Why Daktronics Shares Are Surging Today
Portfolio Pulse from Akanksha Bakshi
Daktronics, Inc. (NASDAQ:DAKT) reported first-quarter FY24 net sales growth of 35.3% year-over-year to $232.5 million, beating the consensus of $197.70 million. The sales growth was driven by fulfilling orders in backlog, especially in the HSPR business area. However, orders in the quarter declined 6.8% Y/Y to $158.63 million. The company's EPS improved to $0.42 from $(0.12) in 1Q23, beating the consensus of $0.17. The gross margin expanded to 30.6% for the quarter from 15% a year ago.
September 06, 2023 | 2:36 pm
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POSITIVE IMPACT
Daktronics reported strong Q1 FY24 results with significant sales growth and improved EPS, beating consensus estimates. This positive earnings report is likely to have a positive short-term impact on the company's stock.
Daktronics reported a significant increase in sales and improved EPS, both beating consensus estimates. This indicates strong financial performance, which is likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100