ATRO - Astronics down 11% post Q4 results; expects FY21 to start slowly

Astronics ([[ATRO]] -11.1%) missed Q4 EPS estimate, while it reported revenue down by 42.1% Y/Y to $114.8M; and net loss of $19.98M vs. $34.06M a year ago.Q4 Gross margin improved by 310 bps to 16.6%; and operating loss reduced to $5.47M from $36.86M a year ago.Q4 Adj. EBITDA reduced by 85.4% Y/Y to $2.89M; and margin declined by 750 bps to 2.5%.Aerospace sales $91.79M (-46.7% Y/Y); and Test Systems sales $23.01M (-12.5% Y/Y).Aerospace bookings in Q4 improved sequentially to $74.1M, for a book-to-bill ratio of 0.81.Backlog was $191.1M at the end 4Q20, compared with backlog of $275.8M at end of 4Q19.FY21 Outlook: Capital expenditures expected to be ~$10M to $11M, due to investments in customer programs.“While it is difficult to provide guidance for all of 2021 given the ongoing pandemic, we do expect that customer demand in the first half of 2021 will be similar to that of the second half of 2020.

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Astronics down 11% post Q4 results; expects FY21 to start slowly