Exhibit 99.1
Astronics Corporation • 130 Commerce Way • East Aurora, NY • 14052-2164
FOR IMMEDIATE RELEASE
Astronics Corporation Reports Record Operating Income on
27% Sales Growth for Second Quarter 2026
27% Sales Growth for Second Quarter 2026
•Second quarter sales increased 27.0% to a record $260.0 million
•Record operating income was $40.5 million, or 15.6% of sales
•Second quarter net income was $35.1 million, or $0.75 per diluted share; adjusted EBITDA1 was $51.5 million, or 19.8% of sales
•Record Aerospace sales of $237.3 million drove Aerospace operating margin of 20.3%; adjusted Aerospace operating margin1 was 21.4%
•Record quarterly bookings reached $306.2 million for book-to-bill of 1.18 and third consecutive record backlog quarter of $780.6 million
•Generated $30.1 million in cash from operations
•Raising 2026 revenue guidance to $1.02 billion to $1.04 billion
EAST AURORA, NY, August 11, 2026 – Astronics Corporation (Nasdaq: ATRO) (“Astronics” or the “Company”), a leading supplier of advanced technologies and products to the global aerospace, defense, and other mission critical industries, today reported financial results for the three and six months ended July 4, 2026. Financial results include the acquisition of Bühler Motor Aviation (“BMA”) on October 13, 2025.
Peter J. Gundermann, Chairman, President and Chief Executive Officer, commented, “We had a very strong second quarter, with record sales, operating income, bookings and backlog. Our adjusted EBITDA margin of 19.8% was a multi-year high. We see continued strength across our range of markets and products, resulting in another step up in our forecasted 2026 revenue level. We expect momentum to build during the second half of the year. It is an exciting time for our Company.”
1 Adjusted EBITDA, adjusted EBITDA margin, and adjusted segment operating margin are Non-GAAP financial measures. Please see the reconciliation of GAAP to non-GAAP financial measures in the tables that accompany this release.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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Second Quarter Results
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
| ($ in thousands) | July 4, 2026 | June 28, 2025 | % Change | July 4, 2026 | June 28, 2025 | % Change | |||||||||||||||||||||||||||||
| Sales | $ | 259,957 | $ | 204,678 | 27.0 | % | $ | 490,576 | $ | 410,614 | 19.5 | % | |||||||||||||||||||||||
| Gross profit | $ | 86,897 | $ | 52,827 | 64.5 | % | $ | 162,030 | $ | 113,676 | 42.5 | % | |||||||||||||||||||||||
| Gross margin | 33.4 | % | 25.8 | % | 33.0 | % | 27.7 | % | |||||||||||||||||||||||||||
| Income from operations | $ | 40,467 | $ | 4,758 | 750.5 | % | $ | 67,697 | $ | 17,895 | 278.3 | % | |||||||||||||||||||||||
| Operating margin % | 15.6 | % | 2.3 | % | 13.8 | % | 4.4 | % | |||||||||||||||||||||||||||
| Net income | $ | 35,060 | $ | 1,314 | 2,568.2 | % | $ | 60,600 | $ | 10,842 | 458.9 | % | |||||||||||||||||||||||
| Net income % | 13.5 | % | 0.6 | % | 12.4 | % | 2.6 | % | |||||||||||||||||||||||||||
Adjusted operating income2 | $ | 43,226 | $ | 18,283 | 136.4 | % | $ | 72,786 | $ | 40,902 | 78.0 | % | |||||||||||||||||||||||
Adjusted operating margin %2 | 16.6 | % | 8.9 | % | 14.8 | % | 10.0 | % | |||||||||||||||||||||||||||
| Adjusted net income2 | $ | 32,623 | $ | 13,741 | 137.4 | % | $ | 55,124 | $ | 30,714 | 79.5 | % | |||||||||||||||||||||||
Adjusted EBITDA2 | $ | 51,549 | $ | 25,408 | 102.9 | % | $ | 89,450 | $ | 56,147 | 59.3 | % | |||||||||||||||||||||||
Adjusted EBITDA margin %2 | 19.8 | % | 12.4 | % | 18.2 | % | 13.7 | % | |||||||||||||||||||||||||||
Second Quarter 2026 Results (compared with the prior-year period, unless noted otherwise)
Growth in sales was driven by the Aerospace segment’s continued strength in demand primarily from the Commercial Transport market, including $5.9 million from the acquisition of BMA. Aerospace sales increased $43.7 million, or 22.6%, while Test Systems sales grew $11.6 million, or 105.1%. Test Systems sales in the prior year were negatively impacted by $6.4 million due to revisions of estimated costs to complete certain long-term mass transit contracts.
Gross profit increased $34.1 million to $86.9 million, or 33.4% of sales, a 760 basis point improvement over the comparator quarter. Gross profit growth and margin expansion were primarily attributable to higher volume, improved productivity, and a $2.0 million IEEPA tariff refund. Prior-year gross profit was negatively impacted by a $5.8 million charge related to Aerospace simplification initiatives and a $6.9 million adverse impact related to a revision of estimated costs to complete certain long-term mass transit contracts in the Test Systems segment.
Selling, general and administrative expenses (“SG&A”) decreased $0.9 million. Litigation-related expenses were down $0.9 million, and the prior-year period included a $3.5 million legal fee reimbursement charge relating to the patent infringement dispute in the UK. These decreases were mostly offset by higher wages and benefits, higher incentive-based compensation expenses driven by increased profitability, and incremental expenses related to the acquired BMA business. R&D was down $0.7 million reflecting the timing of projects.
