WEST WARWICK – AstroNova Inc. reported a profit of $289,000 in the third quarter, an increase from $12,000 one year prior, the company said on Wednesday.
Income per diluted share was 4 cents, compared with 6 cents one year prior.
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The printer and electronic instrument maker posted revenue of $39.4 million in the quarter that ended Oct. 29, an increase from $28.8 million a year prior.
“We posted solid results in the third quarter, generating record revenue that reflected a better-than-expected contribution from our August acquisition of Astro Machine coupled with growth across our base business,” said Greg Woods, CEO and president. “While the macroeconomic environment has remained difficult, marked by ongoing supply chain disruptions and continued inflationary pressures, we navigated those challenges to deliver improved profitability.
“Additionally, we have maintained a steady pace of new product innovation, highlighted by the launch of our entry-level QL-E100 full-color tabletop label printer, as well as several technology innovations,” Woods said.
AstroNova shares have dropped 13% since the beginning of the year. The stock has fallen 32% in the last 12 months.
Material from The Associated Press was used in this report.
