Astronics corporation reports 2020 first quarter financial results

Oration reports 2020 first quarter financial results.q1 loss per share $2.17.q1 earnings per share estimate $-0.05 -- refinitiv ibes data.sales for quarter were $157.6 million with bookings of $167.4 million.has been significantly affected by covid-19 pandemic.actions to adjust cost structure included 30% reduction in employee count to about 2,000, freeze on wages.actions to adjust cost structure included freeze on wages, elimination of cash bonus plans, more than 50% reduction of 2020 capex.actions to adjust cost structure will result in significant savings of $55 million to $60 million for year, beginning in q2.defense and government business appears strong.aircraft build rates are expected to drop and airline aftermarket is expected to weaken considerably.in march drew down $150 million on its existing revolver, ending quarter with total cash of $188 million.believes revised lending agreement, along with actions it has taken, positions it well to operate through covid-19 pandemic.believes 2020 revenue could drop 30% to 35% from 2019, although other outcomes are possible.believes it has structured company to be cash positive, with 2020 adjusted ebitda in range of 5% to 9%.capital expenditures for 2020 are expected to be about $8 million, reduced from initial plans of $20 million to $25 million for year.backlog at end of quarter was $369.4 million.
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