Operating margin expanded 1,330 basis points and adjusted operating margin2 expanded 770 basis points as a result of higher volume and improved productivity in the Aerospace segment and improved performance in the Test Systems segment.
Interest expense was down $0.8 million, or 24.7%, on lower rates following the September 2025 refinancing activities. Tax expense in the quarter of $2.8 million reflects the benefits of a partial valuation allowance reversal and research and development costs expected to be expensed.
2 Adjusted operating income, adjusted operating margin, adjusted segment operating profit and margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings per share (“EPS”) are Non-GAAP financial measures. Please see the reconciliation of GAAP to non-GAAP financial measures in the tables that accompany this release.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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Consolidated net income of $0.75 per diluted share improved from $0.03 per diluted share in the prior-year period from stronger operating profit. Adjusted EBITDA2 increased 102.9% to $51.5 million, and adjusted EBITDA margin2 expanded 740 basis points to 19.8% of consolidated sales.
Record bookings of $306.2 million in the quarter resulted in a book-to-bill ratio of 1.18:1. For the trailing twelve months, bookings totaled $1.06 billion and the book-to-bill ratio was 1.13:1. Backlog at the end of the quarter was $780.6 million, representing the third consecutive quarter of record backlog.
Aerospace Segment Review (compared with the prior-year period, unless noted otherwise)
Aerospace segment sales of $237.3 million increased $43.7 million, or 22.6%. Sales in the Commercial Transport market increased $31.4 million, or 21.6%. Growth was primarily related to increased demand for seat motion and inflight entertainment & connectivity (“IFEC”) products. General Aviation sales increased $9.2 million, or 50.3%, to $27.6 million due to higher IFEC product sales of VVIP products. Military Aircraft sales increased $3.2 million, or 11.7%, to $30.6 million from increased sales of flight critical airframe power products.
Aerospace segment operating profit of $48.3 million, or 20.3% of sales, improved over the prior-year period reflecting the leverage gained on higher volume, improving production efficiencies, a $2.0 million IEEPA tariff refund, a $4.6 million decrease in litigation-related expenses and legal reserve adjustments related to the UK patent dispute previously discussed, and the absence of a $6.2 million charge for simplification initiatives in the prior-year period. Adjusted Aerospace operating profit2 increased 61.0% to $50.7 million, or 21.4% of sales, a 510-basis point expansion over the comparator quarter.
Aerospace bookings were $243.1 million for a book-to-bill ratio of 1.02:1. During the second quarter, the contract for the current engineering phase of the MV-75 FLRAA program was finalized, which resulted in a booking of $27.4 million. Record backlog for the Aerospace segment was $657.2 million at quarter end.
Mr. Gundermann commented, “Our Aerospace business delivered excellent results for the second quarter, achieving record quarterly sales and a 20.3% operating margin. A highlight in the quarter was the finalization of the development contract for the MV-75 FLRAA program, which resulted in a net booking of $27 million. We continue to perform well on that program with expected completion of the development program occurring in mid-2027. Overall, demand for our products remains robust, the team is executing well and we believe we are well positioned for further growth.”
Test Systems Segment Review (compared with the prior-year period, unless noted otherwise)
Test Systems segment sales of $22.7 million were up $11.6 million from the comparator quarter in 2025. Segment sales in the prior-year period were negatively impacted by a $6.4 million revision of estimated costs to complete certain long-term mass transit contracts, reducing revenue recognized in the period.
Test Systems segment operating profit was $0.6 million, compared with an operating loss of $6.7 million in the second quarter of 2025. The revisions to the estimated costs to complete had a $6.9 million detrimental impact to operating income in the prior year. Test Systems profitability continues to be negatively affected by mix and under absorption of fixed costs at current volume levels, as well as approximately $4.1 million of revenue in the current quarter at no margin related to dedicated raw materials for the U.S. Army and U.S. Marine Corps Radio Test Set programs. Margin on that revenue will be recognized through 2026 as production on those programs progress further.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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Bookings for the Test Systems segment in the quarter were $63.1 million, inclusive of a
$44.7 million order from the U.S. Army initiating full rate production for the TS-4549/T Radio Test Sets Program, which is expected to cover deliveries over the next 18 months. The book-to-bill ratio for the quarter was 2.78:1. Backlog for the Test Systems segment was $123.3 million at quarter end.
$44.7 million order from the U.S. Army initiating full rate production for the TS-4549/T Radio Test Sets Program, which is expected to cover deliveries over the next 18 months. The book-to-bill ratio for the quarter was 2.78:1. Backlog for the Test Systems segment was $123.3 million at quarter end.
Mr. Gundermann commented, “The big news in the second quarter for our Test business was the first production order for the U.S. Army’s TS-4549/T Radio Test program. Its contribution to our second quarter results was marginal, but the program’s impact will be significant as it ramps up in the coming quarters. This first production order is expected to be followed by similar annual orders in each of the coming four years.”
Balance Sheet and Liquidity
Cash provided by operations in the second quarter of 2026 was $30.1 million, reflecting higher cash earnings offset by higher working capital requirements, including higher inventory levels to support anticipated revenue growth in the coming quarters. Capital expenditures in the quarter were $5.7 million and $16.9 million year-to-date. Elevated capital expenditures reflect necessary catch-up investments on previously deferred spending as well as the consolidation of operations and capacity improvement in a new Seattle facility. The Company expects to be free cash flow positive for the remainder of the year.
