Virco Q3 net income down 70% to $0.08 EPS; record backlog $45.1M but margins squeezed

VIRCO MFG CORPORATION

2022-Q3 EPS reported $0.07 revenue$144,720,000

Q3 net sales $57.3M flat YoY; net income $1.3M ($0.08 diluted) vs $4.5M ($0.28) last year.
Gross margin fell to 35.4% from 38.9% due to higher raw material and freight costs.
Nine-month revenue up 7.6% to $144.7M; net income $1.2M ($0.07) vs $3.3M ($0.21).
Record unshipped backlog of $45.1M at Nov 30; shipments+backlog $205.7M vs $158.7M in 2020.
CEO cites supply chain issues but output improving; price increases secured for next year.

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