Astronics reports Q3 EPS (51c), consensus 4c

Reports Q3 revenue $162.9M , consensus $172.36M..Reports consolidated adjusted EBITDA increased to $8.8 M, or 5.4% of consolidated sales, compared with adjusted EBITDA of $0.5M, or 0.4% of consolidated sales, in the prior year period primarily as a result of higher sales. Bookings were $176M in the quarter resulting in a book-to-bill ratio of 1.08:1. For the trailing twelve months, bookings totaled $723.3M. Backlog at the end of the third quarter was a record $604.3M and excludes $19.9 M of backlog that was associated with the customer bankruptcy referred to previously. Approximately $505.3 million of backlog is expected to ship over the next twelve months. Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “Our business continues to strengthen, driven by consistent demand and an improving supply chain. Our manufacturing processes are building momentum but progress is somewhat lumpy, with light third quarter results followed by a significant step up expected in the fourth quarter. We are increasing our 2023 revenue guidance range to $680 million to $690 million from our previous range of $640 million to $680 million. At the midpoint of our updated guidance, we would record 28% growth for the year. Our expectations for a very strong fourth quarter promise an exciting end to the year, and a return in average quarterly sales volume to pre-pandemic levels.”