Long-term debt decreased $24.1 million to $310.3 million at July 4, 2026, compared with the end of 2025. The Company had available liquidity of $253.2 million at quarter-end, including $15.4 million in available cash and $237.8 million in availability on its revolver.
Update on Favorable Appeal Ruling from UK Court of Appeal
As previously announced, a favorable judgment was issued on July 27, 2026, by the United Kingdom Court of Appeal regarding the Company’s long-running patent infringement dispute with Lufthansa Technik AG. The Company’s position is that approximately $2.2 million (including interest) of the damages paid by the Company to Lufthansa is due to be repaid to the Company. The Company also expects to be reimbursed for a portion its legal fees and those previously paid to Lufthansa, but the amount cannot be estimated at this time. Any reimbursements will be recorded when received, which is expected to be in the third quarter of 2026.
2026 Outlook
Astronics expects to set another annual sales record in 2026 with revenue estimated to be $1.02 billion to $1.04 billion for the year, with third quarter sales of $265 million to $275 million. Record backlog at the end of the second quarter was $780.6 million, of which approximately 82% is expected to drive revenue over the next twelve months.
Mr. Gundermann concluded, “We expect to set yet another quarterly sales record in the third quarter, with revenue in the fourth quarter to improve modestly from there. Given our record backlog and the continued strength in our order book, we believe we are well situated to deliver growth for the foreseeable future.”
Planned capital expenditures in 2026 are expected to be in the range of $40 million to $45 million driven largely by costs associated with the Seattle operation consolidation, which will conclude in the third quarter.
The Company estimates future IEEPA tariff refunds will range from $6 million to $8 million although the timing of such receipts cannot be confirmed at this time.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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Second Quarter 2026 Webcast and Conference Call
The Company will host a teleconference today at 4:45 p.m. ET. During the teleconference, management will review the financial and operating results for the period and discuss Astronics’ corporate strategy and outlook. A question-and-answer session will follow.
The Astronics conference call can be accessed by calling (201) 493-6784. The listen-only audio webcast can be monitored at investors.astronics.com. To listen to the archived call, dial
(412) 317-6671 and enter replay pin number 13761059. The telephonic replay will be available from 8:00 p.m. on the day of the call through Tuesday, August 25, 2026. The webcast replay can be accessed via the investor relations section of the Company’s website where a transcript will also be posted once available.
(412) 317-6671 and enter replay pin number 13761059. The telephonic replay will be available from 8:00 p.m. on the day of the call through Tuesday, August 25, 2026. The webcast replay can be accessed via the investor relations section of the Company’s website where a transcript will also be posted once available.
About Astronics Corporation
Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense, and other mission-critical industries with proven innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, military branches, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company’s strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate,” “feeling” or other similar expressions and include all statements with regard to the Company’s 2026 outlook including record annual and quarterly sales, the level of activity in the second half of 2026, the strength of the Company’s market position and product demand as well as any level of growth into the foreseeable future, operating leverage gained on higher volume and resulting profitability, the significance of the U.S. Army Radio Test Set program to results, any future potential orders and the rate and level of sales growth and profitability improvement in the Test segment related to ramping the program up to full rate production, the amount of reimbursement related to the favorable UK award for the intellectual property case and the amount of tariff refunds to be received. The forward-looking statements also include all statements related to achieving any revenue or profitability expectations, expectations of continued growth, the level of liquidity, the level of cash generation and free cash flow, the level of demand by customers and markets and the amount of expected capital expenditures, the amount of investment in an ERP system, the amount of backlog to be recognized as revenue over the next twelve months, statements regarding the amount of opportunities available to be executed and the effectiveness of the Company’s execution in its operations. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the trend in growth with passenger power and connectivity on airplanes, the state of the aerospace and defense industries, commercial aircraft build rates, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the impact of regulatory activity, the need for new and advanced test equipment, customer preferences and relationships, the effectiveness of the Company’s supply chain and execution on opportunities, and other factors which are described in filings by Astronics with the Securities and
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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Exchange Commission. Except as required by applicable law, the Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
Use of Non-GAAP Financial Metrics and Additional Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Astronics provides Adjusted Non-GAAP information as additional information for its operating results. References to Adjusted Non-GAAP information are to non-GAAP financial measures. These measures are not required by, in accordance with, or an alternative for, GAAP and may be different from non-GAAP financial measures used by other companies. Astronics management uses these measures for reviewing the financial results of Astronics for budget planning purposes and for making operational and financial decisions. Management believes that providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, help investors evaluate Astronics core operating and financial performance and business trends consistent with how management evaluates such performance and trends.
