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Jul 29, 2023
Daktronics Q1 2024 Earnings Report
Daktronics reported record first quarter net sales and a significant rebound in operating income.
Key Takeaways
Daktronics announced strong Q1 2024 results, marked by record net sales of $232.5 million, a gross profit margin of 30.6%, and a substantial operating income turnaround to $40.2 million compared to the previous year's loss. The company strategically managed capacity and pricing, leading to improved profitability and cash generation.
Record first quarter net sales increased by 35.3% year-over-year, reaching $232.5 million.
Gross profit margin improved to 30.6% due to record sales volume, stable operations, and strategic pricing.
Operating income rebounded to $40.2 million, a significant improvement from the $5.5 million loss in the same quarter last year.
Product order backlog decreased to $323.7 million, reflecting a more stable operating environment and reduced lead times.
Daktronics
Daktronics
Daktronics Revenue by Segment
Revenue by Segment
Commercial Revenue
CapyFin.comLive Events Revenue
CapyFin.comHigh School, Park & Rec Revenue
CapyFin.comTransportation Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Daktronics is focused on capturing market growth, broadening its market position, and maintaining profitability through strategic initiatives and close monitoring of the global environment.
Positive Outlook
- Growing the business profitably while generating cash through working capital management.
- Strategic pricing adjustments to maintain profitability.
- Product mix changes to optimize revenue and margin.
- Careful expense management to control costs.
- Improving operational efficiency to lower costs and reduce lead times.
Challenges Ahead
- Volatility in bookings of larger sized Spectacular LED video display projects.
- Ever-evolving geopolitical environment.
- Global economic environment.
- Potential for supply chain disruptions.
- Potential for labor shortages.
Revenue & Expenses
Visualization of income flow from segment revenue to net income