Daktronics Q2 2024 Earnings Report
Key Takeaways
Daktronics reported a 6.4% increase in sales, reaching $199.4 million, and a significant improvement in gross profit margin to 27.2%. Operating income increased substantially to $19.4 million. The company's backlog was $306.9 million. Andrew Siegel was appointed as the new Lead Independent Director.
Sales increased by 6.4 percent compared to the second quarter of fiscal 2023, reaching $199.4 million.
Gross profit margin expanded to 27.2 percent, compared to 16.9 percent in the same period last year.
Operating income significantly improved to $19.4 million, compared to $1.5 million in the second quarter of fiscal 2023.
Product order backlog was $306.9 million at the end of the quarter.
Daktronics
Daktronics
Daktronics Revenue by Segment
Forward Guidance
Daktronics expects growth in the global use of sophisticated audio-visual communication systems and remains focused on capturing market growth and broadening its market position.
Positive Outlook
- Grow our business profitably while generating cash through working capital management, strategic pricing adjustments, product mix enhancements and careful expense management
- Improve operational efficiency to lower costs, reduce lead times and improve the customer experience
- Develop additional markets for new customers and channels while continuing to grow in the markets where the company been a leader to date
- Implement robust integrated business planning systems to generate data-based insights for improved decision making
- Investing in high-return projects and technologies, including digital technologies for both internal and customer facing uses
Challenges Ahead
- Monitor and then adjust as necessary to the ever-evolving geopolitical and global economic environment to maintain profitability and cash generation
Revenue & Expenses
Visualization of income flow from segment revenue to net income