AstroNova Reports Fiscal 2024 Fourth-Quarter and Full-Year Financial Results
AstroNova, Inc. (ALOT) reports record full-year GAAP operating income of $8.8 million and non-GAAP operating income of $12.0 million. The company delivered full-year GAAP net income of $4.7 million and non-GAAP net income of $7.2 million. They generated full-year adjusted EBITDA of $14.4 million. AstroNova also provided FY 2025 financial targets and outlook, expecting mid-single digit revenue growth and improved margins. The company's Q4 FY 2024 financial results showed revenue of $39.6 million, with operating income of $3.9 million. The Product Identification segment saw revenue growth, while the Test & Measurement segment benefited from the recovery of the commercial aviation market. AstroNova aims to drive sustained product innovation and operational efficiencies for future growth.
Positive
AstroNova reports record full-year GAAP and non-GAAP operating income and net income.
The company generated full-year adjusted EBITDA of $14.4 million.
AstroNova provides FY 2025 financial targets with mid-single digit revenue growth expectations.
Q4 FY 2024 results show positive revenue and operating income for AstroNova.
Product Identification segment revenue increased, and Test & Measurement segment benefited from commercial aviation market recovery.
AstroNova focuses on sustained product innovation and operational efficiencies for future growth.
The reported financial results for AstroNova, Inc. indicate a positive trajectory in operating and net income, both on a GAAP and non-GAAP basis. The distinction between GAAP and non-GAAP figures, often used to eliminate the effects of one-time events and provide a clearer picture of ongoing operations, suggests that the company is actively managing its cost structure and possibly benefiting from strategic initiatives such as the retrofit program of PI printers and realignment strategies.
From a financial perspective, the increase in operating margin and net income per common share is indicative of operational efficiency and profitability enhancement. The reported growth in Adjusted EBITDA, particularly when excluding restructuring and retrofit-related items, further underscores the company's ability to generate earnings before interest, taxes, depreciation and amortization, which is a key metric for assessing a company's operating performance.
However, a slight decrease in revenue alongside an increase in bookings suggests a potential lag in revenue recognition, which could be due to longer sales cycles or deferred revenue. Additionally, the backlog reduction from fiscal 2023 to fiscal 2024 might raise questions regarding future revenue streams, although this could also be a result of improved delivery and execution capabilities.
The segment results reveal significant developments that could influence investor sentiment. The Test & Measurement (T&M) segment's operating profit margin of 28.2% and its positive revenue growth reflect strong demand, likely driven by the rebound in airline passenger traffic and favorable commercial aircraft trends. This is a positive indicator for investors, as it suggests resilience in the face of industry-wide challenges and potential for sustained growth.
On the other hand, the Product Identification (PI) segment shows a decrease in revenue, yet an improvement in operating profit margin. This dichotomy suggests a strategic shift towards higher-margin products or services, which can be a double-edged sword. While it may lead to improved profitability, reliance on fewer, higher-margin products could also increase vulnerability to market fluctuations or competitive pressures.
Investors should note the company's forward-looking statements, including expected organic revenue growth and margin improvements. These projections are based on current market conditions and the company's strategic initiatives but are subject to change due to external factors such as economic shifts or technological advancements in data visualization technologies.
The financial targets and outlook for fiscal 2025, projecting organic revenue growth and adjusted EBITDA margin expansion, suggest that AstroNova is anticipating continued economic stability and demand in its markets. The commitment to improve margins by 100 basis points per year could be reflective of a broader industry trend towards operational excellence and cost optimization.
However, it's important to contextualize these targets within the current macroeconomic environment. Factors such as inflationary pressures, supply chain disruptions and geopolitical tensions could impact the cost of sales and operational expenses, potentially affecting the company's ability to meet these targets. Investors should monitor these external factors closely, as they could have a material impact on the company's financial performance.
The company's reliance on non-GAAP measures, while providing additional insight into its operations, should be evaluated critically, as these measures exclude certain costs that are real and can affect the overall financial health of the company. While non-GAAP measures can be useful for comparisons and understanding core operations, they should not be viewed in isolation but rather alongside GAAP measures for a comprehensive financial analysis.
