Business
Daktronics, Inc. Announces Record Fiscal Year and Fourth Quarter 2024 Revenue and Strong Expansion in Operating Profitability and Cash Flow
BROOKINGS, S.D., June 26, 2024 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT), the leading U.S.-based designer and manufacturer of best-in-class dynamic
About this update from Daktronics, Inc.
[{"type":"text","content":"BROOKINGS, S.D., June 26, 2024 (GLOBE NEWSWIRE) -- Daktronics, Inc. (NASDAQ - DAKT), the leading U.S.-based designer and manufacturer of best-in-class dynamic video communication displays and control systems for customers worldwide, today reported results for its fiscal year and fourth quarter 2024 ended on April 27, 2024. Fiscal Q4 and full year 2024 financial highlights: Sales increased to a new record of $215.9 million for the fiscal fourth quarter, a 2.9 percent increase compared to the fiscal 2024 fourth quarter's record revenue; full-year sales were $818.1 million, an 8.5 percent increase from the prior yearGross margin for the fourth quarter improved 90 basis points to 25.7 percent from 24.8 percent in the year-earlier period; full year gross profit as a percentage of net sales increased 710 basis points to 27.2 percent as compared to 20.1 percent for fiscal 2023, the highest level since 2009Operating income for the fiscal fourth quarter grew 6.4 percent to $19.4 million as compared to the fourth quarter of fiscal 2023 and full-year operating income quadrupled to $87.1 million as compared to fiscal 2023Product order backlog was $316.9 million at April 27, 2024 compared to $400.7 million at the end of the fourth quarter of fiscal 2023 as past periods' overbuilt backlog continues to be worked down to market expected manufacturing lead times(1)New product and service orders for the fourth quarter were $205.8 million, a 14.6 percent increase from $179.5 million in the year-earlier period; full-year product and service orders were $740.2 million(1), an increase of 8.7 percent as compared to $681.0 million in fiscal 2023; Reece Kurtenbach, Daktronics' Chairman, President and Chief Executive Officer, commented, “We both started and finished fiscal 2024 strong, delivering results that demonstrate the impact of our more profitable business model across a range of key financial metrics. Throughout the year, our teams were laser focused on advancing and extending the operating improvements we introduced in fiscal 2023. We managed the fluctuations that come with the project-based and seasonal nature of our business to outperform even last year’s atypically high level of backorder fulfillment. Good order availability and a strong win rate from our demand creation teams across our product lines, combined with improved manufacturing eff...