VIRC - Virco Manufacturing prelim Q4 sales more than doubles

Virco Manufacturing (NASDAQ:VIRC) said Thursday its prelim. Q4 net sales more than doubled Y/Y to $40.1M. Prelim. Q4 pre-tax loss was $5.2M vs. pre-tax loss of $6.5M in the year-ago period. Higher unrecovered material costs, along with increased expenses associated with material costs, freight and logistic costs, negatively impacted operating margins. Orders were up 65% Y/Y in Q4, which is usually a slow quarter in the seasonal cycle for school furniture. This led to a record backlog at year-end. As of Mar. 31, fiscal YTD shipments and unshipped backlog stood at $85.1M vs. $52.1M on Mar. 31, 2021. Backlog component was $67.8M vs. $35.8M on Mar. 31, 2021. Order rates in the initial months of FY23 expanded the backlog further into record territory. Q4 gross margin was 26.5% vs. 24.8% in Q4 2021, driven by higher revenue. The increase was partially offset by higher raw material costs and transportation expenses. "Our

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Virco Manufacturing prelim Q4 sales more than doubles