FINANCIAL TABLES FOLLOW
| For more information, contact: | ||||||||
| Company: | Investor Relations: | |||||||
| Nancy L. Hedges, Chief Financial Officer | Deborah K. Pawlowski, Alliance Advisors LLC | |||||||
| Phone: (716) 805-1599 | Phone: (716) 843-3908 | |||||||
| Email: invest@astronics.com | Email: dpawlowski@allianceadvisors.com | |||||||
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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ASTRONICS CORPORATION | |||||||||||||||||||||||
| CONSOLIDATED STATEMENT OF OPERATIONS DATA | |||||||||||||||||||||||
| (Unaudited, $ in thousands except per share amounts) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
Sales | $ | 259,957 | $ | 204,678 | $ | 490,576 | $ | 410,614 | |||||||||||||||
| Cost of products sold | 173,060 | 151,851 | 328,546 | 296,938 | |||||||||||||||||||
Gross profit | 86,897 | 52,827 | 162,030 | 113,676 | |||||||||||||||||||
Gross margin | 33.4 | % | 25.8 | % | 33.0 | % | 27.7 | % | |||||||||||||||
| Research and development expenses | 10,869 | 11,572 | 22,958 | 22,639 | |||||||||||||||||||
| Selling, general and administrative | 35,561 | 36,497 | 71,375 | 73,142 | |||||||||||||||||||
SG&A % of sales | 13.7 | % | 17.8 | % | 14.5 | % | 17.8 | % | |||||||||||||||
| Income from operations | 40,467 | 4,758 | 67,697 | 17,895 | |||||||||||||||||||
Operating margin | 15.6 | % | 2.3 | % | 13.8 | % | 4.4 | % | |||||||||||||||
| Other expense (income) | 281 | (190) | 390 | (377) | |||||||||||||||||||
| Interest expense, net | 2,332 | 3,097 | 4,668 | 6,247 | |||||||||||||||||||
| Income before tax | 37,854 | 1,851 | 62,639 | 12,025 | |||||||||||||||||||
| Income tax expense | 2,794 | 537 | 2,039 | 1,183 | |||||||||||||||||||
| Net income | $ | 35,060 | $ | 1,314 | $ | 60,600 | $ | 10,842 | |||||||||||||||
| Net income % of sales | 13.5 | % | 0.6 | % | 12.4 | % | 2.6 | % | |||||||||||||||
| Basic earnings per share:3 | $ | 0.82 | $ | 0.03 | $ | 1.41 | $ | 0.26 | |||||||||||||||
Diluted earnings per share:3, 4 | $ | 0.75 | $ | 0.03 | $ | 1.31 | $ | 0.25 | |||||||||||||||
Weighted average diluted shares outstanding (in thousands) 3, 4 | 46,535 | 43,641 | 46,219 | 43,271 | |||||||||||||||||||
3 All share and per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholder of record on June 15, 2026.
4 In addition to incremental shares from stock awards, weighted-average diluted shares for the three and six months ended July 4, 2026 include 1.708 million and 1.492 million assumed shares, respectively, related to the premium on the 0% convertible notes, as the Company’s average stock price during the periods exceeded the $45.19 per‑share conversion price (as adjusted for the twenty percent Class B stock distribution). Because of the capped call, there is no effective dilution to shareholders from the 0% convertible notes unless and until the share price exceeds $68.44 per-share cap price. The diluted EPS calculation for the three and six months ended July 4, 2026 and June 28, 2025 excludes the effect of the 5.5% convertible notes because they are anti-dilutive for those periods.
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ASTRONICS CORPORATION | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
($ in thousands) | |||||||||||
(unaudited) | |||||||||||
| 7/4/2026 | 12/31/2025 | ||||||||||
| ASSETS | |||||||||||
Cash and cash equivalents | $ | 9,016 | $ | 18,180 | |||||||
| Accounts receivable, net of allowance for estimated credit losses | 228,900 | 204,672 | |||||||||
Inventories | 220,065 | 196,860 | |||||||||
| Prepaid expenses and other current assets | 27,763 | 18,027 | |||||||||
| Total current assets | 485,744 | 437,739 | |||||||||
| Property, plant and equipment, net of accumulated depreciation | 115,568 | 107,078 | |||||||||
| Operating right-of-use assets | 31,273 | 32,269 | |||||||||
| Other assets | 14,366 | 11,316 | |||||||||
| Intangible assets, net of accumulated amortization | 49,392 | 55,353 | |||||||||
| Goodwill | 64,501 | 62,923 | |||||||||
| Total assets | $ | 760,844 | $ | 706,678 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 64,399 | $ | 41,080 | |||||||
| Current operating lease liabilities | 5,930 | 5,802 | |||||||||
| Accrued expenses and other current liabilities | 66,462 | 68,324 | |||||||||
| Customer advances and deferred revenue | 26,589 | 26,069 | |||||||||
| Total current liabilities | 163,380 | 141,275 | |||||||||
| Long-term debt | 310,319 | 334,451 | |||||||||
| Long-term operating lease liabilities | 36,717 | 38,101 | |||||||||
| Other liabilities | 52,208 | 52,777 | |||||||||
| Total liabilities | 562,624 | 566,604 | |||||||||
| Shareholders’ equity:5 | |||||||||||
| Common stock | 457 | 456 | |||||||||
| Accumulated other comprehensive loss | (6,108) | (4,410) | |||||||||
| Other shareholders’ equity | 203,871 | 144,028 | |||||||||
| Total shareholders’ equity | 198,220 | 140,074 | |||||||||
| Total liabilities and shareholders’ equity | $ | 760,844 | $ | 706,678 | |||||||
5 Prior-period Shareholders’ Equity balances have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026, with no impact on Total Shareholders’ Equity.
