AstroNova sees Q2 earnings shrink to $584,000

PROVIDENCE — AstroNova Inc. on Wednesday reported earnings of $584,000 in the company’s second quarter of fiscal 2023, or 8 cents per diluted share, down from $7 million a year ago, or 97 cents per diluted share. diluted stock.

A year ago, the company’s second quarter received a boost when principal and interest were forgiven on a $4.4 million Paycheck Protection Program loan that AstroNova received during in fiscal year 2021. In addition, the company became eligible for employee retention credit authorized under the Coronavirus Aid, Relief, and Economic Security Act. In total, for the second quarter of fiscal 2022, these two items benefited net income by $6 million, or $0.83 per diluted share.

The high-tech electronics maker’s revenue totaled $32.3 million in the recent quarter that ended July 30, up from $29.8 million a year earlier. But the “revenue cost” also rose to $20.8 million from $17.1 million a year ago, AstroNova reported.

“Strong secular trends in our business, such as increased air travel and growth in digital printing for packaging, continue to drive demand for our products and services,” said Greg Woods, CEO and President. from AstroNova. “We achieved solid order growth in the quarter, with bookings up from the prior quarter, as well as the prior year. For the first half of fiscal 2023, total bookings increased nearly set a record, narrowly missing the previous FY2020 record by just half a percent.”

The Company’s Product Identification segment reported revenue of $23.4 million, down 0.5% from $23.5 million a year earlier. Revenue from the Test & Measurement segment totaled $8.9 million, compared to $6.4 million a year ago.

“Revenue also grew well in the quarter, but less than expected as some areas of our business continued to be impacted by supply chain disruptions, higher component costs and the increase in transport costs. We have taken several steps, including the selective implementation of price increases, to mitigate the impact of these challenges,” Woods said.

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