AstroNova Q3 Net Income Rises

(RTTNews) - AstroNova, Inc. (ALOT) reported third quarter net income of $2.8 million, or $0.37 per share, compared with $289 thousand, or $0.04 per share, a year ago. On a non-GAAP basis, net income for the third quarter of fiscal 2023 was $829 thousand, or $0.11 per share.

Third quarter total revenue was $37.5 million, down 4.7% from the year-earlier period. The company said the decrease reflected lower revenue in the PI segment, due primarily to lower supplies revenue from printers impacted by the defective ink from one of larger suppliers and, in part, to the company's product rationalization initiatives. Hardware revenue was $12.9 million, a 7.7% increase.

Bookings for the third quarter increased 1% to $35.5 million from $35.0 million in the third quarter of prior year. Backlog as of October 28, 2023 decreased 20% to $31.2 million from $39.3 million as of October 29, 2022.

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