n/a -3.8% -34.96% -11.48% 20.23% 21.91%
Operating Margins 8% 0% -20% -6% -6% -3%
Net Margins 6% 7% -23% -6% -7% -6%
Net Income (k) $46,803 $52,017 -$115,781 -$25,578 -$35,747 -$40,176
Net Interest Expense (k) -$9,710 -$6,141 -$6,741 -$6,804 -$9,422 -$20,991
Depreciation & Amort. (k) $35,032 $33,049 $31,854 $29,005 $27,777 $26,630
Earnings Per Share $1.41 $1.6 -$3.76 -$0.82 -$1.11 -$1.23
EPS Growth n/a 13.48% -335.0% 78.19% -35.37% -10.81%
Diluted Shares (k) 33,136 32,459 30,795 31,061 32,164 33,000
Free Cash Flow (k) $38,564 $30,606 $29,876 -$11,564 -$35,987 -$20,876
Capital Expenditures $16,317 $12,083 $7,459 $6,034 $7,675 $9,429
Current Ratio 2.92 2.84 3.38 2.87 2.41 2.41

Astronics suffers from declining revenues and decreasing reinvestment in the business, consistently negative margins with a negative growth trend, and declining EPS growth. The firm's financial statements also exhibit irregular cash flows and a highly leveraged balance sheet.

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