03/22/2024 - 07:30 AM
Posts Company Record Full-Year GAAP Operating Income of $8.8 Million ; Non-GAAP Operating Income of $12.0 Million
Delivers Full-Year GAAP Net Income of $4.7 Million , or $0.63 Per Diluted Share; Non-GAAP Net Income of $7.2 Million , or $0.97 Per Diluted Share
Generates Full-Year Adjusted EBITDA of $14.4 Million , or $17.6 Million Excluding Restructuring and Retrofit-Related Items
Provides FY 2025 Financial Targets and Outlook
Hosts Earnings Conference Call at 9:00 a.m. ET Today
WEST WARWICK, R.I. --(BUSINESS WIRE)--
AstroNova, Inc. (Nasdaq: ALOT), a global leader in data visualization technologies, today reported financial results for the fiscal 2024 fourth quarter and full year ended January 31, 2024.
CEO Commentary
“We capped a year of solid growth in fiscal 2024 with a strong fourth quarter that highlighted our strategic focus on enhancing margins and maintaining disciplined cost management, while continuing to invest for the future,” said Greg Woods, AstroNova’s President and Chief Executive Officer. “Our fourth-quarter operating income of $3.9 million joined our third quarter as the two best quarters in our history, and reflected contributions from both our Product Identification (PI) and Test & Measurement (T&M) segments.
“T&M generated a 28% segment operating profit for the quarter on 10% top-line growth, driven primarily by the continued momentum of our Aerospace product line. The rebound in airline passenger traffic toward pre-pandemic levels, the increasing number of daily flights and favorable commercial aircraft order and delivery trends provide a favorable growth runway for our business. The data acquisition product line within our T&M segment also performed well in the quarter.
“Our PI segment delivered strong year-over-year margin improvement in the quarter. Segment operating profit increased a healthy 560 basis points from the fourth quarter of fiscal 2023, in part reflecting the success of the strategic realignment announced last summer,” Woods said. “Additionally, at the end of the quarter we completed the previously discussed retrofit program of certain PI printers affected by faulty ink provided by one of our larger suppliers. On the innovation front, our PI development teams recently launched new digital printers and accessories under both our flagship QuickLabel and TrojanLabel brands.
“Looking ahead, we see several growth opportunities for our business,” Woods said. “We are focused on applying the tools of the AstroNova Operating System to drive sustained product innovation, operating efficiencies and margin improvement. Our fiscal 2025 financial targets and outlook, which we are introducing today, reflect both confidence in the dynamics that are driving demand across our end markets and our commitment to continuing the margin improvement programs that we kicked off in FY24.”
FY 2025 Financial Targets and Outlook
For fiscal 2025, AstroNova expects to achieve full-year organic revenue percentage growth in the mid-single digits. Additionally, as AstroNova continues to drive operational improvements throughout the business, the Company expects its full-year adjusted EBITDA margin to be 13% to 14% this year and further improve by 100 basis points per year over the following two fiscal years.
Q4 FY 2024 Financial Results
GAAP
Non-GAAP
($ in thousands, except per share data)
Q4 FY 2024
Q4 FY 2023
YoY
Q4 FY 2024
Q4 FY 2023
YoY
Revenue
$39,594
$39,853
(1% )
Gross Profit
$14,746
$13,562
9%
$14,504
$13,562
9%
Gross Margin
37.2%
34.0%
320 pts.
36.6%
34.0%
260 pts.
Operating Expenses
$10,831
$11,465
(6% )
$10,874
$11,465
(5% )
Operating Income
$3,915
$2,097
87%
$3,630
$2,097
73%
Operating Margin
9.9%
5.3%
460 pts.
9.2%
5.3%
390 pts.
Net Income
$2,711
$1,363
99%
$2,491
$1,363
83%
Net Income per Common Share
$0.36
$0.18
100%
$0.33
$0.18
83%
Adjusted EBITDA
$5,521
$3,930
40%
Adjusted EBITDA Less Restructuring & Retrofit-Related Items
$5,236
$3,930
33%
Full reconciliations between GAAP and Non-GAAP items are provided below.
FY 2024 Financial Results
GAAP
Non-GAAP
($ in thousands, except per share data)
FY 2024
FY 2023
YoY
FY 2024
FY 2023
YoY
Revenue
$148,086
$142,527
4%
Gross Profit
$51,621
$48,156
7%
$54,327
$48,156
13%
Gross Margin
34.9%
33.8%
330 pts.
36.7%
33.8%
290 pts.
Operating Expenses
$42,825
$42,713
0%
$42,313
$41,996
1%
Operating Income
$8,796
$5,443
62%
$12,014
$6,160
95%
Operating Margin
5.9%
3.8%
210 pts.
8.1%
4.3%
380 pts.
