Daktronics Earnings: Here’s Why the Stock is Down Now
Daktronics Inc. (NASDAQ:DAKT) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 6.53%.
Daktronics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 50% to $0.06 in the quarter versus EPS of $0.04 in the year-earlier quarter.
Revenue: Decreased 9.62% to $111.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Daktronics Inc. reported adjusted EPS income of $0.06 per share. By that measure, the company missed the mean analyst estimate of $0.07. It missed the average revenue estimate of $123.83 million.
Quoting Management:“We were pleased with our order volume in the third quarter which set us up with a solid backlog going into the fourth quarter. On the sales front, we had anticipated our sales level would be comparable to fiscal 2012 third quarter, but we came in under that primarily due to on-site schedule changes which delayed a couple of large projects. The revenue associated with these delays will be realized in the fourth quarter,” said Jim Morgan, president and chief executive officer.
Key Stats (on next page)…