Why Optical Cable Corporation Shares Are Trading Higher

Optical Cable Corporation OCC shares are trading higher today after the company reported Q4 sales results were higher year over year.

Consolidated net sales for the fourth quarter of 2022 increased 26.3% to $20.1 million, compared to net sales of $15.9 million for the same period last year.

The company noted the increase in net sales is primarily attributable to increased demand, increased fourth-quarter production throughput, and price increases taking effect for new orders.

OCC reported a gross profit of $6.6 million in the fourth quarter of 2022, a 31.0% increase compared to $5.1 million for the same period last year.

Neil Wilkin, President and Chief Executive Officer of OCC, said, "We were pleased to achieve a strong finish to our fiscal year, as the OCC team executed well in an evolving marketplace.”

Optical Cable Corp manufactures tight-buffered fiber optic & copper data communication cables, data communication connectivity solutions for enterprise markets, and customized solutions for specialty use & harsh environments.

According to data from Benzinga Pro, the stock is up approximately 21% to $4.31 per share at the time of publication. Optical Cable Corporation has a 52-week high of $5.75 and a 52-week low of $3.26.