Net Income
$4,694
$2,661
76%
$7,180
$3,201
124%
Net Income per Common Share
$0.63
$0.36
75%
$0.97
$0.43
126%
Adjusted EBITDA
$14,383
$10,294
40%
Adjusted EBITDA Less Restructuring & Retrofit-Related Items
$17,601
$11,010
60%
Full reconciliations between GAAP and Non-GAAP items are provided below.
Revenue by Type
($ in thousands)
Q4 FY 2024
Q4 FY 2023
YoY
FY 2024
FY 2023
YoY
Hardware
$13,640
$12,561
9%
$49,440
$42,445
17%
Supplies
$20,507
$22,016
(7% )
$79,252
$82,072
(3% )
Service/Other
$5,446
$5,277
3%
$19,394
$18,010
8%
Adjusted EBITDA was $5.5 million in the fourth quarter of fiscal 2024 versus $3.9 million in the year earlier period. Further adjusted to exclude restructuring and retrofit-related items, Adjusted EBITDA was $5.2 million in the 2024 period. For the full year, Adjusted EBITDA was $14.4 million compared with $10.3 million in the comparable period of fiscal 2023. Further adjusted to exclude restructuring and retrofit-related items, Adjusted EBITDA was $17.6 million in fiscal 2024 compared with $11.0 million in fiscal 2023.
Bookings in the fourth quarter of fiscal 2024 were $39.8 million , compared with $36.3 million in the fourth quarter of fiscal 2023, reflecting an increase in orders for both segments. Bookings were $143.7 million in fiscal 2024, compared with $138.6 million in fiscal 2023.
Backlog as of January 31, 2024 was $31.4 million versus $35.8 million at the end of fiscal 2023.
Segment Results
Product Identification
Product Identification (PI) segment revenue was $26.6 million in the fourth quarter of fiscal 2024, compared with $28.1 million in the fiscal 2023 fourth quarter. Segment operating profit was $3.2 million , or 12.2% of segment revenue, compared with segment operating profit of $1.9 million , or 6.6% of segment revenue, in the fourth quarter of fiscal 2023, reflecting more favorable mix in the 2024 period.
For fiscal full-year 2024, Product Identification revenue increased to $104.0 million from $103.1 million for fiscal full-year 2023. Segment operating profit was $10.1 million , or 9.7% of segment revenue, in fiscal 2024 compared with segment operating profit of $7.9 million , or 7.7% of segment revenue, in fiscal 2023.
Test & Measurement
Test & Measurement (T&M) segment revenue increased to $13.0 million in the fourth quarter of fiscal 2024 from $11.7 million in the fourth quarter of fiscal 2023, primarily as a result of favorable pricing actions and the continued recovery of the commercial aviation market. Segment operating profit was $3.7 million , or 28.2% of segment revenue, compared with segment operating profit of $3.2 million , or 27.3% of segment revenue, in the fourth quarter of fiscal 2023, reflecting higher revenues, increased manufacturing efficiencies and favorable pricing actions.
For fiscal full-year 2024, Test & Measurement revenue was $44.0 million , compared with $39.4 million in fiscal full-year 2023. Segment operating profit was $10.2 million , or 23.2% of segment revenue, in fiscal 2024, compared with $9.0 million , or 22.8% of segment revenue, in fiscal 2023.
Earnings Conference Call Information
AstroNova will discuss its fourth-quarter and full-year fiscal 2024 financial results and business outlook in an investor conference call at 9:00 a.m. ET today. To access the conference call, please dial (833) 470-1428 (U.S. and Canada ) or (404) 975-4839 (International) approximately 10 minutes prior to the start time and enter access code 966245. A real-time and an archived audio webcast of the call will be available through the “Investors” section of the AstroNova website, https://investors.astronovainc.com .
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this news release contains the non-GAAP financial measures Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per common share.
We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, stock-based compensation and acquisition-related costs. We define non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per common share, as the respective GAAP measure, excluding the impact of acquisition-related costs and restructuring and retrofit-related items.
AstroNova believes that the inclusion of these non-GAAP financial measures helps investors gain a meaningful understanding of changes in the Company’s core operating results and can help investors who wish to make comparisons between AstroNova and other companies on both a GAAP and a non-GAAP basis. AstroNova’s management uses these non-GAAP financial measures, in addition to GAAP financial measures, as the basis for measuring its core operating performance and comparing such performance to that of prior periods and to the performance of its competitors. These measures are also used by the Company’s management to assist with their financial and operating decision-making. Please refer to the financial reconciliation tables included in this news release for a reconciliation of GAAP measures to the most directly comparable non-GAAP measures for the three and 12 months ended January 31, 2024 and January 31, 2023.
