Astronics Corporation (NASDAQ:ATRO) Q4 2022 Earnings Conference Call March 2, 2023 4:45 PM ET

Company Participants

Craig Mychajluk – Investor Relations

Pete Gundermann – Chairman, President and Chief Executive Officer

Dave Burney – Chief Financial Officer

Conference Call Participants

Jon Tanwanteng – CJS Securities

Michael Ciarmoli – Truist Securities

Operator

Greetings. Welcome to the Astronics Corporation Fourth Quarter Fiscal Year 2022 Financial Results. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Craig Mychajluk, Investor Relations. You may begin.

Craig Mychajluk

Yes, thank you and good afternoon everyone. We certainly appreciate your time today and your interest in Astronics. On the call here with me are Pete Gundermann, our Chairman, President and Chief Executive Officer; and Dave Burney, our Chief Financial Officer. You should have a copy of our fourth quarter and full year 2022 financial results, which we released just after the market closed today. If you do not have the release, you can find it on our website, astronics.com.

As you are aware, we may make some forward-looking statements during the formal discussion and the Q&A session of this conference call. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the release and with other documents filed with the Securities and Exchange Commission. You can find those documents on our website or at sec.gov. During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release.

With that, let me turn it over to Pete to begin. Pete?

Pete Gundermann

Thanks, Craig, and good afternoon everybody. Thanks for tuning in for our fourth quarter conference call. As usual, or as is often the case, I've tried to simplify the headlines for the quarter and the things that I would broadly categorize as good news, things that I think will be well received by our investor base and some other things that are less good, maybe bad challenges that we want to also give equal time to. And we will kind of close with a turning our attention away from 2022 and turning towards 2023 and talking about what we expect to happen in the current year and how we think it's going to play out, recognizing that it's pretty early and a lot can happen. So the good news headlines strong demand continues as evidenced by our bookings, $182 million in bookings is a very solid performance, our second highest since COVID came in, and a very good close for the year.