- Optical Cable Corp OCC reported fourth-quarter FY22 net sales growth of 26.3% year-on-year to $20.1 million.
- The increase in net sales is primarily due to increased demand for the Company's products, increased production throughput during the fourth quarter, and increases in product pricing taking effect for new orders.
- Optical Cable increased net sales in enterprise and specialty markets, including the wireless carrier market.
- OCC's sales order backlog and forward load continue to be higher than typical levels at the end of the fourth quarter of the fiscal year 2022.
- Gross profit increased 31% to $6.6 million. The gross margin expanded by 120 bps to 33%.
- EPS was $0.15. Optical Cable held $0.22 million in cash and equivalents.
- CEO Neil Wilkin said, "We benefited from our operating leverage, and we improved gross profits—particularly in our fourth quarter. Demand for our products continues to be strong, and we are poised to build on our momentum."
- Price Action: OCC shares traded higher by 20.70% at $4.31 on the last check Thursday.
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