ASTRONICS CORPORATION Reports 35.1% Increase in Total Revenue for 2nd Quarter of 2023
August 28, 2023
☀️Earnings Overview
For the quarter ending June 30 2023, ASTRONICS CORPORATION ($NASDAQ:ATRO) reported total revenue of USD 174.4 million, a 35.1% increase compared to the same period in the previous year. This was accompanied by a net income of USD -12.0 million, a decrease from the -11.0 million reported in FY2022 Q2.
Analysis
GoodWhale performed an analysis on ASTRONICS CORPORATION‘s wellbeing and according to Star Chart ASTRONICS CORPORATION has an intermediate health score of 6/10. This score is reflective of its cashflows and debt, as it is likely to pay off debt and fund future operations. Further analysis revealed that ASTRONICS CORPORATION is strong in asset, medium in profitability and weak in dividend, growth. As a result, ASTRONICS CORPORATION is classified as ‘rhino’, a type of company we conclude that has achieved moderate revenue or earnings growth. This means that investors looking for steady, moderate growth may be interested in investing in ASTRONICS CORPORATION. On the other hand, investors looking for higher growth stocks may not be interested in investing in this company. Investors could also consider the company’s current financial position and risk profile before deciding on whether or not to invest in ASTRONICS CORPORATION. More…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Astronics Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 620.58 | -38.05 | -6.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Astronics Corporation. More…
| Operations | Investing | Financing |
| -39.13 | -5.48 | 38.26 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Astronics Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 653.59 | 423.19 | 7.08 |
Key Ratios Snapshot
Some of the financial key ratios for Astronics Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.9% | – | -2.8% |
| FCF Margin | ROE | ROA |
| -7.8% | -4.6% | -1.7% |
Peers
Astronics Corporation is a leading provider of advanced technologies for the global aerospace, defense, and semiconductor industries. The company’s products and services include aircraft electrical power generation and distribution systems, aircraft lighting and control systems, electronic control systems, and related products. Astronics has a long history of providing innovative solutions to the most demanding challenges faced by the aerospace and defense industries. The company’s products are used on a wide variety of aircraft, from commercial airliners to military fighters.
Astronics’ primary competitors in the aerospace and defense markets are Raytheon Technologies Corporation, Electro Optic Systems Holdings Ltd, and Rolls-Royce Holdings PLC. These companies are all leaders in the development and production of advanced aerospace and defense technologies. Astronics’ competitive advantage lies in its ability to provide highly specialized products and services that meet the unique needs of its customers. The company has a strong track record of delivering quality products and services on time and on budget.
– Raytheon Technologies Corp ($NYSE:RTX)
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military, and government customers worldwide. The company has a market capitalization of $128.57 billion as of April 2021 and a return on equity of 5.62%. Raytheon Technologies is headquartered in Waltham, Massachusetts and has approximately 147,000 employees. The company operates in four business segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense.
– Electro Optic Systems Hldgs Ltd ($ASX:EOS)
Electro Optic Systems Holdings Ltd is an Australian aerospace and defence company that designs, manufactures and sells a range of electro optical products and systems. The company has a market cap of 100.17M as of 2022 and a Return on Equity of -21.32%.
The company’s products are used in a range of applications including surveillance, target acquisition, tracking, range-finding and guidance. Electro Optic Systems Holdings Ltd’s products are sold to customers in more than 30 countries around the world.
– Rolls-Royce Holdings PLC ($LSE:RR.)
Rolls-Royce Holdings PLC is a British multinational engineering company incorporated in February 2011 that owns Rolls-Royce, a business aviation and maritime engineering company. Rolls-Royce has a market cap of 6.22B as of 2022 and a Return on Equity of 21.06%. The company is known for its production of engines for aircraft, ships, and power generation. It has a wide range of civil and military clients across more than 150 countries.
Summary
Investors may find ASTRONICS CORPORATION an attractive option due to its strong revenue growth. The company reported total revenue of USD 174.4 million for the second quarter ending June 30 2023, a 35.1% increase from the same period in the previous year. Despite this, net income was reported as USD -12.0 million, a decrease from the -11.0 million reported in FY2022 Q2, indicating that the company may struggle to sustain its growth trajectory in the coming quarters. As such, investors should be aware of and monitor the company’s financial performance when considering investing in ASTRONICS CORPORATION.
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