Welcome to our dedicated page for Optical Cable news (Ticker: OCC), a resource for investors and traders seeking the latest updates and insights on Optical Cable stock.
Optical Cable Corporation manufactures fiber optic and copper data communication cabling and connectivity solutions for enterprise, data center, wireless carrier, harsh environment and specialty markets. Its updates commonly cover quarterly and annual results, net sales trends, gross profit, manufacturing operating leverage and demand conditions across enterprise, military, severe duty and other target markets.
Company news also includes conference-call announcements, product-solution initiatives and strategic collaboration activity, including the relationship with Lightera to expand offerings for data center and enterprise customers. OCC describes its products as integrated suites that operate as system solutions or integrate with other network components.
Optical Cable (Nasdaq GM: OCC) reported a 17.9% decline in net sales for Q2 FY2024, totaling $16.1 million, compared to $19.6 million in Q2 FY2023. Sequentially, net sales increased by 8.5% from $14.9 million in Q1 FY2024. Gross profit for Q2 FY2024 was $4.0 million, down 40.5% from $6.8 million in Q2 FY2023 but up 8.8% from $3.7 million in Q1 FY2024. Gross profit margin decreased to 25.1% from 34.6% YoY. SG&A expenses declined to $5.3 million from $5.7 million YoY. OCC recorded a net loss of $1.6 million, or $0.21 per share, compared to a net income of $2.4 million, or $0.31 per share, YoY. For the first half of FY2024, net sales were $31.0 million, down 18.3% YoY. Gross profit for the first half was $7.8 million, a 41.7% decrease YoY. SG&A expenses for the first half decreased by 6.3% to $10.4 million. OCC recorded a net loss of $3.0 million, or $0.39 per share, for the first half of FY2024, compared to a net income of $3.2 million, or $0.41 per share, YoY.
On June 6, 2024, Optical Cable (Nasdaq: OCC) announced it will release its Q2 FY2024 results on June 10, 2024. The results will cover the three and six-month periods ending April 30, 2024. A conference call to discuss these results will be held at 11:00 a.m. Eastern Time on the same day. To participate, individuals can call provided U.S. or international numbers with Conference ID: OCCQ224. A replay will be available through June 17, 2024. The call will be broadcast live online, accessible through the investor relations section of OCC's website. Questions from analysts, fund investors, and individual investors are welcomed and can be submitted in advance.
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Optical Cable Corporation (Nasdaq: OCC) reported a strong first quarter for fiscal year 2023, with net sales increasing by 26.6% to $18.3 million from $14.4 million year-over-year. Gross profit surged 61.2% to $6.5 million, resulting in a gross profit margin of 35.7%, up from 28.0%. The company also achieved a net income of $810,000 or $0.10 per share, a turnaround from a net loss of $936,000 in Q1 2022. SG&A expenses rose to $5.5 million, accounting for 29.8% of net sales, down from 33.1%.