DAKT - Daktronics up 4% on mixed results

August, 26 2020 08:54 AM Daktronics Inc.

Daktronics (NASDAQ:DAKT) reports mixed fiscal Q1 results that missed on revenue and beat on EPS.
Q1 highlights: Revenue fell 20% y/y to $143.6M.
Gross profit margin was 24.9% vs. 25.2% last year.
Orders for the quarter were $122.2M, compared to $187.5M year-ago.
Product order backlog at the end of the quarter was $192M.
Cash generated by operating activities was $8.5M.
Cash, restricted cash, and marketable securities at the end of the first quarter were $45.9M vs. $41.6M in previous quarter.
The company took various measures to reduce operating expenses to align with expected order and sales declines.
"Even though we face a challenging fiscal 2021, we intend to emerge as a stronger organization." says Reece Kurtenbach, CEO.
Previously: Daktronics EPS beats by $0.11, misses on revenue (Aug. 26)
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