AstroNova has not reconciled the forward-looking Adjusted EBITDA growth percentage included in its 2025 financial targets and outlook to the most directly comparable forward-looking GAAP measure because this cannot be done without unreasonable effort due to the lack of predictability regarding cost of sales, operating expenses, depreciation and amortization, and stock-based compensation. The impact of any of these items, individually or in the aggregate, may be significant.
About AstroNova
AstroNova (Nasdaq: ALOT), a global leader in data visualization technologies since 1969, designs, manufactures, distributes, and services a broad range of products that acquire, store, analyze, and present data in multiple formats.
The Product Identification segment provides a wide array of digital, end-to-end product marking and identification solutions, including hardware, software, and supplies for OEMs, commercial printers, and brand owners. The Test and Measurement segment provides products designed for airborne printing solutions, avionics, and data acquisition. Our aerospace products include flight deck printing solutions, networking hardware, and specialized aerospace-grade supplies. Our data acquisition systems are used in research and development, flight testing, missile and rocket telemetry production monitoring, power, and maintenance applications.
AstroNova is a member of the Russell Microcap® Index and the LD Micro Index (INDEXNYSEGIS: LDMICRO). Additional information is available by visiting https://astronovainc.com/ .
Forward-Looking Statements
Information included in this news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but rather reflect our current expectations concerning future events and results. These statements may include the use of the words “believes,” “expects,” “intends,” “plans,” “anticipates,” “likely,” “continues,” “may,” “will,” and similar expressions to identify forward-looking statements. Such forward-looking statements, including those concerning the Company’s anticipated performance, involve risks, uncertainties and other factors, some of which are beyond our control, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks, uncertainties and factors include, but are not limited to, (i) the risk that we may not be able to realize the expected synergies from our acquisition of Astro Machine, (ii) the risk that apparent improvements in the Aerospace and Defense sectors may not continue and (iii) those factors set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2023 and subsequent filings AstroNova makes with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this news release.
ASTRONOVA, INC.
Condensed Consolidated Statements of Income
In Thousands Except for Per Share Data
(Unaudited)
Three Months Ended
Twelve Months
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
Net Revenue
$
39,594
$
39,853
$
148,086
$
142,527
Cost of Revenue
24,848
26,291
96,465
94,371
Gross Profit
14,746
13,562
51,621
48,156
Total Gross Profit Margin
37.2
%
34.0
%
34.9
%
33.8
%
Operating Expenses:
Selling & Marketing
5,977
6,686
24,428
24,456
Research & Development
1,878
1,801
6,906
6,822
General & Administrative
2,976
2,978
11,491
11,435
Total Operating Expenses
10,831
11,465
42,825
42,713
Operating Income
3,915
2,097
8,796
5,443
Total Operating Margin
9.9
%
5.3
%
5.9
%
3.8
%
Other Expense, net
563
367
2,723
2,033
Income Before Taxes
3,352
1,730
6,073
3,410
Income Tax Provision
641
367
1,379
749
Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Net Income per Common Share - Basic
$
0.36
$
0.19
$
0.63
$
0.36
Net Income per Common Share - Diluted
$
0.36
$
0.18
$
0.63
$
0.36
Weighted Average Number of Common Shares - Basic
7,438
7,330
7,415
7,307
Weighted Average Number of Common Shares - Diluted
7,550
7,406
7,496
7,374
ASTRONOVA, INC.
