Daktronics, Inc. DAKT recorded a fourth-quarter FY23 revenue jump of 29.4% year over year to $209.86 million, beating the analyst consensus of $188.20 million. Strong backlog, improved stabilization of supply chains, and increased manufacturing capacity boosted quarterly revenues.
The company's fourth-quarter EPS totaled $0.47, beating the consensus of $0.14.
Quarterly orders slumped 37.2% compared to the fourth quarter of fiscal 2022. The decline is because of solid results in the year-over period, which registered several multimillion-dollar orders, driven by pent-up demand after COVID.
Due to strategic pricing and increased productivity, the gross margin expanded 630 basis points to 24.8%.
Operating expenses for the fourth quarter of fiscal 2023 were $33.9 million, up 12% Y/Y.
Cash, restricted cash, and marketable securities at the end of the quarter totaled $25.2 million as of April 29, 2023.
Outlook: Daktronics plans to invest in high-return projects and technologies for internal and customer-facing uses, including digital technologies.
"We continue to closely monitor the ever-evolving geopolitical and global economic environment to ensure we are able to quickly adjust our resources and market approaches to maintain profitability throughout various cycles," said Reece Kurtenbach, chairman, president, and chief executive officer of the company.
"We believe this will set the stage for a strong fiscal 2024 and look forward to continued growth of sales and expansion of operating income," Kurtenbach added.
Price Action: DAKT shares are trading higher by 29.3% to $7.90 on the last check Wednesday.
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