Business
AstroNova Reports Fiscal 2024 Third-Quarter Financial Results
Company to Host Conference Call at 9:00 a.m. ET Today Third-Quarter Fiscal 2024 Financial Highlights Revenue of $37.5 million, down 4.7% year over year (YoY)
About this update from Astronova, Inc.
[{"type":"text","content":"\nCompany to Host Conference Call at 9:00 a.m. ET Today\n\n\nThird-Quarter Fiscal 2024 Financial Highlights\n\n\n\nRevenue of $37.5 million, down 4.7% year over year (YoY)\n\n\n\nGross margin of 39.4%, up 770 basis points YoY\n\n\n\nOperating margin of 12.3%, up 890 basis points YoY\n\n\n\nDiluted EPS of $0.37, up 825% YoY\n\n\n\nRecord quarterly Adjusted EBITDA of $5.7 million, or 15% of revenue, up 135% YoY\n\n\n\n WEST WARWICK, R.I.--(BUSINESS WIRE)--\nAstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today reported financial results for the fiscal 2024 third quarter ended October 28, 2023. GAAP diluted earnings per share were $0.37 compared with $0.04 per diluted share in the year-earlier period. Last year’s third-quarter GAAP results included transaction costs of $0.07 per diluted share associated with the acquisition of Astro Machine, Inc. at the beginning of that quarter. This is the first quarter in which Astro Machine’s results are included in all comparisons with the prior-year periods.\n\n\nCommentary from Greg Woods, President and Chief Executive Officer\n\n\n“We delivered significantly improved earnings performance in the third quarter despite an 11% YoY revenue decline in our Product Identification (PI) segment. This decline was largely driven by sidelined printers that were affected by the previously discussed ink quality issues from one of our suppliers and, to a lesser degree, the exit of some low margin printers last quarter from our portfolio. As our retrofitting program continues, the supplies revenue from these printers is expected to recover over the coming quarters.\n\n\n“Our strong profit and cash flow improvement was fueled by a combination of favorable product mix in both segments, continued focus on expense control and the benefits of the PI segment realignment last quarter.\n\n\n“Our PI segment generated a 62% increase in third-quarter operating profit as we focus on more profitable products, transition more printer manufacturing from Asia and West Warwick to the Astro Machine plant in Illinois, exit low margin or low volume label printer models, consolidate international sales and distribution facilities, and streamline our global channel partner network.\n\n\n“Our Test and Measurement segment maintained its strong performance in the third quarter, bolstered by the o...