AstroNova 1Q nets $500K, down 50 percent year over year

ASTRONOVA REPORTED THEIR first quarter results, beginning February 1 to April 29, on Tuesday with a reported net income of a half a million dollars.
ASTRONOVA REPORTED THEIR first quarter results, beginning February 1 to April 29, on Tuesday with a reported net income of a half a million dollars.

WEST WARWICK – AstroNova Inc. reported a $512,000 net income during its first quarter of fiscal year 2018 in a filing with the U.S. Securities and Exchange Commission on Tuesday, a 49.75 percent decrease year over year in the first quarter.

AstroNova’s revenue increased 1.44 percent year over year to $24.5 million while operating expenses increased 8.5 percent to $8.6 million in the current fiscal first quarter.

Astronova reported net income per diluted share of 0.07 cents for the quarter, compared with 0.14 cents for the first quarter of fiscal 2017.

Explaining the loss in net income, AstroNova President and CEO Greg Woods said in a statement, “revenue in our test and measurement segment was $5.8 million in the first quarter of 2018, compared with $7.5 million in the 2017 first quarter, primarily related to the uneven timing of orders from aerospace customers and the ongoing transition to next-generation data acquisition products.”

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This comes just a day after AstroNova announced a new contract to provide its flight deck printers for the new COMAC C919 aircraft in partnership with China Electronics Technology Avionics Co. Ltd. The company cited this deal, a previous deal to install product on Boeing 737 MAX aircraft that will begin in 2018, and its recent repurchase of $11.2 million in shareholder stock as markers of confidence in the coming months.

“We expect fiscal 2018 to be strong for AstroNova, as we continue to focus on building our management team, expanding our addressable markets and driving profitable growth,” Woods said. “We believe we are well positioned to achieve our long-term financial and operating objectives.”

Chris Bergenheim is the PBN web editor.

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