Consolidated Balance Sheets
In Thousands
(Unaudited)
January 31, 2024
January 31, 2023
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents
$
4,527
$
3,946
Accounts Receivable, net
23,056
21,598
Inventories, net
46,371
51,324
Prepaid Expenses and Other Current Assets
2,606
2,894
Total Current Assets
76,560
79,762
PROPERTY, PLANT AND EQUIPMENT
57,046
55,394
Less Accumulated Depreciation
(42,861
)
(41,106
)
Property, Plant and Equipment, net
14,185
14,288
OTHER ASSETS
Intangible Assets, net
18,836
21,232
Goodwill
14,633
14,658
Deferred Tax Assets
6,882
6,907
Right of Use Asset
603
794
Other Assets
1,438
1,566
TOTAL ASSETS
$
133,137
$
139,207
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts Payable
$
8,068
$
8,479
Accrued Compensation
2,923
2,750
Other Liabilities and Accrued Expenses
2,706
3,308
Revolving Line of Credit
8,900
15,900
Current Portion of Long-Term Debt
2,842
2,100
Current Portion of Royalty Obligation
1,700
1,725
Current Liability – Excess Royalty Payment Due
935
562
Income Taxes Payable
235
786
Deferred Revenue
1,338
1,888
Total Current Liabilities
29,647
37,498
NON-CURRENT LIABILITIES
Long-Term Debt, net of current portion
10,050
12,040
Royalty Obligation, net of current portion
2,093
3,415
Lease Liability, net of current portion
415
555
Income Tax Payables
551
491
Deferred Revenue
-
674
Deferred Tax Liabilities
99
167
TOTAL LIABILITIES
42,855
54,840
SHAREHOLDERS’ EQUITY
Common Stock
541
534
Additional Paid-in Capital
62,684
61,131
Retained Earnings
63,868
59,175
Treasury Stock
(34,592
)
(34,235
)
Accumulated Other Comprehensive Loss, net of tax
(2,219
)
(2,238
)
TOTAL SHAREHOLDERS’ EQUITY
90,282
84,367
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
133,137
$
139,207
ASTRONOVA, INC.
Revenue and Segment Operating Profit
In Thousands
(Unaudited)
Revenue
Segment Operating Profit
Revenue
Segment Operating Profit
Three Months Ended
Three Months Ended
Twelve Months Ended
Twelve Months Ended
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
Product Identification
$
26,626
$
28,105
$
3,239
$
1,869
$
104,041
$
103,089
$
10,087
$
7,889
Test & Measurement
12,968
11,748
3,652
3,206
44,045
39,438
10,200
8,989
Total
$
39,594
$
39,853
6,891
5,075
$
148,086
$
142,527
20,287
16,878
Corporate Expenses
2,976
2,978
11,491
11,435
Operating Income
3,915
2,097
8,796
5,443
Other Income (Expense), net
(563
)
(367
)
(2,723
)
(2,033
)
Income Before Income Taxes
3,352
1,730
6,073
3,410
Income Tax Provision
641
367
1,379
749
Net Income
$
2,711
$
1,363
$
4,694
$
2,661
ASTRONOVA, INC.
Reconciliation of GAAP to Non-GAAP Results
In Thousands Except for Per Share Data
(Unaudited)
Three Months Ended
Twelve Months Ended
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
GAAP Revenues
$
39,594
$
39,853
$
148,086
$
142,527
Non-GAAP Revenues
$
39,594
$
39,853
$
148,086
$
142,527
GAAP Cost of Revenues
$
24,848
$
26,291
$
96,465
$
94,371
Restructuring Charges, net
(32
)
-
2,064
-
Product Retrofit Costs, net
(410
)
-
642
-
Non-GAAP Cost of Revenues
$
25,290
$
26,291
$
93,759
$
94,371
GAAP Gross Profit
$
14,746
$
13,562
$
51,621
$
48,156
Restructuring Charges, net
(32
)
-
2,064
-
Product Retrofit Costs, net
(210
)
-
642
-
Non-GAAP Gross Profit
$
14,504
$
13,562
$
54,327
$
48,156
GAAP Operating Expenses
$
10,831
$
11,465
$
42,825
$
42,713
Transaction Costs
-
-
-
(717
)
Restructuring Charges, net
43
-
(512
)
-
Non-GAAP Operating Expenses
$
10,874
$
11,465
$
42,313
$
41,996
GAAP Operating Income
$
3,915
$
2,097
$
8,796
$
5,443
Transaction Costs
-
-
-
717
Restructuring Charges, net
(75
)
-
2,576
-
Product Retrofit Costs, net
(210
)
-
642
-
Non-GAAP Operating Income
$
3,630
$
2,097
$
12,014
$
6,160
GAAP Other Income/(Expense)
$
(563
)
$
(367
)
$
(2,723
)
$
(2,033
)
Non-GAAP Other Income/(Expense)
$
(563
)
$
(367
)
$
(2,723
)
$
(2,033
)
GAAP Income Tax Expense
$
641
$
367
$
1,379
$
749
Tax Adjustments of Non-GAAP Adjustments
(65
)
-
732
177
Non-GAAP Income Tax Expense
$
576
$
367
$
2,111
$
926
GAAP Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Transaction Costs
-
-
-
540
Restructuring Charges, net
(58
)
-
1,990
-
Product Retrofit Costs, net
(162
)
-
496
-
Non-GAAP Net Income
$
2,491
$
1,363
$
7,180
$
3,201
GAAP Diluted Earnings Per Share
$
0.36
$
0.18
$
0.63
$
0.36
Transaction Costs
-
-
-
0.07
Restructuring Charges, net
(0.01
)
-
0.27
-
Product Retrofit Costs, net
(0.02
)
-
0.07
-
Non-GAAP Diluted Earnings Per Share
$
0.33
$
0.18
$
0.97
$
0.43
ASTRONOVA, INC.
