Daktronics shares soar on strong fiscal 2Q results
BROOKINGS, S.D. (AP) — Shares of Daktronics Inc. soared Tuesday, after the company announced better-than-expected fiscal second-quarter results.
Daktronics makes and services video display systems for customers around the world. For the quarter ended Oct. 27, the company earned $11.5 million, or 27 cents per share, up from $4 million, or 9 cents per share, in last year's second quarter.
Revenue rose 10 percent to $149.9 million from $135.9 million.
Analysts, on average, expected a profit of 15 cents per share on $142.7 million in revenue, according to FactSet.
The company said that the jump in sales helped increase efficiency, boosting its margins by 5 percentage points. Operating expenses were essentially flat.
Second-quarter orders fell 6 percent to $110.3 million, as commercial orders fell 4 percent to $32 million and live events orders dropped 23 percent to $34.2 million.
Daktronics shares rose $1.19, or 14.6 percent, to $9.33 in morning trading, after peaking at $9.45 earlier in the session. Over the past 52 weeks, the company's shares have traded between $6.32 and $11.94.