Sono-Tek Reports Record Backlog For Q1 2024 And Provides Sales Guidance For Expected Growth In Q2 And Full Year Of FY2024 As Supply Chain Issues Improve
Portfolio Pulse from Happy Mohamed
Sono-Tek Corporation (NASDAQ:SOTK) reported Q1 2024 financial results, with net sales of $3.6 million, a decrease of 11% due to vendor delays. However, the company reported a record backlog of $9.96 million, a 17% increase from the preceding quarter, and a YoY increase of 135%. The company expects substantial sales growth in Q2 and FY2024 due to the record backlog and improvements in supply chain issues.
July 13, 2023 | 12:11 pm
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Sono-Tek's Q1 2024 results show a decrease in net sales due to vendor delays, but a record backlog suggests potential for substantial sales growth in Q2 and FY2024.
The decrease in net sales for Q1 2024 is a negative factor. However, the record backlog and the company's expectation of substantial sales growth in Q2 and FY2024 due to improvements in supply chain issues are positive factors that could potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100