From GlobeNewswire: 2024-12-04 07:30:00

Daktronics, Inc. reported strong results for its fiscal 2025 second quarter, with sales reaching $208.3 million, a 4.5% increase from the same period last year. Gross profit was 26.8% of net sales, with operating income at $15.8 million. Record cash flows of $43.3 million were generated.

The company’s Chairman, Reece Kurtenbach, highlighted progress in strategic and digital transformation initiatives, including installations at the L.A. Clippers’ Intuit Dome and Miami HEAT’s Kaseya Center. Daktronics aims to grow revenue faster than the market, improve operating margins, and achieve high returns on capital.

Daktronics reported a decrease in orders by 3.3% for the second quarter of fiscal 2025, primarily in Live Events, Transportation, and International units. Net sales increased by 4.5%, driven by higher volumes in Commercial, Live Events, and Transportation units. Gross profit margin decreased slightly to 26.8%.

Operating expenses increased to $40.1 million, reflecting investments in IT, digital transformation, and sales team expansion. Adjusted operating income was 9.2%, down from 9.7% in the same period last year. Interest income saw an increase, while net income for the quarter was $21.4 million.

Daktronics also provided an update on its financial position, with cash, restricted cash, and marketable securities totaling $134.4 million. The company is focused on managing working capital, with a working capital ratio of 2.3 to 1. Inventory levels dropped 11.9% since the end of the previous fiscal year.

The Board of Directors initiated a search for a new Chief Financial Officer. Daktronics enters the third quarter of fiscal 2025 with a 3.3% year-over-year order growth. The company expects order volume to increase for the full fiscal year and plans to continue its digital and strategic transformation initiatives.



Read more at GlobeNewswire:: Daktronics, Inc. Announces 2025 Fiscal Second Quarter