Virco Reports Full Year Revenue Increased 16.5% To $269.1M
Portfolio Pulse from Benzinga Newsdesk
Virco Mfg. Corporation (NASDAQ:VIRC) reported a 16.5% increase in full-year revenue to $269.1M for the fiscal year ended January 31, 2024. The company, a leading supplier of furniture for educational environments, also saw its gross margin improve to 43.1% from 36.9% in the prior year. Operating income surged to $31.9M from $10.6M, and net income after taxes rose to $21.9M from $16.5M. Virco's debt-free status, except for a small mortgage, and its vertically integrated business model were highlighted as key factors in its financial performance. The company's 'Shipments + Backlog' metric, a non-GAAP measure, exceeded $317.6M at year-end, indicating strong business velocity.
April 12, 2024 | 1:04 pm
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Virco Mfg. Corporation reported a significant increase in revenue, improved gross margins, and a substantial rise in operating and net income for the fiscal year ended January 31, 2024.
The reported increase in revenue, improved gross margins, and higher operating and net income indicate a strong financial performance for Virco. The company's debt-free status, except for a small mortgage, and its effective management of the seasonal nature of its business through its vertically integrated model, suggest a positive outlook. These factors are likely to be viewed favorably by investors, potentially leading to a short-term positive impact on the stock price.
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