Astronics Registers Solid Bookings In Q4; Reveals Adverse Ruling In UK Patent Dispute

Astronics Corp ATRO reported Q4 preliminary revenue of $116 million (+1.1% year-over-year) and preliminary bookings of $177 million (+52.6% Y/Y) for a book-to-bill of 1.5.
The Q4 revenue included $99 million from the Aerospace segment and $17 million from the Test segment.
Bookings for the Aerospace segment were ~$147 million, nearly double the $74 million in bookings realized in 4Q20.
Preliminary 2021 revenue was $445 million (-11.4% Y/Y), preliminary bookings were $577 million (+35% Y/Y), with Aerospace segment bookings of ~$509 million, up 53% Y/Y, for a book-to-bill of 1.3.
Backlog at year-end was an estimated $416 million. At December 31, 2021, the company had ~$163 million in long-term debt. Cash and equivalents at year-end were $30 million.
Patent Dispute: Astronics disclosed an adverse ruling in its long-running intellectual property dispute with Lufthansa Technik.
The U.K. Court has ruled that Lufthansa Technik's patent is valid and that Astronics has infringed the expired patent.
Astronics expects to make an accrual relating to the U.K. suit of ~$8 million - $10 million in its 4Q21 financial results.
Price Action: ATRO shares are trading higher by 5.60% at $12.25 on the last check Tuesday.

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