WEST WARWICK – AstroNova Inc. reported a net income of $1.4 million for the fiscal 2019 third quarter ended Oct. 27, or 20 cents per diluted share, generally in line with the 21 cents per diluted share on a $1.4 million net income one year prior.
Revenue for the quarter was $34.2 million, a $5.4 million increase year over year from $28.8 million in the third quarter of fiscal 2018.
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“Record revenue in the quarter with continued double-digit increases in revenue and operating income highlighted a solid third quarter of financial results for AstroNova,” said President and CEO Gregory A. Woods in a statement. “We are encouraged with the continuous growth in both our segments, with the Test & Measurement segment posting 51 percent revenue growth year-over-year reflecting the growth of our new data acquisition products and accelerated performance in our Aerospace business from the acquired Honeywell printer line in last year’s third quarter.”
The company’s Product Identification segment reported a revenue of $21.7 million in the quarter, a 6 percent increase from $20.5 million one year prior, a reflection of higher sales of hardware and supplies, the company said.
The Test & Measurement segment of the business generated $12.5 million, a 50.7 percent increase year over year from $8.3 million, reflecting the company’s Honeywell asset purchase and licensing agreement.
“We begin the fourth quarter of fiscal 2019 with good momentum,” added Woods. “We continue to expect the second half of the fiscal year to outperform the first half, with gains in both Product Identification and Test & Measurement.”
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
