Video display system manufacturer Daktronics Inc (DAKT) on Tuesday reported the first fiscal quarter earnings results. Earnings nearly doubled in this quarter, exceeding the average market expectation, thanks to the strong growth in orders of its live events unit.
Promoted by the good performance during this quarter, DAKT stock price soared Wednesday.
The company also expects the record level of orders during the first quarter to push net sales of the econd-quarter to realize year-over-year growth.
Live Events unit saw an increase of 29% in orders during the first-quarter, Transportation unit’s orders more than doubled, thanks in part to a value of approximately $21 million oder from the Los Angeles International Airport.
Daktronics reported the first-quarter earnings increased to $6.70 million, or 16 cents per share from a year earlier’s $3.4 million, or 8 cents per share, well above the 4 cents per share average estimate of analysts polled by Thomson Reuters.
Daktronics grew revenue by 11.76% to $133 million from $119 million in the same period last year, topping the consensus estimate of $120 million.
DAKT stock price rose sharply by 17.00%, or $1.37, to $9.43, on volume of 895,836 shares, well above the average daily volume of 100,049 shares. DAKT stock price is 49.21% higher than the 52-week low of $6.32 and 21.02% off the 52-week high of $11.94.