ATRO - Astronics slips 8% post Q3 results

Astronics ([[ATRO]] -8.5%) reported revenue decline of ~40% Y/Y to $106.5M, and reported gross margin of 14.3% down by 655 bps.Reported operating loss of $8.99M for the quarter, compared to profit of $5.1M a year ago.Aerospace segment sales decreased 47.7% Y/Y, to $82.5M, negatively affected by the continued grounding of the 737 MAX; and Test Systems segment sales were $24M, up $4.6M from the prior-year period.Aerospace bookings in 3Q20 were $65M, including the $20M order from Xenex.Adj. EBITDA was $(0.1)M, or (0.1)% of sales, compared with $15.5M, or 8.7% a year ago, was negatively impacted in 3Q20 by lower sales volume and the operating leverage lost from that decline.Cash from operations YTD was $31.5M.Bookings were $81.6M, with book-to-bill ratio of 0.77:1. Backlog at the end of the quarter was $282.2M.FY20 Outlook: Company expects revenue to be slightly above $500M, vs. $506.19M consensus. Expects to be cash positive for the year at this

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Astronics slips 8% post Q3 results