Astronics (ATRO) Q4 2012 earnings summary

Executive summary

• FY12 set records: revenue $266.4M, up 16.8% YoY; net income $21.9M; diluted EPS $1.45. Orders reached $271.2M, up nearly 16%.

• Growth reflected commercial transport cabin electronics, acquisitions, and new aircraft program wins; management entered 2013 confident despite macroeconomic challenges.

Financial highlights

• Revenue was $266.446M vs. $228.163M in 2011; operating income was $32.625M vs. $30.821M.

• Net income from continuing operations was $21.874M vs. $21.591M; diluted EPS was $1.45 in both years.

• Cash from operations was $24.2M vs. $27.9M; cash used in investing was $27.4M, including Max-Viz acquisition and facility/building spending.

Outlook and guidance

• FY13 consolidated sales guidance: $275M–$310M; expected 2013 shipments from year-end backlog were approximately $97.8M.

• FY13 Aerospace sales guidance: $265M–$300M; Test Systems sales expected at approximately $10M.

• FY13 capital spending expected at $5M–$10M and engineering and development costs at $42M–$46M.