Astronics Corporation (NASDAQ:ATRO) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET

Company Participants

Debbie Pawlowski - Investor Relations
Pete Gundermann - Chairman, President & Chief Executive Officer
Dave Burney - Chief Financial Officer`

Conference Call Participants

Michael Ciarmoli - Truist
Jon Tanwanteng - CJS Securities
Tony Bancroft - Gabelli Funds

Operator

Good day, and welcome to the Astronics Corporation First Quarter 2024 Financial Results Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Debbie Pawlowski, Investor Relations for Astronics Corporation. Please go ahead.

Debbie Pawlowski

Thank you, Megan, and good afternoon everyone. We certainly appreciate your time today and your interest in Astronics. Joining me on the call here today are Pete Gundermann, our Chairman, President and CEO; and Dave Burney, our Chief Financial Officer.

You should have a copy of our first quarter 2024 financial results, which crossed the wires after the market closed today. If you do not have the release, you can find it on our website at 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 earnings release, as well as with other documents filed with Securities and Exchange Commission. You can find these documents on our website or at sec.gov.

During today's call we'll also discuss some non-GAAP measures. We believe this 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.

So with that, let me turn it over to Pete to begin. Peter?

Pete Gundermann

Thanks Debbie, and good afternoon everybody. Thanks for tuning into the call. We feel our first quarter was a reasonably solid start to 2024 and we think it sets us up pretty well for what's going to be positive and exciting year.

Sales of $185 million exceeded both our guidance and our internal forecast frankly, up 18% year-over-year, down slightly from the fourth quarter where we recorded sales of $195 million. But the two together represent a near return to pre-pandemic revenue levels, which we're pretty excited about.