AstroNova posts $6.4M profit in FY 2022

ASTRONOVA INC. reported a fiscal year 2022 profit of $6.4 million, up from $1.3 million one year prior.

WEST WARWICK – AstroNova Inc. posted a net income of $6.4 million for its fiscal year 2022 ended Jan. 31, or 89 cents per diluted share, an increase from the $1.3 million in profit it reported in the previous year, the company said Thursday.

Fiscal year revenue totaled $117.4 million, an increase from $116 million one year prior.

For its fourth quarter, the company reported a $759,000 loss, or a loss of 10 cents per diluted share, compared with a profit of totaled $836,000, or 12 cents per diluted share the year prior.

Quarterly revenue totaled $29.7 million in the fourth quarter, a $262,000 increase year over year.

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“Our fourth-quarter results were mixed, as we continued to manage through a range of pandemic-induced global supply chain disruptions, including parts delays and shortages, supplier price increases and surcharges, and much higher transportation costs,” said Gregory A. Woods, AstroNova CEO and president. “Despite those challenges, the pace of new orders continued its encouraging trend in the fourth quarter of fiscal 2022, increasing 13% year-over-year on continued strong product demand.

“Our Test & Measurement segment posted revenue and operating margin growth in the quarter, helped by the continuing recovery of the commercial aviation market,” Woods added. “While domestic passenger traffic has rebounded faster than other routes, the airline industry expects to see a steady ramp up to pre-pandemic levels over the next several quarters.”

Product Identification segment revenue totaled $90.9 million for the fiscal year, a rise from $90.3 million one year prior. Test & Measurement segment revenue totaled $26.8 million, an increase from $25.8 million in fiscal 2021.

“In our Product Identification segment, revenue and operating margin declined in the fourth quarter, due to warranty charges, mix and the effect of higher manufacturing costs related to the macroeconomic environment,” Woods said. “Despite those short-term challenges, we are encouraged by the strong performance of our direct-to-package printing solutions such as the T3-OPX, which had a record year in fiscal 2022, its second full year of availability.”

 

 

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