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| ASTRONICS CORPORATION | |||||||||||
| CONSOLIDATED CASH FLOWS DATA | |||||||||||
| Six Months Ended | |||||||||||
| (Unaudited, $ in thousands) | 7/4/2026 | 6/28/2025 | |||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 60,600 | $ | 10,842 | |||||||
| Adjustments to reconcile net income to cash from operating activities: | |||||||||||
| Non-cash items: | |||||||||||
| Depreciation and amortization | 12,235 | 10,966 | |||||||||
| Amortization of deferred financing fees | 1,204 | 1,214 | |||||||||
| Provisions for non-cash losses on inventory and receivables | 3,257 | 2,941 | |||||||||
| Equity-based compensation expense | 4,819 | 3,902 | |||||||||
| Deferred tax expense (benefit) | 1,022 | (1,125) | |||||||||
| Operating lease non-cash expense | 2,806 | 3,174 | |||||||||
| Simplification initiative-related non-cash charges | — | 6,229 | |||||||||
| Other | 1,223 | (601) | |||||||||
| Cash flows from changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (24,997) | 5,803 | |||||||||
| Inventories | (27,500) | (1,498) | |||||||||
| Accounts payable | 23,620 | 2,957 | |||||||||
| Operating lease liabilities | (3,093) | (2,302) | |||||||||
| Accrued expenses | (1,929) | (17,064) | |||||||||
| Income taxes | (1,128) | (10,505) | |||||||||
| Cloud computing implementation costs | (4,122) | — | |||||||||
| Customer advance payments and deferred revenue | 478 | (859) | |||||||||
| Supplemental retirement plan liabilities | (367) | (202) | |||||||||
| Other assets and liabilities | (7,403) | (864) | |||||||||
| Net cash provided by operating activities | 40,725 | 13,008 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (16,869) | (6,710) | |||||||||
| Net cash used by investing activities | (16,869) | (6,710) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from long-term debt | 40,000 | 1,143 | |||||||||
| Principal payments on long-term debt | (65,000) | (11,143) | |||||||||
| Financing-related costs | — | (740) | |||||||||
| Stock award activity | (5,441) | (1,730) | |||||||||
| Other | (2,220) | (76) | |||||||||
| Net cash used by financing activities | (32,661) | (12,546) | |||||||||
| Effect of exchange rates on cash | (359) | 1,280 | |||||||||
| Decrease in cash and cash equivalents and restricted cash | (9,164) | (4,968) | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 18,180 | 18,428 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 9,016 | $ | 13,460 | |||||||
| Supplemental disclosure of cash flow information | |||||||||||
| Capital expenditures in accounts payable (non-cash investing activities) | $ | 422 | $ | — | |||||||
| Interest paid | $ | 3,972 | $ | 2,967 | |||||||
| Income taxes paid, net | $ | 2,110 | $ | 12,848 | |||||||
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
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| ASTRONICS CORPORATION | |||||||||||||||||||||||
| SEGMENT SALES AND PROFIT | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Sales | |||||||||||||||||||||||
| Aerospace | $ | 237,292 | $ | 193,647 | $ | 451,135 | $ | 385,035 | |||||||||||||||
| Less inter-segment | — | (21) | (23) | (34) | |||||||||||||||||||
| Total Aerospace | 237,292 | 193,626 | 451,112 | 385,001 | |||||||||||||||||||
| Test Systems | 22,674 | 11,341 | 39,498 | 25,933 | |||||||||||||||||||
| Less inter-segment | (9) | (289) | (34) | (320) | |||||||||||||||||||
| Total Test Systems | 22,665 | 11,052 | 39,464 | 25,613 | |||||||||||||||||||
| Total consolidated sales | 259,957 | 204,678 | 490,576 | 410,614 | |||||||||||||||||||
| Segment gross profit and margins | |||||||||||||||||||||||
| Aerospace | 82,152 | 54,891 | 152,845 | 113,374 | |||||||||||||||||||
| 34.6 | % | 28.3 | % | 33.9 | % | 29.4 | % | ||||||||||||||||
| Test Systems | 4,745 | (2,064) | 9,185 | 302 | |||||||||||||||||||
| 20.9 | % | (18.7) | % | 23.3 | % | 1.2 | % | ||||||||||||||||
| Total gross profit | 86,897 | 52,827 | 162,030 | 113,676 | |||||||||||||||||||
| 33.4 | % | 25.8 | % | 33.0 | % | 27.7 | % | ||||||||||||||||
| Segment operating profit and margins | |||||||||||||||||||||||
| Aerospace | 48,264 | 18,039 | 83,596 | 40,303 | |||||||||||||||||||
| 20.3 | % | 9.3 | % | 18.5 | % | 10.5 | % | ||||||||||||||||
| Test Systems | 592 | (6,710) | 995 | (8,933) | |||||||||||||||||||
| 2.6 | % | (60.7) | % | 2.5 | % | (34.9) | % | ||||||||||||||||
| Total segment operating profit | 48,856 | 11,329 | 84,591 | 31,370 | |||||||||||||||||||
| Interest expense | 2,332 | 3,097 | 4,668 | 6,247 | |||||||||||||||||||
| Corporate expenses and other | 8,670 | 6,381 | 17,284 | 13,098 | |||||||||||||||||||
| Income before taxes | $ | 37,854 | $ | 1,851 | $ | 62,639 | $ | 12,025 | |||||||||||||||
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 11
ASTRONICS CORPORATION | ||||||||||||||||||||||||||
| SALES BY MARKET | ||||||||||||||||||||||||||
(Unaudited, $ in thousands) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | 2026 YTD | ||||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | % Change | 7/4/2026 | 6/28/2025 | % Change | % of Sales | ||||||||||||||||||||
| Aerospace Segment | ||||||||||||||||||||||||||
Commercial Transport | $ | 177,006 | $ | 145,573 | 21.6 | % | $ | 333,425 | $ | 283,115 | 17.8 | % | 68.0 | % | ||||||||||||
Military Aircraft | 30,631 | 27,433 | 11.7 | % | 64,133 | 60,696 | 5.7 | % | 13.1 | % | ||||||||||||||||
General Aviation | 27,603 | 18,370 | 50.3 | % | 49,052 | 33,613 | 45.9 | % | 10.0 | % | ||||||||||||||||
