- Astronics Corp (NASDAQ:ATRO) reported Q4 preliminary revenue of $116 million (+1.1% year-over-year) and preliminary bookings of $177 million (+52.6% Y/Y) for a book-to-bill of 1.5.
- The Q4 revenue included $99 million from the Aerospace segment and $17 million from the Test segment.
- Bookings for the Aerospace segment were ~$147 million, nearly double the $74 million in bookings realized in 4Q20.
- Preliminary 2021 revenue was $445 million (-11.4% Y/Y), preliminary bookings were $577 million (+35% Y/Y), with Aerospace segment bookings of ~$509 million, up 53% Y/Y, for a book-to-bill of 1.3.
- Backlog at year-end was an estimated $416 million. At December 31, 2021, the company had ~$163 million in long-term debt. Cash and equivalents at year-end were $30 million.
- Patent Dispute: Astronics disclosed an adverse ruling in its long-running intellectual property dispute with Lufthansa Technik.
- The U.K. Court has ruled that Lufthansa Technik's patent is valid and that Astronics has infringed the expired patent.
- Astronics expects to make an accrual relating to the U.K. suit of ~$8 million - $10 million in its 4Q21 financial results.
- Price Action: ATRO shares are trading higher by 5.60% at $12.25 on the last check Tuesday.
