WEST WARWICK – AstroNova Inc. reported a $456,000 profit in its fiscal 2020 third quarter, a 67.8% decline year over year, the company said in a Securities and Exchange Commission filing on Wednesday.
Earnings per share were 6 cents for the quarter, which ended Nov. 2, compared with 20 cents in the third quarter of fiscal 2019.
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The company develops and applies data-visualization technologies in products in the industrial, packaging, aerospace and defense sectors.
Revenue declined 2.6% year over year to $33.3 million, while operating expenses increased 2.6% year over year top $11.9 million.
The company said that a decline in revenue was largely due to a dip from its Test & Measurement segment. The company cited the ongoing grounding of the Boeing 737 MAX plane.
Segment results for the fiscal third quarter:
- Product Identification: Revenue of $21.7 million, level with one year prior
- Test & Measurement: Revenue declined 7.2% to $11.6 million
- Hardware: Revenue was $12.2 million, a 6.9% decline year over year
“Our Test & Measurement segment faced continued headwinds in the third quarter related to the ongoing grounding of the 737 MAX,” said AstroNova President and CEO Gregory A. Woods. “In Product Identification, similar to the second quarter, we experienced some softness, primarily as a result of weaker demand from a few customers in Asia. In spite of these short-term challenges, we believe that the underlying fundamentals in both businesses remain strong. We continue to invest in product innovation, strengthen our global marketing organization, and enhance our Aerospace service capabilities to drive and support future growth.”
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
