Astronics Corporation has reported financial results for the three and nine months ended 26 September 2020.
Third quarter revenue was US$106.5 million, 40% below the comparator period of 2019. The Company incurred a net loss of $5.3 million. Aerospace segment sales decreased $75.2 million, or 47.7%, to $82.5 million. Sales were negatively affected by the continued grounding of the 737 MAX, overall lower build rates for commercial transport and general aviation aircraft and a weak commercial aircraft aftermarket as airlines reduced spending due to the global COVID-19 pandemic.
Aerospace segment operating loss was $6.3 million compared with operating profit of $8.8 million for the same period last year.
Peter J. Gundermann, the company’s President and CEO, said, “The third quarter was challenging for our Company, as our core aerospace markets continue to be affected by the COVID-19 pandemic. The indications of airline recovery that were apparent in late summer did not continue into the fall as we had hoped. There are some bright spots, and we think the worst is now behind us. We expect market conditions to steadily improve going forward, beginning in the fourth quarter.”