Business
AstroNova Announces Second-Quarter Fiscal 2023 Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today Second-Quarter Fiscal 2023 Summary Bookings of $34.8 million Revenue of $32.3 million Operating income
About this update from Astronova, Inc.
[{"type":"text","content":"\nCompany to Host Conference Call at 9:00 a.m. ET Today\n\nSecond-Quarter Fiscal 2023 Summary\n\n\nBookings of $34.8 million\n\n\nRevenue of $32.3 million\n\n\nOperating income of $1.2 million\n\n\nGAAP net income of $0.6 million, or $0.08 per diluted share\n\n\nAdjusted EBITDA of $2.2 million\n\n\n WEST WARWICK, R.I.--(BUSINESS WIRE)--\nAstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today announced financial results for its fiscal 2023 second quarter ended July 30, 2022.\n\n“The strong secular trends of our business, such as increasing air travel and the growth of digital print for packaging, continue to drive demand for our products and services,” said Greg Woods, AstroNova President and CEO. “We achieved solid orders growth in the quarter, with bookings up over the prior quarter, as well as the prior year. For the first half of fiscal 2023, total bookings nearly set a record, just missing the previous high set in fiscal 2020 by a mere half percent.\n\n“Revenue was also up nicely in the quarter, however, less than expected as certain areas of our business continued to be affected by supply chain disruptions, higher component costs, and increased freight expenses. We have taken several actions, including selective implementation of price increases, to lessen the impact of those challenges,” Woods said.\n\n“Reflecting our demand drivers, we generated 8% top-line growth in the second quarter, while bookings increased 14% year-over-year and 7% from the first quarter of fiscal 2023,” Woods said. “These increases were primarily driven by our Test & Measurement segment, with the continued production ramp of the Boeing 737 MAX, an increase in military-related orders, and higher demand for our repair and parts services associated with the rebound of commercial air travel.\n\n“As we move into the second half of the year, we are very excited about our recent acquisition of Astro Machine, which expands our label business and adds new market adjacencies for us in areas such as custom-branded packaging, promotional inserts, and other e-commerce solutions. The acquisition also significantly enhances our material handling and automation capabilities and creates what we expect will be meaningful cross-selling opportunities.”\n\n\nCARES Act Benefits in Q2 FY 2022\n\nDuring the second quarter of fiscal 2022, ...