Virco Q2 EPS $0.60 vs $0.24 YoY; revenue +40% to $82.8M

VIRCO MFG CORPORATION

2023-Q2 EPS reported $0.29 revenue$114,881,000

Net sales $82.8M, up 40.3% from $59.0M; net income $9.7M ($0.60 diluted EPS) vs $3.8M ($0.24).
Gross margin improved to 38.5% from 37.8% on 30% factory output increase and operating leverage.
Shipments plus backlog $194.7M vs $154.6M YoY; August shipments nearly $17M higher than prior year.
Company expects return to annual profitability; additional price adjustment implemented for Q4 shipments.

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