PROVIDENCE – AstroNova Inc. on Wednesday reported a $584,000 profit in the company’s fiscal 2023 second quarter, or 8 cents per diluted share, a decrease from $7 million one year prior, or 97 cents per diluted share.
A year ago, the company’s second quarter was boosted when principal and interest were forgiven on a $4.4 million Paycheck Protection Program loan AstroNova received in fiscal 2021. In addition, the company became eligible for an Employee Retention Credit authorized under the Coronavirus Aid, Relief, and Economic Security Act. In total, for the fiscal 2022 second quarter, these two items benefited net income by $6 million, or $0.83 per diluted share.
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Revenue for the high-technology electronics manufacturer revenue totaled $32.3 million in the recent quarter that ended July 30, an increase from $29.8 million one year prior. But the “cost of revenue” also increased to $20.8 million from $17.1 million a year ago, AstroNova reported.
“The strong secular trends of our business, such as increasing air travel and the growth of digital print for packaging, continue to drive demand for our products and services,” said Greg Woods, AstroNova CEO and president. “We achieved solid orders growth in the quarter, with bookings up over the prior quarter, as well as the prior year. For the first half of fiscal 2023, total bookings nearly set a record, just missing the previous high set in fiscal 2020 by a mere half percent.”
The company’s Product Identification segment posted revenue of $23.4 million, down 0.5% from $23.5 million one year prior. Test & Measurement segment revenue totaled $8.9 million, down from $6.4 million one year prior.
“Revenue was also up nicely in the quarter, however less than expected as certain areas of our business continued to be affected by supply chain disruptions, higher component costs and increased freight expenses. We have taken several actions, including selective implementation of price increases, to lessen the impact of those challenges,” Woods said.
