AstroNova 1Q profit falls, but revenue climbs

ASTRONOVA reported a 15.9 percent drop in profit in the first quarter to $1 million, or 14 cents per diluted share, compared with profit of $1.2 million, or 16 cents per diluted share, in the first quarter of 2015.  / COURTESY ASTRONOVA
ASTRONOVA reported a 15.9 percent drop in profit in the first quarter to $1 million, or 14 cents per diluted share, compared with profit of $1.2 million, or 16 cents per diluted share, in the first quarter of 2015. / COURTESY ASTRONOVA

WEST WARWICK – AstroNova, a maker of technology for the aerospace, specialty printing, test and measurement markets, reported a 15.9 percent drop in profit in the first quarter, but an 8.6 percent increase in revenue.
AstroNova, in its earnings report released Tuesday, said profit totaled $1 million, or 14 cents per diluted share, compared with profit of $1.2 million, or 16 cents per diluted share, in the first quarter of 2015.
Revenue was $24.1 million, compared with $22.2 million a year ago, driven by growth in product identification (previously QuickLabel), and test and measurements segments, as both categories released new products.
Product identification saw sales rise 6.1 percent to $16.6 million, while test and measurement’s sales climbed 14.4 percent to $7.5 million. Domestic sales also increased 6.7 percent, and international sales jumped 13.3 percent.
Operating expenses increased to $7.9 million compared with $7.6 million in the prior-year quarter.
New products include the QL-111 color label printer, described by the company as a cost-efficient printer for industrial, commercial, warehouse, and manufacturing and distribution facility applications. This unit helps customers meet demands of the lean manufacturing environment, AstroNova said.
AstroNova also introduced the DDX100 SMARTCORDER, its latest addition to the company’s Daxus data acquisition platform.
“Our first-quarter performance highlights the progress of AstroNova’s ongoing strategic evolution as a global leader in products and technologies that acquire complex signal and network data and then transform it into human-usable formats for visualization and analysis,” Gregory A. Woods, the company’s president and CEO, said in a statement. “Our continuing focus on operational excellence, new product development and geographic expansion is helping to drive top-line growth, profitability and free cash flow, positioning us for a bright future.”

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