Business
TechPrecision Corporation Reports Fourth Quarter and Fiscal Year 2023 Financial Results
Ranor and Stadco segments drive revenue growthWESTMINSTER, MA / ACCESSWIRE / June 15, 2023 / TechPrecision Corporation (NASDAQ:TPCS) ("TechPrecision" or "the
About this update from Techprecision Corporation
[{"type":"text","content":"Ranor and Stadco segments drive revenue growthWESTMINSTER, MA / ACCESSWIRE / June 15, 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 fourth quarter and fiscal year 2023 ended March 31, 2023.\"Fiscal year 2023 consolidated net sales were $31.4 million, or $9.1 million and 41% higher when compared to $22.3 million in fiscal 2022,\" stated Alexander Shen, TechPrecision's Chief Executive Officer. \"Our Ranor segment reported strong financial results with net sales of $19.2 million and gross profit of $7.0 million. Our Stadco subsidiary reported net sales of $12.2 million but incurred negative gross profit for the fiscal year.\"\"Fiscal year 2023 was a challenging period with the Stadco manufacturing rebuild,\" Mr. Shen continued. \"New projects with associated startup activities presented certain production issues and intermittent equipment down-time that resulted in unfavorable throughput and under-absorbed overhead. We expect a gradual improvement in gross margin as current and new projects progress with less equipment down-time in future periods. Total consolidated backlog remained strong at $44.0 million as of March 31, 2023. We expect to deliver that backlog over the course of the next one to three fiscal years with revenue growth and gross margin expansion.\"The following summary compares the three and twelve months ended March 31, 2023 to the same prior year periods:Consolidated Financial Results - Fiscal 2023 Three Months Ended March 31, 2023Net sales were $7.5 million, compared with net sales of $7.6 million in the same period a year ago.Cost of sales were $6.7 million, or $0.2 million and 4% higher, due primarily to higher unabsorbed overhead.Gross profit was $0.8 million, or $0.3 million lower when compared to the same quarter last year. Gross margin percentage was also lower primarily due to unabsorbed overhead at Stadco.SG&A was $1.6 million, a year-over-year increase of 12% or $0.2 million.Operating loss widened to $0.7 million, compared to operating loss of $0.3 million in the same quarter a year ago.Consolidated Financial Results - Fiscal 2023 Twelve Months ...