AstroNova reports $1.6M loss in Q2

PROVIDENCE – AstroNova Inc. on Wednesday reported a $1.6 million loss in the company’s fiscal 2024 second quarter, or 22 cents per diluted share, after reporting a $584,000 profit, or 8 cents per diluted share, one year prior.

The company said the net loss for the period included $2 million in after-tax restructuring charges and $658,000 in after-tax costs related to the retrofit program.

Revenue for the high-technology electronics manufacturer totaled $35.5 million in the quarter that ended July 30, an increase from $32.3 million one year prior. The company said the growth reflected gains in the product identification segment from the acquisition of Astro Machine, as well as an increase in test and measurement segment revenue associated with continued strength in the aerospace market.

The company’s product identification segment posted revenue of $25.8 million, up from $23.4 million one year prior. Test and measurement segment revenue totaled $9.7 million, up from $8.9 million one year prior.

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“Our second-quarter financial results reflected the strategic realignment of our product identification segment, an initiative that allows us to further capitalize on the synergies of our 2022 acquisition of Astro Machine,” said Greg Woods, AstroNova’s president and CEO. “The strategic realignment enables us to concentrate the segment’s resources on the highest-return opportunities by consolidating our PI product line and moving more PI manufacturing from Asia and West Warwick to our Astro Machine plant in Illinois. Although the realignment had a negative effect on our GAAP performance in the second quarter, we believe that it puts us in a position to achieve an anticipated annualized cost savings of $2.4 million, benefiting our results in the quarters to come.”