Astronics Corporation (ATRO) – High material costs are hurting margins

Astronics Corporation (ATRO) (Q1FY23)

Introduction

Astronics Corporation, through its subsidiaries, designs and manufactures products for the aerospace, defense, and electronics industries in the United States, rest of North America, Asia, Europe, South America, and internationally. The company operates in two segments, Aerospace and Test Systems.

The Aerospace segment offers lighting and safety systems, electrical power generation systems, distribution and seat motions systems, aircraft structures, avionics products, system certification, and other products.

This segment serves airframe manufacturers (OEM) that build aircraft for the commercial, military, and general aviation markets; suppliers to OEMs; and aircraft operators, such as airlines; suppliers to the aircraft operators; and branches of the U.S. Department of Defense.

The Test Systems segment designs, develops, manufactures, and maintains automated test systems that support the aerospace and defense, and mass transit industries, as well as training and simulation devices for commercial and military applications. It serves OEMs and prime government contractors for electronics and military products.

Highlights

For Q1FY23, the company’s aerospace segment bookings were $150.1mn, for a book-to-bill ratio of 1.11:1. The backlog of the company $492.2mn at the end of quarter with approximately $441.7mn expected to be recognized as revenue over the next twelve months.

Stock performance

Astronics Corporation’s stock gave returns of 43.6% and 68.5% returns in three months and one year period. The stock has a 52 week high of $18.3 and 52 week low of $7.6. The stock has a CAGR of 21.2% over a period of three years.

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Highlights

Valuation

– Enterprise Value
– CrispIdea Forecast
– CrispIdea Segment Forecast
– Economic Value Added Analysis
– Peer Valuation
– CrispIdea Forecast Relative to Consensus
– Consensus History and Surprise
– Consensus Momentum

Actual & Historical Performance

– Income Statement
– Balance Sheet
– Cash Flow
– 10 Year Historical Performance
– Ratio Analysis
– ROIC & ROCE Analysis
– Segment Performance
– Key Metrics
– M&A Deals

Peer Performance

– Summary
– Profitability
– Growth
– Price Performance

Ownership

Stock Price Performance

Crispidea Coverage

No of Pages: 32

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