Benzinga | Nov 8, 2021 09:05AM EST

Astronics Q3 Results Miss Street View; Sees Q4 Revenue Below Consensus

* Astronics Corp (NASDAQ:ATRO) reported a third-quarter FY21 sales increase of 5% year-over-year to $111.84 million, missing the consensus of $114.07 million.

* Loss per share widened to $(0.23) from $(0.17) in 3Q20, missing consensus of $(0.16).

* Sales by segments: Aerospace $95.78 million (+16% Y/Y) and Test Systems $16.1 million (-32.9% Y/Y).

* Loss from operation reduced to $(4.49) million from $(8.99) million a year ago.

* Adjusted EBITDA was $2.84 million with a margin of 2.5% for the quarter.

* The gross margin expanded by 120 bps to 15.4%.

* SG&A expenses were reduced by 10.1% Y/Y to $21.73 million and, as a percentage of sales, reduced by 327 bps to 19.4%.

* Astronics cash used in operating activities year-to-date was $18.5 million, compared to cash provided $31.51 million a year ago.

* Bookings for the quarter were up 88% Y/Y $153.4 million, resulting in a book-to-bill ratio of 1.37. Backlog at the end of the quarter was $354.4 million, up 13% sequentially.

* Q4 Outlook: Astronics expects revenues of $115 million - $118 million, below the consensus of $119.6 million. The company expects shipping volume to continue to strengthen as it moves into 2022.

* Price Action: ATRO shares are trading lower by 0.34% at $14.50 during the premarket session on Monday.