Daktronics, Inc. DAKT reported first-quarter FY24 net sales growth of 35.3% year-over-year to $232.5 million, beating the consensus of $197.70 million.
The sales growth was driven by fulfilling orders in backlog, especially in the HSPR business area.
Orders in the quarter declined 6.8% Y/Y to $158.63 million, reflecting a decrease in the Commercial business unit caused by volatility in bookings of larger-sized Spectacular LED video display projects.
EPS improved to $0.42 from $(0.12) in 1Q23, beating the consensus of $0.17.
Adjusted net income was $28.75 million, compared to a loss of $(5.33) million a year ago.
The gross margin expanded to 30.6% for the quarter from 15% a year ago.
Operating income was $40.22 million, compared to a loss of $(5.52) million in 1Q23. The operating margin was 17.3%.
Product order backlog was $323.7 million as of July 29, 2023, compared to $400.7 million in 4Q23 and $469.1 in 1Q23.
At the end of the quarter, cash, restricted cash, and marketable securities totaled $54.9 million, and $41.4 million of long-term debt was outstanding.
The company generated $19.3 million from operations and used $(4.5) million for purchases of property and equipment during the quarter.
Price Action: DAKT shares are trading higher by 7.16% at $8.98 on the last check Wednesday.
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