-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
SigmaTron Reports Financial Results for Q3 of Fiscal 2024
March 11, 2024 | Globe NewswireEstimated reading time: 2 minutes
SigmaTron International, Inc., an electronic manufacturing services company, reported revenues and earnings for the fiscal quarter ended January 31, 2024.
Revenues from continuing operations increased $3.2 million, or 3 percent, to $95.9 million in the third quarter of fiscal 2024, compared to $92.7 million for the same quarter in the prior year. Net income from continuing operations for the third quarter ended January 31, 2024, was $0.6 million, compared to $2.7 million for the same quarter in the prior year. Diluted income per share from continuing operations for the quarter ended January 31, 2024 was $0.10, compared to $0.44 income per share for the same quarter in the prior year.
For the nine months ended January 31, 2024, revenues from continuing operations decreased $13.4 million, or 4 percent, to $292.7 million, compared to $306.1 million for the same period in the prior year. Net income from continuing operations for the nine months ended January 31, 2024, was $0.9 million, compared to net income of $8.9 million for the same period in the prior year. Diluted income per share from continuing operations for the nine months ended January 31, 2024 was $0.14, compared to $1.47 income per share for the same period in the prior year.
As previously reported, the Company sold a majority position of its wholly owned subsidiary, Wagz, Inc. (“Wagz”), effective April 1, 2023. As a result, the Company has reported results from Wagz for fiscal 2023 as discontinued operations. For the third quarter ended January 31, 2023, net loss from discontinued operations was $25.8 million. For the nine months ended January 31, 2023, net loss from discontinued operations was $29.8 million. Diluted net loss per share from discontinued operations for the third quarter ended January 31, 2023 was $4.25 and was $4.91 for the nine month period ending January 31, 2023.
Commenting on SigmaTron’s third quarter, fiscal 2024 results, Gary R. Fairhead, Chief Executive Officer and Chairman of the Board, said “I’m pleased to report pre-tax profits of $676,742 for our third quarter of fiscal 2024. As mentioned in our second quarter press release, as we were heading into the quarter, our short-term backlog was soft and our third quarter historically is our weakest quarter. Accordingly, it was good to be profitable. We did see a modest increase in revenue compared to the third quarter of the prior year, but at lower margins. This is related to both mix and cost structure. As you can see, our year-to-date revenue is still running significantly behind the prior year. We are continuing to see that trend in the short-term. There is a general softness from our customer base overall. I think it reflects the uncertainty of the general economy overall and we will continue to manage expenses and working capital accordingly. The Company has reduced inventory by $30 million during the first nine months of our fiscal year.
“In addition to the modest softness overall, several new projects have not come to market as anticipated. They all remain on track to launch but just further out. This should bode well for fiscal 2025 but short-term, they will not contribute to our performance. However, we remain optimistic about those projects as well as several new ones that are under discussion with our customers.
“The report on the electronic component marketplace remains the same as the second quarter. There are still supply chain issues but there have been some modest improvements. The uncertainty related to the geopolitical situations as well as the upcoming elections have negatively affected the overall economy. We remain positive regarding the future but there will definitely be some short-term volatility for the next quarter or two.”
Suggested Items
SCHMID Group Closes Business Combination, Begins Trading on NASDAQ
05/02/2024 | SCHMID GroupGebr. SCHMID GmbH, a global solutions provider for the high-tech electronic, photovoltaics, glass, and energy systems industries, and Pegasus Digital Mobility Acquisition Corp. announced the completion of their business combination.
Sanmina's Second Quarter Fiscal 2024 Financial Results
05/02/2024 | Sanmina Corp.Sanmina Corporation, a leading integrated manufacturing solutions company, today reported financial results for the fiscal second quarter ended March 30, 2024 and outlook for its fiscal third quarter ending June 29, 2024.
TTM Technologies Reports First Quarter 2024 Results
05/02/2024 | TTM TechnologiesTTM Technologies, Inc., a leading global manufacturer of technology solutions including mission systems, radio frequency components and RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards , reported results for the first quarter 2024, which ended on April 1, 2024.
Intel Takes Next Step Toward Building Scalable Silicon-Based Quantum Processors
05/02/2024 | BUSINESS WIRENature published an Intel research paper, “Probing single electrons across 300-mm spin qubit wafers,” demonstrating state-of-the-art uniformity, fidelity and measurement statistics of spin qubits.
RTX's Pratt & Whitney Canada and Angola's TAAG Airlines sign Fleet Management Program Agreement for PW150A Engines
05/01/2024 | RTXPratt & Whitney Canada and TAAG Angola Airlines E.P., Angola's state-owned airline, have signed a six-year Fleet Management™ Program (FMP) agreement. The engine maintenance services cover the airline's PW150A engines which power their fleet of Dash 8-400 regional turboprops.