WEST WARWICK – AstroNova Inc., the data visualization technology company based in West Warwick, reported net income of $1.4 million for its fiscal 2018 third quarter, an increase of 23.3 percent compared with the same fiscal 2017 period. Earning per diluted share were 21 cents for the quarter, 6 cents higher than one year prior.
The company reported revenue of $28.8 million for the period, a 23.2 percent year-over-year increase.
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“Healthy demand from both our Product Identification, and Test and Measurement segments drove record revenue for AstroNova in the third quarter,” said company President and CEO Gregory A. Woods. “Product Identification revenue was up 21.1 percent to $20.5 million for the quarter on double-digit inkjet printer unit growth and continued momentum for our related supplies and services.”
The company also highlighted a deal with Honeywell International Inc. as a driver of revenue growth. The deal was an exclusive worldwide asset purchase and licensing agreement to have AstroNova’s aerospace division take over the manufacturing of new printers as well as support services and supplies for Honeywell printers primarily used on the Boeing 737 and the Airbus A320.
“In Aerospace, we benefited from shipments of orders that were deferred earlier in the year, and we also started to see some revenue from our newly acquired Honeywell product line,” said Woods. “The Honeywell product line fits very nicely with our existing Aerospace business, and we look forward to realizing the efficiencies from rapidly integrating it into our Rhode Island manufacturing facility.”
Chris Bergenheim is the PBN web editor.
