Business
TechPrecision Corporation Reports First Quarter 2024 Financial Results
High customer confidence drives strong backlogWESTMINSTER, MA / ACCESSWIRE / August 21, 2023 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or
About this update from Techprecision Corporation
[{"type":"text","content":"High customer confidence drives strong backlogWESTMINSTER, MA / ACCESSWIRE / August 21, 2023 / TechPrecision Corporation (NASDAQ:TPCS) (\"TechPrecision\" or \"the Company\"), an industry-leading manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the defense and precision industrial sectors, today reported financial results for the first quarter of fiscal year 2024.\"Customer confidence remains high, driving a strong backlog increase. Total consolidated backlog is at a strong $46.3 million as of June 30, 2023. First quarter consolidated net sales were $7.4 million, or 4% higher when compared to $7.1 million in fiscal 2023 first quarter,\" stated Alexander Shen, TechPrecision's Chief Executive Officer.\"On a consolidated basis, we had a net loss of $527,000. Our Stadco subsidiary reported strong revenue growth with net sales of $3.0 million or 26% higher than the same period a year ago. Stadco gross profit improved, reporting a loss of $588,000 versus a loss of $1.023 million from the same period a year ago, an improvement of $435,000.Ranor reported net sales of $4.5 million or a 5% decrease from the first quarter of fiscal 2023.\"\"First quarter net sales for Stadco compared favorably with the same period a year ago,\" Mr. Shen continued. \"Our losses have narrowed year over year. With continued revenue growth, we expect gradual improvement in gross profit and gross margin. We expect to deliver our strong backlog of $46.3 million over the course of the next one to three fiscal years with revenue growth and gross margin expansion.\"The following summary compares the three months ended June 30, 2023 to the same prior year period:Consolidated Financial Results - Fiscal 2024 Three Months Ended June 30, 2023Net sales were $7.4 million, an increase of 4% when compared to the same period in fiscal 2023. Net sales at Stadco increased by 26% on a more favorable project mix. Ranor net sales decreased by 5% year over year with a less favorable project mix.Cost of sales were $6.7 million, or 7% higher, due primarily to higher manufacturing costs at Ranor, due to a less favorable project mix.Gross profit was $0.7 million, or 15% lower when compared to the same period last year. Gross profit decreased at Ranor on a less favorable project mix. Losses at Stadco narrowed year over ...