WEST WARWICK – AstroNova Inc. posted a profit of $2.6 million for its fiscal 2023 that ended Jan. 31, or 36 cents per diluted share. That’s down from the $6.4 million in profit it reported in the previous year, the company said Thursday.
Fiscal year revenue totaled $142.5 million, an increase from $117 million one year prior.
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For its fourth quarter, the company reported a $1.3 million profit, or 19 cents per diluted share, compared with a loss of $759,000, or 10 cents per diluted share, the year prior.
Quarterly revenue totaled $39.9 million in the fourth quarter, an increase from $29.7 million last fiscal year.
“We finished fiscal 2023 with a strong fourth quarter, delivering solid revenue and earnings growth,” said Greg Woods, CEO and president of AstroNova. “Our performance highlights the outstanding work of our team members around the globe in navigating a year of extraordinary macroeconomic challenges and positioning AstroNova for continued success as we advance through fiscal 2024 and beyond.
“Revenue increased 34% year over year in the fourth quarter, fueled by gains in both segments. In Test & Measurement, 61% top-line growth was driven by our Aerospace product line, which benefited from a combination of favorable pricing adjustments, greater cost efficiencies and the ongoing production ramp of commercial, business and military aircraft. With the recovery in commercial air travel, revenue from supplies and repair services also grew nicely. While the cost for certain components remains elevated, the supply chain constraints and pricing effects we were experiencing earlier in the year moderated in the fourth quarter,” Woods added.
Product Identification segment revenue totaled $281.4 million for the fiscal year, a rise from $22.4 million one year prior. Test & Measurement segment revenue totaled $39.4 million, an increase from $7.3 million in fiscal year 2022.
AstroNova shares have fallen 4% since the beginning of the year. The stock has dropped 18% in the last 12 months.
