AstroNova reports profit, revenue decline in 3Q

ASTRONOVA Inc.’s net income and revenue decreased in the third quarter. / COURTESY ASTRONOVA
ASTRONOVA Inc.’s net income and revenue decreased in the third quarter. / COURTESY ASTRONOVA

WEST WARWICK – AstroNova Inc.’s net income and revenue decreased in the third quarter by 12.7 percent and 5.7 percent, respectively, the company said Wednesday.
AstroNova, which specializes in data visualization technologies, reported net income of $1.2 million, or 15 cents per diluted share, in the quarter that ended Oct. 29, compared with net income of $1.3 million, or 18 cents per diluted share, in the year-ago period.
Revenue reached $23.3 million, lagging last year’s third-quarter revenue of $24.8 million.
Despite the declines in profit and revenue, Gregory A. Woods, the company’s president and CEO, said AstroNova “made excellent strategic progress this quarter.”
“Our newest products continued to gain traction domestically and worldwide. We delivered another quarter of margin improvement, and we executed well on our long-term growth and profitability initiatives,” Woods said. (The company’s gross margin climbed to 41.3 percent from 41 percent a year ago.)

Revenue in the product identification segment fell to $16.9 million from $17.7 million a year ago, and test & measurement segment revenue dipped to $6.5 million compared with $7 million last year. Domestic revenue also fell to $16.7 million from $17.9 million, and international revenue declined to $6.6 million from $6.9 million last year.

The company noted recent highlights, such as the introduction of its second-generation color label printer, the QL800, which produces wide format vivid color labels at higher speed and higher resolution than previous printers.
AstroNova said the QL800 delivers the “power and quality of a commercial printing press right from a desk or tabletop.”
The company also completed the worldwide launch of its EVX Chart Recording System, a data acquisition and printing system.
Going forward, Woods said he is optimistic about fiscal 2018.

“The company closed the quarter with strong momentum operationally and financially. With our excellent pipeline of new products, an expanding international presence and a healthy balance sheet, we are well-positioned to deliver profitable growth and long-term shareholder value going forward,” Woods said.

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Based on third-quarter results, the company is revising its full-year guidance. It anticipates revenue for fiscal 2017 to be in the range of $93 to $98 million and earnings per diluted share to be in the range of 55 cents to 60 cents per share.

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