Astronics Corp Files 2024 Q2 10-Q

TL;DR

**ASTRONICS CORP 2024 Q2 10-Q FILED. FINANCIALS OUT.**

AI Summary

Astronics Corp filed its 10-Q for the period ending June 29, 2024, reporting on its financial performance. The company, incorporated in New York and headquartered in East Aurora, NY, is a manufacturer of aircraft parts and auxiliary equipment. This filing covers the second quarter of 2024, providing updates on its financial position and operations.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial data for Astronix Corp, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the aerospace industry can be subject to cyclical demand and regulatory changes.

Key Players & Entities

• ASTRONICS CORP (company) — Filer
• 0000008063 (company) — Central Index Key
• 20240629 (date) — Period of Report
• 20240805 (date) — Filed as of Date
• 130 COMMERCE WAY (location) — Business Address
• EAST AURORA (location) — Business Address City
• NY (location) — Business Address State
• 14052-2191 (location) — Business Address Zip

FAQ

Filing Documents

• atro-20240629.htm (10-Q) — 1079KB
• atro20240629-10qxexh311.htm (EX-31.1) — 10KB
• atro20240629-10qxexh312.htm (EX-31.2) — 10KB
• atro20240629-10qxexh32.htm (EX-32) — 6KB
• 0000008063-24-000048.txt ( ) — 6323KB
• atro-20240629.xsd (EX-101.SCH) — 44KB
• atro-20240629_cal.xml (EX-101.CAL) — 59KB
• atro-20240629_def.xml (EX-101.DEF) — 208KB
• atro-20240629_lab.xml (EX-101.LAB) — 562KB
• atro-20240629_pre.xml (EX-101.PRE) — 387KB
• atro-20240629_htm.xml (XML) — 906KB

Financial Statements

Financial Statements: Consolidated Condensed Balance Sheets as of June 29 , 2024 and December 31, 2023 3 Consolidated Condensed Statements of Operations for the Three and Six Months Ended June 29 , 2024 and July 1, 2023 4 Consolidated Condensed Statements of Comprehensive ( Loss ) Income for the Three and Six Months Ended June 29 , 2024 and July 1, 2023 5 Consolidated Condensed Statements of Cash Flows for the Six Months Ended June 29 , 2024 and July 1, 2023 6 Consolidated Condensed Statements of Shareholders' Equity for the Three and Six Months Ended June 29 , 2024 and July 1, 2023 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 30 Item 4

Controls and Procedures

Controls and Procedures 30 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 31 Item 1a

Risk Factors

Risk Factors 31 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3 Defaults Upon Senior Securities 32 Item 4 Mine Safety Disclosures 32 Item 5 Other Information 32 Item 6 Exhibits 32

SIGNATURES

SIGNATURES 33 2 Table of Contents

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements ASTRONICS CORPORATION Consolidated Condensed Balance Sheets June 29, 2024 with Comparative Figures for December 31, 2023 (Unaudited) (In thousands) June 29, 2024 December 31, 2023 Current Assets: Cash and Cash Equivalents $ 2,857 $ 4,756 Restricted Cash 1,535 6,557 Accounts Receivable, Net of Allowance for Estimated Credit Losses 186,295 172,108 Inventories 200,679 191,801 Prepaid Expenses and Other Current Assets 21,039 14,560 Total Current Assets 412,405 389,782 Property, Plant and Equipment, Net of Accumulated Depreciation 82,511 85,436 Operating Right-of-Use Assets 26,262 27,909 Other Assets 6,695 7,035 Intangible Assets, Net of Accumulated Amortization 58,843 65,420 Goodwill 58,143 58,210 Total Assets $ 644,859 $ 633,792 Current Liabilities: Current Maturities of Long-term Debt $ 1,300 $ 8,996 Accounts Payable 56,186 61,134 Current Operating Lease Liabilities 5,485 5,069 Accrued Expenses and Other Current Liabilities 60,536 46,106 Customer Advance Payments and Deferred Revenue 17,635 22,029 Total Current Liabilities 141,142 143,334 Long-term Debt 172,635 159,237 Long-term Operating Lease Liabilities 22,423 24,376 Other Liabilities 50,779 57,327 Total Liabilities 386,979 384,274 Shareholders' Equity: Common Stock 377 373 Accumulated Other Comprehensive Loss ( 9,788 ) ( 9,426 ) Other Shareholders' Equity 267,291 258,571 Total Shareholders' Equity 257,880 249,518 Total Liabilities and Shareholders' Equity $ 644,859 $ 633,792 See notes to consolidated condensed financial statements. 3 Table of Contents ASTRONICS CORPORATION Consolidated Condensed Statements of Operations Three and Six Months Ended June 29, 2024 With Comparative Figures for 2023 (Unaudited) (In thousands, except per share data) Six Months Ended Three Months Ended June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Sales $ 383,188 $ 330,992 $ 198,114 $ 174,454 Cost of Products Sold 307,643 270,787 15

View Full Filing

View this 10-Q filing on SEC EDGAR