Astronics Corp (NASDAQ: ATRO) reported Q1 EPS of ($0.39), $0.29 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $105.9 million versus the consensus estimate of $101 million.

Peter J. Gundermann, the Company’s President and CEO, commented, “As we expected, our first quarter was a slow start to the year. However, our Aerospace bookings continue to recover, increasing 36% sequentially from the fourth quarter, resulting in our first positive Aerospace book-to-bill ratio of 1.23 since the pandemic began over a year ago. We are encouraged that the industry seems poised for recovery as the pandemic comes under control.”

GUIDANCE:

Astronics Corp sees Q2 2021 revenue of $115 million, versus the consensus of $119.75 million.

Mr. Gundermann commented, “We are pleased with the continued strong demand for our Test business, which had core sales up 64% over last year. We also are encouraged by the consistent sequential ramping of Aerospace bookings since the second quarter of last year. We are optimistic that demand will strengthen as 2021 progresses, but it is too early to forecast results confidently. However, we expect our revenue in the second quarter to be about $115 million. Our goals remain to generate cash and reduce debt. Evidence suggests that our largest market, which is dependent upon the health of the commercial airline industry, will recover when and where the pandemic comes under control. While we are making strides in the U.S., we look forward to progress in this regard worldwide through the remainder of this year.”

Our expectation for capital expenditures for 2021 remain unchanged at approximately $10 million to $11 million.

For earnings history and earnings-related data on Astronics Corp (ATRO) click here.