ATRO - Astronics reports mixed Q2 earnings; narrows FY22 guidance

• Astronics press release ( NASDAQ: ATRO ): Q2 GAAP EPS of -$0.34 misses by $0.13 .
• Revenue of $129.13M (+16.1% Y/Y) beats by $2.01M .
• Consolidated adjusted EBITDA improved to $1.2M, or 0.9% of consolidated sales, compared with adjusted EBITDA of $0.4M, or 0.3% of consolidated sales, in the prior-year period.
• Bookings were $148.4M in the quarter resulting in a book-to-bill ratio of 1.15:1. Backlog at the end of the quarter reached another record of $494.4M for the third consecutive quarter. Approximately $278.0M, or 56%, of backlog is expected to ship in the remainder of 2022.

• “We are revising our expected 2022 revenue to be in the range of $550 million to $580 million vs. consensus of $543.21M, which incorporates a reduction at the high end of the range from previous guidance. Planned capital expenditures for 2022 are expected to be approximately $9 million to $10 million."

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