Other | 2,052 | 2,250 | (8.8) | % | 4,502 | 7,577 | (40.6) | % | 0.9 | % | ||||||||||||||||
| Aerospace Total | 237,292 | 193,626 | 22.6 | % | 451,112 | 385,001 | 17.2 | % | 92.0 | % | ||||||||||||||||
| Test Systems Segment | ||||||||||||||||||||||||||
Government & Defense | 22,665 | 11,052 | 105.1 | % | 39,464 | 25,613 | 54.1 | % | 8.0 | % | ||||||||||||||||
| Total Sales | $ | 259,957 | $ | 204,678 | 27.0 | % | $ | 490,576 | $ | 410,614 | 19.5 | % | ||||||||||||||
| SALES BY PRODUCT LINE6 | ||||||||||||||||||||||||||
| (Unaudited, $ in thousands) | ||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
| Recast | Recast | 2026 YTD | ||||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | % Change | 7/4/2026 | 6/28/2025 | % Change | % of Sales | ||||||||||||||||||||
| Aerospace Segment | ||||||||||||||||||||||||||
| Inflight Entertainment & Connectivity | $ | 126,008 | $ | 105,902 | 19.0 | % | $ | 236,756 | $ | 209,012 | 13.3 | % | 48.3 | % | ||||||||||||
| Lighting & Safety | 59,170 | 56,100 | 5.5 | % | 111,977 | 108,057 | 3.6 | % | 22.8 | % | ||||||||||||||||
| Flight Critical Electrical Power | 23,660 | 15,832 | 49.4 | % | 48,423 | 37,146 | 30.4 | % | 9.9 | % | ||||||||||||||||
| Seat Motion | 22,186 | 10,217 | 117.1 | % | 42,065 | 16,889 | 149.1 | % | 8.6 | % | ||||||||||||||||
| Other | 6,268 | 5,575 | 12.4 | % | 11,891 | 13,897 | (14.4) | % | 2.4 | % | ||||||||||||||||
| Aerospace Total | 237,292 | 193,626 | 22.6 | % | 451,112 | 385,001 | 17.2 | % | 92.0 | % | ||||||||||||||||
| Test Systems | 22,665 | 11,052 | 105.1 | % | 39,464 | 25,613 | 54.1 | % | 8.0 | % | ||||||||||||||||
| Total | $ | 259,957 | $ | 204,678 | 27.0 | % | $ | 490,576 | $ | 410,614 | 19.5 | % | ||||||||||||||
6 Beginning in the first quarter of 2026, the Company reorganized its product line structure to align with changes in internal reporting. The Company recast the prior-year disaggregation of sales by product line to conform with the updated, current-period presentation.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 12
ASTRONICS CORPORATION | |||||||||||||||||||||||||||||
ORDER AND BACKLOG TREND | |||||||||||||||||||||||||||||
(Unaudited, $ in thousands) | |||||||||||||||||||||||||||||
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Trailing Twelve Months | |||||||||||||||||||||||||
| 9/27/2025 | 12/31/2025 | 4/4/2026 | 7/4/2026 | 7/4/2026 | |||||||||||||||||||||||||
| Sales | |||||||||||||||||||||||||||||
| Aerospace | $ | 192,725 | $ | 219,593 | $ | 213,820 | $ | 237,292 | $ | 863,430 | |||||||||||||||||||
| Test Systems | 18,722 | 20,474 | 16,799 | 22,665 | 78,660 | ||||||||||||||||||||||||
| Total Sales | $ | 211,447 | $ | 240,067 | $ | 230,619 | $ | 259,957 | $ | 942,090 | |||||||||||||||||||
| Bookings | |||||||||||||||||||||||||||||
| Aerospace | $ | 191,859 | $ | 237,327 | $ | 264,381 | $ | 243,140 | $ | 936,707 | |||||||||||||||||||
| Test Systems | 18,532 | 19,902 | 26,067 | 63,051 | 127,552 | ||||||||||||||||||||||||
| Total Bookings | $ | 210,391 | $ | 257,229 | $ | 290,448 | $ | 306,191 | $ | 1,064,259 | |||||||||||||||||||
| Backlog7 | |||||||||||||||||||||||||||||
| Aerospace | $ | 572,459 | $ | 600,803 | $ | 651,364 | $ | 657,212 | |||||||||||||||||||||
| Test Systems | 74,264 | 73,692 | 82,960 | 123,346 | |||||||||||||||||||||||||
| Total Backlog | $ | 646,723 | $ | 674,495 | $ | 734,324 | $ | 780,558 | N/A | ||||||||||||||||||||
| Book:Bill Ratio | |||||||||||||||||||||||||||||
| Aerospace | 1.00 | 1.08 | 1.24 | 1.02 | 1.08 | ||||||||||||||||||||||||
| Test Systems | 0.99 | 0.97 | 1.55 | 2.78 | 1.62 | ||||||||||||||||||||||||
| Total Book:Bill | 1.00 | 1.07 | 1.26 | 1.18 | 1.13 | ||||||||||||||||||||||||
7 Aerospace backlog of approximately $2.4 million and $10.6 million was added in the third and fourth quarters of 2025, respectively, in connection with the acquisitions of Envoy Aerospace and Bühler Motor Aviation.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 13
| ASTRONICS CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Net income | $ | 35,060 | $ | 1,314 | $ | 60,600 | $ | 10,842 | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Interest expense | 2,332 | 3,097 | 4,668 | 6,247 | |||||||||||||||||||
| Income tax expense | 2,794 | 537 | 2,039 | 1,183 | |||||||||||||||||||
| Depreciation and amortization expense | 6,341 | 5,378 | 12,235 | 10,966 | |||||||||||||||||||
| Equity-based compensation expense | 2,263 | 1,557 | 4,819 | 3,902 | |||||||||||||||||||
| Simplification and restructuring initiatives | — | 6,229 | — | 6,508 | |||||||||||||||||||
| ERP implementation consulting expenses | 482 | — | 656 | — | |||||||||||||||||||
| Legal reserve, settlements and recoveries | — | 3,504 | — | 9,732 | |||||||||||||||||||
| Litigation-related legal expenses | 1,871 | 2,753 | 3,650 | 5,728 | |||||||||||||||||||
| Acquisition-related expenses | — | — | 186 | — | |||||||||||||||||||
| Warranty reserve | 406 | 1,039 | 597 | 1,039 | |||||||||||||||||||
| Adjusted EBITDA | $ | 51,549 | $ | 25,408 | $ | 89,450 | $ | 56,147 | |||||||||||||||
| Sales | $ | 259,957 | $ | 204,678 | $ | 490,576 | $ | 410,614 | |||||||||||||||
| Adjusted EBITDA margin % | 19.8 | % | 12.4 | % | 18.2 | % | 13.7 | % | |||||||||||||||
Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted EBITDA and Adjusted EBITDA Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA Margin, are important for investors and other readers of the Company’s financial statements.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 14
