Virco Mfg Stock Price, News & Analysis

Virco Mfg. Corporation (Nasdaq: VIRC) reported a robust third quarter with net revenue rising 35% to $77.4 million and year-to-date revenue up 32.9% to $192.3 million. Improved operational efficiencies and a gross margin increase to 39.8%, driven by higher volume and price adjustments, supported this growth. Operating income soared from $2.5 million to $8.8 million, while net income reached $7.9 million compared to $1.3 million last year. SG&A expenses declined to 28.4% as the company focuses on enhancing U.S. operations and delivering strong returns to shareholders.

Virco Mfg. Corporation (Nasdaq: VIRC) reported a robust second quarter fiscal 2023, with net sales of $82.8 million, reflecting a 40.3% increase from $59.0 million a year prior. Net income surged to $9.7 million or $0.60 per diluted share, marking a 157% rise from $3.8 million. The company experienced heightened factory output by 30%, boosting its gross margin to 38.5%. Strong demand and effective management contributed to increased profitability, with a backlog of $194.7 million enhancing visibility for future revenue growth.

Virco Mfg. Corporation (Nasdaq: VIRC) reports a 13% year-over-year increase in net sales to $32.1 million for Q1 FY2023, despite a net loss of $5.1 million, exacerbated by inflationary pressures. Shipments and backlog reached $144.4 million, up 20% from the previous record, driven by robust demand from educational institutions. Management implemented contract adjustments for bi-annual price changes to mitigate inflation impacts. Gross margin improved to 30.3% from 27.1%, aided by a 45% increase in factory output compared to last year. Interest expense rose due to higher inventory levels.

Virco Mfg. Corp. (NASDAQ: VIRC) reported a 119% revenue increase for Q4 FY 2022, totaling $40.1 million, compared to $18.3 million last year. The fiscal year saw a 21% growth, reaching $184.8 million. Despite this, there was a pre-tax loss of $5.2 million in Q4, though this was an improvement from a loss of $6.5 million the previous year. Order rates surged by 65% in Q4, leading to a record backlog. A new $70 million credit facility was secured, enhancing liquidity for growth. The company anticipates profitability improvements in FY 2023, addressing margin pressures from material costs.

Virco Mfg. Corporation (NASDAQ: VIRC) reported third-quarter fiscal 2022 results with net sales of $57.3 million, slightly up from $57.2 million year-over-year. Net income fell 70.4% to $1.3 million or $0.08 per diluted share due to material shortages and rising input costs, impacting gross margin, which decreased to 35.4% from 38.9%. Despite these challenges, robust order rates are driven by stimulus funding. The backlog remains high at $45.1 million, signaling strong future demand as production capacity improves.

Virco Mfg. Corporation (Nasdaq: VIRC) announced an amendment to its credit facility, allowing for potential future shareholder distributions. This decision reflects positive business trends and a strong balance sheet, with a maturity date set for March 19, 2023. CEO Robert Virtue highlighted the company's flexibility to consider cash dividends and stock repurchases as vital elements of capital allocation. While no specific distribution plans are in place, the company sees growth opportunities ahead to enhance shareholder returns.

Virco Mfg. Corporation (Nasdaq: VIRC) reports a strong performance driven by increased stimulus funding for educational furniture, resulting in a record backlog of $60 million, nearly 200% higher than 2019. For Q2 of fiscal 2022, net sales were $59 million, slightly down from $59.5 million year-over-year, while net income rose 5.8% to $3.8 million. Fiscal year-to-date activity shows a $173.1 million backlog, indicating a promising outlook. Management expects reduced seasonality and increased revenue in Q3 and Q4, leveraging the ongoing stimulus funding through 2025.

Virco Mfg. Corporation (Nasdaq: VIRC) reported a 59% increase in net sales for Q1 2021, totaling $28.37 million compared to $17.82 million in Q1 2020. Gross profit rose 57%, reaching $7.69 million despite challenges from rising raw material and freight costs. The operating loss improved to $4.30 million from $7.03 million the previous year. Additionally, the company noted that its reliance on seasonal debt is at a three-year low, and strong indicators show a robust market recovery for school furniture, with shipment backlogs at a three-year high.