Astronics Corporation reported consolidated sales of $203.7 million for the third quarter of 2024, marking a 25.0% increase over the prior-year period. The Aerospace segment was a primary driver, with sales rising 24.9% to $177.6 million, while Test Systems sales also increased by $5.3 million. This growth reflects continued recovery and improved operational efficiencies.
Adjusted EBITDA for the quarter reached $27.1 million, or 13.3% of sales, and adjusted net income was $12.2 million, or $0.35 per diluted share. However, the company reported a GAAP net loss of $(11.7) million, or $(0.34) per diluted share, due to several significant non-recurring items.
These included $7.0 million in refinancing expenses, $5.6 million in litigation-related legal expenses, and $2.2 million in charges associated with a customer bankruptcy. The company also recorded a $3.5 million warranty reserve related to a new product launch requiring a field modification. Despite these impacts, the backlog stood at $611.9 million at quarter-end, and Astronics adjusted its 2024 revenue guidance to a range of $777 million to $797 million.
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