Sono-Tek Announces Preliminary Record Revenue With Continued Strong Backlog For Q3 FY2024 And Increases Revenue Guidance For Fiscal Year 2024; Sees Q3 Revenue $5.7M Vs $5.18M Est.; Projects 30% Revenue Growth For Fiscal Year Ending February 29, 2024
Portfolio Pulse from Benzinga Newsdesk
Sono-Tek Corporation (NASDAQ:SOTK) announced preliminary record revenue for Q3 FY2024 with $5.7M, surpassing the $5.18M estimate. The company experienced a 58% YOY sales growth and a 68% YOY increase in backlog, reaching $10.4M. Sono-Tek also raised its revenue guidance for FY2024, projecting a 30% growth. The strong performance is attributed to robust shipments in clean energy, medical, and industrial markets, and catching up with previously supply chain constrained backlog. Final Q3 FY2024 results will be released in mid-January 2024.
December 14, 2023 | 1:08 pm
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Sono-Tek Corporation reported a strong Q3 FY2024 with revenues exceeding estimates and a significant year-over-year growth. The company also increased its revenue guidance for the fiscal year, indicating continued strong performance.
The positive preliminary revenue report and increased guidance for FY2024 suggest a strong financial position for Sono-Tek, which is likely to instill investor confidence and could lead to a short-term increase in stock price. The significant growth in sales and backlog, particularly from the clean energy sector, underscores the company's expanding market presence and operational efficiency in overcoming supply chain issues.
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