Astronics Corp Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Astronics Corp files its Q1 2024 10-Q report, detailing financial information and business segments.</b>

AI Summary

ASTRONICS CORP (ATROB) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Filing is a 10-Q for Astronics Corp, covering the period ending March 30, 2024. The company's standard industrial classification is Aircraft Part & Auxiliary Equipment, NEC [3728]. Astronics Corp is incorporated in NY with its fiscal year ending December 31. The filing includes data for the periods ending March 30, 2024, December 31, 2023, and April 1, 2023. The filing mentions 'Test Systems Segment' and 'Semiconductor Test Busin' within the context of discontinued operations.

Why It Matters

For investors and stakeholders tracking ASTRONICS CORP, this filing contains several important signals. This 10-Q filing provides the latest quarterly financial snapshot for Astronics Corp, crucial for investors to assess performance and trends. Information on discontinued operations, specifically related to Test Systems and Semiconductor Test Business, may indicate strategic shifts or divestitures impacting future revenue streams.

Risk Assessment

Risk Level: low — ASTRONICS CORP shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand current performance and any impacts from discontinued operations.

Key Numbers

• 20240330 — Conformed Period of Report (2024-Q1)
• 20240506 — Filed As Of Date (Filing Date)
• 1231 — Fiscal Year End (Annual Cycle)
• 3728 — Standard Industrial Classification (Aircraft Part & Auxiliary Equipment, NEC)

Key Players & Entities

• ASTRONICS CORP (company) — FILER
• 0000008063 (company) — CENTRAL INDEX KEY
• 3728 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• NY (company) — STATE OF INCORPORATION
• 160959303 (company) — IRS NUMBER
• 130 COMMERCE WAY (company) — BUSINESS ADDRESS STREET 1
• EAST AURORA (company) — BUSINESS ADDRESS CITY
• 20240330 (date) — CONFORMED PERIOD OF REPORT

FAQ

Industry Context

Astronics Corp operates in the Aircraft Part & Auxiliary Equipment sector, supplying products for the aerospace industry.

Regulatory Implications

The filing is a standard 10-Q report under the Securities Exchange Act of 1934, requiring regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics for Q1 2024.
2. Investigate the details and financial impact of the 'Test Systems Segment' and 'Semiconductor Test Busin' mentioned under discontinued operations.
3. Compare the current quarter's performance against historical data and industry benchmarks.

Key Dates

• 2024-03-30: End of Reporting Period — Q1 2024 Financials
• 2024-05-06: Filing Date — Submission of 10-Q

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial information compared to the previous year's filings.

Filing Documents

• atro-20240330.htm (10-Q) — 826KB
• atro20240330-10qxexh311.htm (EX-31.1) — 10KB
• atro20240330-10qxexh312.htm (EX-31.2) — 10KB
• atro20240330-10qxexh32.htm (EX-32) — 6KB
• 0000008063-24-000029.txt (&nbsp;) — 5566KB
• atro-20240330.xsd (EX-101.SCH) — 45KB
• atro-20240330_cal.xml (EX-101.CAL) — 58KB
• atro-20240330_def.xml (EX-101.DEF) — 197KB
• atro-20240330_lab.xml (EX-101.LAB) — 560KB
• atro-20240330_pre.xml (EX-101.PRE) — 376KB
• atro-20240330_htm.xml (XML) — 680KB

Financial Statements

Financial Statements: Consolidated Condensed Balance Sheets as of March 30, 2024 and December 31, 202 3 3 Consolidated Condensed Statements of Operations for the Three Months Ended March 30 , 2024 and April 1, 2023 4 Consolidated Condensed Statements of Comprehensive Loss for the Three Months Ended March 30, 202 4 and Ap ril 1, 2023 5 Consolidated Condensed Statements of Cash Flows for the Three Months Ended March 30, 202 4 and April 1, 2023 6 Consolidated Condensed Statements of Shareholders' Equity for the Three Months Ended March 30, 202 4 and April 1, 202 3 7 Notes to Consolidated Condensed Financial Statements 9 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 27 Item 4

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 29 Item 1a

Risk Factors

Risk Factors 29 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3 Defaults Upon Senior Securities 29 Item 4 Mine Safety Disclosures 29 Item 5 Other Information 29 Item 6 Exhibits 30

SIGNATURES

SIGNATURES 31 2 Table of Contents

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements ASTRONICS CORPORATION Consolidated Condensed Balance Sheets March 30, 2024 with Comparative Figures for December 31, 2023 (Unaudited) (In thousands) March 30, 2024 December 31, 2023 Current Assets: Cash and Cash Equivalents $ 5,308 $ 4,756 Restricted Cash 1,302 6,557 Accounts Receivable, Net of Allowance for Estimated Credit Losses 170,246 172,108 Inventories 199,497 191,801 Prepaid Expenses and Other Current Assets 15,541 14,560 Total Current Assets 391,894 389,782 Property, Plant and Equipment, Net of Accumulated Depreciation 83,684 85,436 Operating Right-of-Use Assets 27,419 27,909 Other Assets 6,690 7,035 Intangible Assets, Net of Accumulated Amortization 62,121 65,420 Goodwill 58,156 58,210 Total Assets $ 629,964 $ 633,792 Current Liabilities: Current Maturities of Long-term Debt $ 8,996 $ 8,996 Accounts Payable 61,269 61,134 Current Operating Lease Liabilities 5,358 5,069 Accrued Expenses and Other Current Liabilities 55,399 46,106 Customer Advance Payments and Deferred Revenue 20,257 22,029 Total Current Liabilities 151,279 143,334 Long-term Debt 153,149 159,237 Long-term Operating Lease Liabilities 23,677 24,376 Other Liabilities 50,136 57,327 Total Liabilities 378,241 384,274 Shareholders' Equity: Common Stock 376 373 Accumulated Other Comprehensive Loss ( 9,901 ) ( 9,426 ) Other Shareholders' Equity 261,248 258,571 Total Shareholders' Equity 251,723 249,518 Total Liabilities and Shareholders' Equity $ 629,964 $ 633,792 See notes to consolidated condensed financial statements. 3 Table of Contents ASTRONICS CORPORATION Consolidated Condensed Statements of Operations Three Months Ended March 30, 2024 With Comparative Figures for 2023 (Unaudited) (In thousands, except per share data) Three Months Ended March 30, 2024 April 1, 2023 Sales $ 185,074 $ 156,538 Cost of Products Sold 150,883 129,028 Gross Profit 34,191 27,510 Selling, General and Administrative Exp

View Full Filing

View this 10-Q filing on SEC EDGAR