AstroNova reports higher sales, profit in 2Q

ASTRONOVA Inc. saw a 10.6 percent increase in profit and 5.9 percent increase revenue in the second quarter.
ASTRONOVA Inc. saw a 10.6 percent increase in profit and 5.9 percent increase revenue in the second quarter.

WEST WARWICK – AstroNova Inc. saw a 10.6 percent increase in profit and 5.9 percent revenue increase in the second quarter that ended June 30.
The company, in its earnings release issued Wednesday, said profit rose to $1.3 million, or 17 cents per diluted share, compared with $1.2 million, or 16 cents per diluted share a year ago.
Revenue grew to “a record” $25.3 million from $23.9 million a year ago, according to AstroNova, which makes technology for the aerospace, specialty printing, test and measurement markets.
“We delivered record sales and higher earnings with strong free cash flow in the second quarter, as both our Product Identification, and Test & Measurement segments grew year over year,” Gregory A. Woods, the company’s president and CEO, said in a statement. “Our global sales expansion initiatives, accelerated product innovation process and operating efficiencies are beginning to produce measurable results across the company.”
Sales in Product Identification rose 3 percent to $17.6 million from $17.1 million, and sales in the Test & Measurement segment climbed 13 percent to $7.7 million from $6.8 million. In addition, domestic sales increased 2 percent to $17.6 million from $17.3 million a year earlier, while international sales rose 16 percent, setting a new record of $7.7 million compared with $6.6 million last year, the company said.
Woods said the company will continue expanding worldwide distribution channels by adding branch offices and dealers in key regions.
“Since the end of the fiscal first quarter we opened our first direct sales offices in India and Spain and added dealers in Latin America, Southeast Asia, Europe and Canada,” Woods said.
Operating expenses grew in the quarter compared with the second quarter of 2015 to $8.6 million from $8 million – a result of higher research and development, and administrative expenses related to the company’s re-branding initiative.
The company noted it was selected by The Boeing Co. to provide the ToughWriter 5 model flight deck printer for its B777X aircraft through a multi-year agreement. AstroNova will manufacture the printers in West Warwick.

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