Daktronics Turns To Profit In Q3; Net Sales Up 32.5%

(RTTNews) - Daktronics, Inc. (DAKT) reported third quarter net income of $3.7 million compared to a loss of $4.35 million, prior year. Profit per share was $0.08 compared to a loss of $0.10.

Gross profit as a percentage of net sales increased to 22.6 percent as compared to 16.0 percent a year ago. The company said the increase in gross profit percentage was primarily due to strategic pricing actions taken late calendar year 2022 and through 2023, and because of fewer supply chain and operational disruptions during the third quarter of fiscal 2023.

Third quarter net sales were $185.0 million, a 32.5 percent increase from the third quarter of prior year. Orders for the third quarter decreased 30.9 percent as compared to the third quarter of fiscal 2022. The company noted that the orders in 2022 were driven by pent-up demand after COVID, which was unusual and was not expected to be repeated in fiscal 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.