TechPrecision Corporation Reports FY 2024 Third Quarter Financial Results

About this update from Techprecision Corporation

Backlog increased to $50.8 million, Customer confidence remains highWESTMINSTER, MA / ACCESSWIRE / February 29, 2024 / 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 third quarter of fiscal year 2024."Customer confidence remains high, further strengthening the backlog to $50.8 million as of December 31, 2023, from $44.6 million as of September 30, 2023," stated Alexander Shen, TechPrecision's Chief Executive Officer. "Third quarter consolidated net sales were $7.6 million when compared to $8.3 million in the fiscal 2023 third quarter, or 8% lower.""The third quarter net sales were dampened by a lower number of labor hours available during the November/December holiday calendar," Mr. Shen continued. "Our operating losses at Stadco have narrowed year over year. We expect to deliver our backlog over the course of the next one to three fiscal years with revenue growth and gross margin expansion.""Consolidated gross profit was $1.2 million or $0.3 million lower than the same quarter a year ago. We also spent approximately $1.0 million on due diligence costs related to a potential acquisition in the quarter. The sum of the gross profit shortfall and and business development costs fell directly to our bottom line for the third quarter."The following summary compares the three and nine months ended December 31, 2023 to the same prior year period:Consolidated Financial Results - Fiscal 2024 Three Months Ended December 31, 2023 Net sales were $7.7 million, a or 8% lower when compared to the same period in fiscal 2023, on a different proportionate project mix of products and a decline in utilized labor hours. Cost of sales were $6.5 million, or 5% lower, due primarily to lower revenue. Gross profit was $1.2 million, or 23% lower, primarily due to the top line revenue decline. SG&A increased by $0.9 million, due primarily to increased expenditures for outside advisory services in connection with due diligence of a potential acquisition target. Operating loss was $1.0 million compared to operating income of $0.3 million in the same period a year ago. Interest expense was higher due to increased borrowing and higher inte...

View stock analysis, news, and events for Techprecision Corporation