Astronics reports second-quarter net loss of US$23.6 million

Astronics Corporation has reported financial results for the three- and six-month period ended June 27, 2020. Financial results reflect the divestiture of the Test Systems’ semiconductor business on February 13, 2019, and the acquisitions of Freedom Communications Technologies, acquired in July 2019, and the primary operating subsidiaries of Diagnosys Test Systems Limited, acquired in October 2019.

Second-quarter revenue was US$123.7 million with a net loss of US$23.6 million. Contributing to the loss was a US$12.6 million write-down of goodwill, which resulted from a reduced outlook in the Aerospace segment, specifically within the PECO reporting unit, and US$4.9 million in restructuring-related severance charges. Adjusted EBITDA in the second quarter was US$9.2 million, or 7.4% of sales. Cash flow from operations was a positive US$18.3 million.

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