ASTRONICS CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF GROSS PROFIT TO ADJUSTED GROSS PROFIT | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Gross profit | $ | 86,897 | $ | 52,827 | $ | 162,030 | $ | 113,676 | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Restructuring-related charges including severance | — | 5,807 | — | 5,807 | |||||||||||||||||||
| Warranty reserve | 406 | 1,039 | 597 | 1,039 | |||||||||||||||||||
| Adjusted gross profit | $ | 87,303 | $ | 59,673 | $ | 162,627 | $ | 120,522 | |||||||||||||||
| Sales | $ | 259,957 | $ | 204,678 | $ | 490,576 | $ | 410,614 | |||||||||||||||
| Gross Margin | 33.4 | % | 25.8 | % | 33.0 | % | 27.7 | % | |||||||||||||||
| Adjusted gross margin | 33.6 | % | 29.2 | % | 33.2 | % | 29.4 | % | |||||||||||||||
Adjusted Gross Profit is defined as gross profit as reported, adjusted for certain items. Adjusted Gross Profit Margin is defined as Adjusted Gross Profit divided by sales. Adjusted Gross Profit and Adjusted Gross Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Gross Profit and Adjusted Gross Profit Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Gross Profit and Adjusted Gross Profit Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year’s gross profit and gross profit margin to the historical periods’ gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit and gross profit margin to that of other companies.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 15
ASTRONICS CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING INCOME | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Income from operations | $ | 40,467 | $ | 4,758 | $ | 67,697 | $ | 17,895 | |||||||||||||||
| Add back: | |||||||||||||||||||||||
| Restructuring-related charges including severance | — | 6,229 | — | 6,508 | |||||||||||||||||||
| ERP implementation consulting expenses | 482 | — | 656 | — | |||||||||||||||||||
| Legal reserve, settlements and recoveries | — | 3,504 | — | 9,732 | |||||||||||||||||||
| Litigation-related legal expenses | 1,871 | 2,753 | 3,650 | 5,728 | |||||||||||||||||||
| Acquisition-related expenses | — | — | 186 | — | |||||||||||||||||||
| Warranty reserve | 406 | 1,039 | 597 | 1,039 | |||||||||||||||||||
| Adjusted operating income | $ | 43,226 | $ | 18,283 | $ | 72,786 | $ | 40,902 | |||||||||||||||
| Sales | $ | 259,957 | $ | 204,678 | $ | 490,576 | $ | 410,614 | |||||||||||||||
| Operating margin | 15.6 | % | 2.3 | % | 13.8 | % | 4.4 | % | |||||||||||||||
| Adjusted operating margin | 16.6 | % | 8.9 | % | 14.8 | % | 10.0 | % | |||||||||||||||
Adjusted Operating Income is defined as income from operations as reported, adjusted for certain items. Adjusted Operating Margin is defined as Adjusted Operating Income divided by sales. Adjusted Operating Income and Adjusted Operating Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Operating Income and Adjusted Operating Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Operating Income and Adjusted Operating Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ income from operations to the historical periods’ income from operations and operating margin, as well as facilitates a more meaningful comparison of the Company’s income from operations and operating margin to that of other companies.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 16
ASTRONICS CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE TO ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE | |||||||||||||||||||||||
| (Unaudited, $ in thousands except per share amounts) | |||||||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Net income | $ | 35,060 | $ | 1,314 | $ | 60,600 | $ | 10,842 | |||||||||||||||
| Add back (deduct): | |||||||||||||||||||||||
| Amortization of intangibles | 2,884 | 2,945 | 5,771 | 5,920 | |||||||||||||||||||
| Simplification and restructuring initiatives | — | 6,229 | — | 6,508 | |||||||||||||||||||
| ERP implementation consulting expenses | 482 | — | 656 | — | |||||||||||||||||||
| Legal reserve, settlements and recoveries | — | 3,504 | — | 9,732 | |||||||||||||||||||
| Litigation-related legal expenses | 1,871 | 2,753 | 3,650 | 5,728 | |||||||||||||||||||
| Acquisition-related expenses | — | — | 186 | — | |||||||||||||||||||
| Warranty reserve | 406 | 1,039 | 597 | 1,039 | |||||||||||||||||||
| Normalize tax rate8 | (8,080) | (4,043) | (16,336) | (9,055) | |||||||||||||||||||
| Adjusted net income | $ | 32,623 | $ | 13,741 | $ | 55,124 | $ | 30,714 | |||||||||||||||
| Weighted average diluted shares outstanding (in thousands)9,10 | 46,535 | 43,641 | 46,219 | 43,271 | |||||||||||||||||||
Diluted earnings per share9,10 | $ | 0.75 | $ | 0.03 | $ | 1.31 | $ | 0.25 | |||||||||||||||
Adjusted diluted earnings per share9,10 | $ | 0.70 | $ | 0.31 | $ | 1.19 | $ | 0.71 | |||||||||||||||
Adjusted Net Income and Adjusted Diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangibles, and also adjusted for a normalized tax rate. Adjusted Net Income and Adjusted Diluted EPS are not measures determined in accordance with GAAP and may not be comparable with the measures used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Net Income and Adjusted Diluted EPS, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ net income and diluted EPS to the historical periods’ net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that presenting Adjusted Diluted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.