Reconciliation of Net Income to Adjusted EBITDA
Amounts In Thousands
(Unaudited)
Three Months Ended
Twelve Months Ended
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
GAAP Net Income
$
2,711
$
1,363
$
4,694
$
2,661
Interest Expense
779
592
2,697
1,678
Income Tax Expense
641
367
1,379
749
Depreciation/Amortization
1,108
1,295
4,266
3,916
Share-Based Compensation
282
313
1,347
1,290
Adjusted EBITDA
$
5,521
$
3,930
$
14,383
$
10,294
Transaction Costs
-
-
-
540
Restructuring Charges, net
(58
)
-
1,990
-
Product Retrofit Costs, net
(162
)
-
496
-
Income Tax Expense - Transaction Costs
-
-
-
176
Income Tax Expense - Restructuring Charges, net
(17
)
-
586
-
Income Tax Expense - Product Retrofit Costs, net
(48
)
-
146
-
Adjusted EBITDA Less Restructuring & Retrofit Items
$
5,236
$
3,930
$
17,601
$
11,010
ASTRONOVA, INC.
Reconciliation of Segment GAAP to Non-GAAP Operating Income
Amounts In Thousands
(Unaudited)
Three Months Ended
Twelve Months Ended
January 31, 2024
January 31, 2023
January 31, 2024
January 31, 2023
Product Identification
Test & Measurement
Total
Product Identification
Test & Measurement
Total
Product Identification
Test & Measurement
Total
Product Identification
Test & Measurement
Total
GAAP - Segment Operating Profit
$
3,239
$
3,652
$
6,891
$
1,869
$
3,206
$
5,075
$
10,087
$
10,200
$
20,287
$
7,889
$
8,989
$
16,878
Restructuring Charges, net
(75
)
-
(75
)
-
-
-
2,494
-
2,494
-
-
-
Product Retrofit Costs, net
(210
)
-
(210
)
-
-
-
642
-
642
-
-
-
Non-GAAP - Segment Operating Profit
$
2,954
$
3,652
$
6,606
$
1,869
$
3,206
$
5,075
$
13,223
$
10,200
$
23,423
$
7,889
$
8,989
$
16,878
View source version on businesswire.com: https://www.businesswire.com/news/home/20240321584134/en/
Scott Solomon
Senior Vice President
Sharon Merrill Advisors
(857) 383-2409
ALOT@investorrelations.com
Source: AstroNova
What were AstroNova's full-year GAAP and non-GAAP operating income figures for fiscal year 2024?
AstroNova reported a full-year GAAP operating income of $8.8 million and non-GAAP operating income of $12.0 million for fiscal year 2024.
What were AstroNova's full-year GAAP and non-GAAP net income figures for fiscal year 2024?
AstroNova delivered full-year GAAP net income of $4.7 million and non-GAAP net income of $7.2 million for fiscal year 2024.
What was AstroNova's full-year adjusted EBITDA for fiscal year 2024?
AstroNova generated full-year adjusted EBITDA of $14.4 million for fiscal year 2024.
What are AstroNova's FY 2025 financial targets and outlook?
AstroNova expects mid-single digit revenue growth and aims to improve adjusted EBITDA margin by 100 basis points per year over the following two fiscal years in FY 2025.
How did AstroNova's Q4 FY 2024 financial results look like?
AstroNova's Q4 FY 2024 results showed revenue of $39.6 million, with operating income of $3.9 million.
What growth opportunities is AstroNova focusing on?
AstroNova is focused on applying the tools of the AstroNova Operating System to drive sustained product innovation, operating efficiencies, and margin improvement.
Which segment saw revenue growth in AstroNova's Q4 FY 2024 results?
The Product Identification segment saw revenue growth in AstroNova's Q4 FY 2024 results.
How did the Test & Measurement segment perform in AstroNova's Q4 FY 2024 results?
The Test & Measurement segment benefited from the recovery of the commercial aviation market in AstroNova's Q4 FY 2024 results.
What is AstroNova's strategic focus for future growth?
AstroNova aims to drive sustained product innovation and operational efficiencies for future growth.