Wed, Jun 26, 6:54 PM (117 days ago)
Daktronics, Inc. reported a notable improvement in its financial performance for the fiscal year ended April 27, 2024. Net sales increased by 8.5% to $818.1 million, driven by stable supply chain conditions and efficient order fulfillment. The gross profit margin improved significantly to 27.2% from 20.1% in the previous year, largely due to past strategic pricing actions and higher sales volumes. Operating income surged to $87.1 million, a 307.3% increase from fiscal 2023, reflecting better cost management and fewer supply chain disruptions. Net income rose to $34.6 million, translating to diluted earnings per share of $0.74, compared to $0.15 in the prior year. The company also reported a strong order backlog of $316.9 million. However, non-operating expenses, including a $16.6 million change in the fair value of a convertible note, impacted overall profitability. Despite these challenges, Daktronics' strategic investments and improved operational efficiency indicate a positive future outlook.