DAKT - Why Daktronics Stock Dropped Today
2023-12-05 15:13:49 ET
Shares of Daktronics (NASDAQ: DAKT) were down 13% as of 2:30 p.m. ET Tuesday after the digital display company announced disappointing quarterly results.
For its fiscal second quarter ended Oct. 28, Daktronics' revenue grew 6.4% year over year to $199.4 million, translating to net income of $2.2 million, or $0.05 per share. Though the company did swing from a loss of $0.29 per share in the same year-ago period, its performance fell short of Wall Street's consensus estimates; most analysts were anticipating earnings of $0.13 per share on revenue closer to $213 million.
Daktronics' chairman and CEO Reece Kurtenbach lauded the company's margin expansion and cash flow generation. Indeed, Daktronics' free cash flow swung to $35.1 million over the first six months of the fiscal year, from -$37.7 million a year earlier.
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Why Daktronics Stock Dropped Today