ASTRONICS CORPORATION Reports Q2 FY2023 Earnings Results on June 30, 2023
August 21, 2023
🌥️Earnings Overview
ASTRONICS CORPORATION ($NASDAQ:ATRO) announced their financial results on June 30, 2023 for the second quarter of FY2023, which ended on August 3. Total revenue grew by 35.1% to USD 174.4 million compared to the same period the previous year. Unfortunately, net income was reported at USD -12.0 million, a decline of 1 million from the prior year.
Market Price
On Thursday, June 30th, 2023, ASTRONICS CORPORATION reported its financial results for the second quarter of the fiscal year 2023. The company opened the day at $20.8 and closed at $21.1, a modest increase of 0.3% from its previous closing price of $21.1. The company reported strong quarterly performance across its core businesses, with both its defense and commercial aviation segments seeing growth. The company’s CEO stated that the results were a clear reflection of their commitment to providing superior products and services to customers around the world.
The steady growth in the company’s net income for the quarter was especially encouraging, as it demonstrates the resilience of ASTRONICS CORPORATION during these uncertain times. The company also provided guidance for the remainder of the fiscal year, forecasting further growth in both revenue and net income. As such, ASTRONICS CORPORATION remains steadfast in its commitment to providing industry-leading solutions and services to its customers. Live Quote…
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% | -44.1% | -2.8% |
| FCF Margin | ROE | ROA |
| -7.8% | -4.6% | -1.7% |
Analysis
At GoodWhale, we recently conducted an analysis of ASTRONICS CORPORATION‘s wellbeing. Through our analysis, we found that ASTRONICS CORPORATION had a Risk Rating of Medium, meaning that it was a medium risk investment in terms of financial and business aspects. While conducting our analysis, we detected two risk warnings on the ASTRONICS CORPORATION income sheet and balance sheet. If you’re interested in seeing the details of our analysis for yourself, please register on goodwhale.com. We provide a comprehensive look at the company, so you can be confident in your investment decisions. More…
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
ASTRONICS CORPORATION reported strong revenue growth of 35.1% year over year for the second quarter of FY2023. However, net income decreased, amounting to USD -12.0 million. Investors should consider the company’s ability to generate profits from its revenue, as well as its future prospects, prior to making a decision about investing in the company. Additionally, analysts should review the nature of the company’s expenses to determine if there are areas where ASTRONICS CORPORATION can improve profitability.
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