AstroNova reports $593K profit for Q1

PROVIDENCE – AstroNova Inc. on Thursday reported a $593,000 profit in the company’s fiscal first quarter, or 8 cents per diluted share, a rise from $432,000 one year prior, or 6 cents per diluted share.

Company revenue totaled $29.1 million in the quarter that ended May 1, a decline from $30.9 million one year prior.

The company’s Product Identification segment reported revenue of $23.1 million, a rise from $22.4 million one year prior. Test & Measurement segment revenue totaled $6 million, a decline from $8.5 million one year prior.

“Revenue was generally in line with our expectations in the first quarter compared with last year, as top-line growth in the Product Identification segment partly offset aerospace- industry-related weakness in the Test & Measurement segment due to the effects of the COVID-19 pandemic and continued weakness in 737 MAX-related shipments,” said Gregory A. Woods, CEO and president of AstroNova in a statement. “We continued to carefully manage expenses in the quarter, which allowed us to maintain profitability and improve overall margins despite lower revenue.”

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