8 Applies a normalized tax rate of 25% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.
9 All share and per share information have been adjusted to reflect the impact of the twenty percent Class B stock distribution to shareholders of record on June 15, 2026.
10 In addition to incremental shares from stock awards, weighted-average diluted shares for the three and six months ended July 4, 2026 include 1.708 million and 1.492 million assumed shares, respectively, related to the premium on the 0% convertible notes, as the Company’s average stock price during the periods exceeded the $45.19 per‑share conversion price (as adjusted for the twenty percent Class B stock distribution). Because of the capped call, there is no effective dilution to shareholders from the 0% convertible notes unless and until the share price exceeds $68.44 per-share cap price. The diluted EPS calculation for the three and six months ended July 4, 2026 and June 28, 2025 excludes the effect of the 5.5% convertible notes because they are anti-dilutive for those periods.
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Astronics Corporation Reports Record Operating Income on 27% Sales Growth for Second Quarter 2026
August 11, 2026
Page 17
ASTRONICS CORPORATION | |||||||||||||||||||||||
| RECONCILIATION OF SEGMENT OPERATING PROFIT (LOSS) TO ADJUSTED SEGMENT OPERATING PROFIT (LOSS) | |||||||||||||||||||||||
| (Unaudited, $ in thousands) | |||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| 7/4/2026 | 6/28/2025 | 7/4/2026 | 6/28/2025 | ||||||||||||||||||||
| Aerospace operating profit | $ | 48,264 | $ | 18,039 | $ | 83,596 | $ | 40,303 | |||||||||||||||
| Simplification and restructuring initiatives | — | 6,229 | — | 6,508 | |||||||||||||||||||
| ERP implementation consulting expenses | 482 | — | 656 | — | |||||||||||||||||||
| Legal reserve, settlements and recoveries | — | 3,504 | — | 9,732 | |||||||||||||||||||
| Litigation-related legal expenses | 1,556 | 2,676 | 3,067 | 4,920 | |||||||||||||||||||
| Warranty reserve | 406 | 1,039 | 597 | 1,039 | |||||||||||||||||||
| Adjusted Aerospace operating profit | $ | 50,708 | $ | 31,487 | $ | 87,916 | $ | 62,502 | |||||||||||||||
| Aerospace sales | $ | 237,292 | $ | 193,626 | $ | 451,112 | $ | 385,001 | |||||||||||||||
| Aerospace margin | 20.3 | % | 9.3 | % | 18.5 | % | 10.5 | % | |||||||||||||||
| Adjusted Aerospace margin | 21.4 | % | 16.3 | % | 19.5 | % | 16.2 | % | |||||||||||||||
| Test Systems operating profit (loss) | $ | 592 | $ | (6,710) | $ | 995 | $ | (8,933) | |||||||||||||||
| Litigation-related legal expenses | 112 | 77 | 160 | 808 | |||||||||||||||||||
| Adjusted Test Systems operating profit (loss) | $ | 704 | $ | (6,633) | $ | 1,155 | $ | (8,125) | |||||||||||||||
| Test Systems sales | $ | 22,665 | $ | 11,052 | $ | 39,464 | $ | 25,613 | |||||||||||||||
| Test Systems margin | 2.6 | % | (60.7) | % | 2.5 | % | (34.9) | % | |||||||||||||||
| Adjusted Test Systems margin | 3.1 | % | (60.0) | % | 2.9 | % | (31.7) | % | |||||||||||||||
Adjusted Segment Operating Profit is defined as segment operating profit as reported, adjusted for certain items. Adjusted Segment Margin is defined as Adjusted Segment Operating Profit divided by segment sales. Adjusted Segment Operating Profit and Adjusted Segment Margin are not measures determined in accordance with GAAP and may not be comparable with Adjusted Segment Operating Profit and Adjusted Segment Margin as used by other companies. Nevertheless, the Company believes that providing non-GAAP financial measures, such as Adjusted Segment Operating Profit and Adjusted Segment Margin, are important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current periods’ segment operating profit to the historical periods’ segment operating profit and segment margin, as well as facilitates a more meaningful comparison of the Company’s segment operating profit and segment margin to that of other companies.
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