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Daktronics slips 11% post Q1 results

Aug. 21, 2018 10:52 AM ETDaktronics, Inc. (DAKT) StockDAKTBy: Akanksha Bakshi, SA News Editor2 Comments
  • Daktronics (DAKT -11.3%) reported Q1 sales decrease of 10.7% Y/Y to $154.19M. Segment sales: Commercial $30.57M (-7% Y/Y); Live events $47.49M (-36.3% Y/Y); High school & park recreation $28.12M (-1.3% Y/Y); Transportation $17.16M (-9.3% Y/Y) and International $28.87M (+94.3% Y/Y)
  • Q1 Orders total was at $159.61M (+4.3% Y/Y) with Commercial at $35.79M (+19.6% Y/Y); Live events at $39.39M (-36.1% Y/Y); High school & park recreation at $38.45M (+19.5% Y/Y); Transportation at $21.92M (+136.4% Y/Y) and International $24.06M (+19.8% Y/Y).
  • Q1 Gross margin declined by 104 bps to 24.8% and operating margin declined by 417 bps to 2.62%.
  • Product order backlog was at $177M as of July 28, 2018, compared to $184M a year ago.
  • Net cash used in operating activities was $10.26M compared to $4.91M a year ago.
  • Free cash flow was negative $14.88M as of July 28, 2018, compared to negative $8.94M a year ago.
  • "While we remain optimistic about long-term growth in the digital display industry, most of us are aware the current global tariff and trade environment is very dynamic. The current financial impact to us is related to the volatility in pricing and demand of aluminum, electrical, and other components. We would expect some of the measures being contemplated by various governments could have a financial impact in future quarters", commented Reece Kurtenbach, Chairman, President and CEO.
  • Previously: Daktronics misses on revenue (Aug. 21)

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