WEST WARWICK – AstroNova Inc. reported a profit of $12,000 in the third quarter ended Oct. 30, a decline from $456,000 one year prior, the company said on Monday.
Income per diluted share was $0, compared with 6 cents one year prior.
Company revenue totaled $28 million, a decline from $33.3 million one year prior.
“Our Product Identification segment delivered both revenue and margin improvements in the quarter, while Test & Measurement continued to reflect the effects of the Boeing 737 MAX grounding and COVID-19 on the commercial aerospace industry,” said Gregory A. Woods, AstroNova’s CEO and president. “Overall performance was aided by continuous improvement initiatives and reduced operating expenses. During the quarter we continued to invest in new products and technologies to support growth across our businesses.”
Product Identification segment revenue totaled $22.9 million, an increase from $21.7 million one year prior. Test & Measurement segment revenue declined from $11.6 million in the third quarter of 2019 to $5.1 million in the third quarter of 2020.
“In our Test & Measurement segment, growth in our defense business partly offset weakness in commercial aerospace caused by the external headwinds. Looking ahead, recent progress on the potential approval of multiple coronavirus vaccines, and the FAA’s November decision that cleared the 737 MAX for a return to service, bode well for the T&M segment as we move through fiscal 2022 and beyond,” Woods said.
