Q3 2024 Optical Cable Corp Earnings Call Transcript
Key Points
- OCC achieved higher net sales each quarter since the first quarter of fiscal 2024.
- Sales order backlog and forward load increased since the beginning of fiscal year 2024.
- OCC is seeing indications of improving opportunities as they near the end of fiscal year 2024 and look ahead to fiscal year 2025.
- The company remains confident in its strong position in targeted markets and differentiated core strengths and capabilities.
- OCC is committed to capturing profitable growth opportunities and advancing its strategy to enhance shareholder value.
- Consolidated net sales for the third quarter of fiscal 2024 decreased by 4.2% compared to the same period last year.
- Net sales for the first nine months of fiscal 2024 decreased by 14% compared to the first nine months of fiscal 2023.
- Gross profit for the third quarter of fiscal 2024 was $3.9 million, down from $5.1 million for the same period last year.
- Gross profit margin decreased to 24.2% in the third quarter of fiscal 2024 from 30.2% in the third quarter of fiscal 2023.
- OCC recorded a net loss of $1.6 million for the third quarter of fiscal 2024, compared to net income of $101,000 for the same period last year.
My name is Jim, and I'll be your conference operator today. At this time, I would like to welcome you to Optical Cable Corporation's third quarter and fiscal year 2024 earnings conference call. (Operator Instructions)
Mr. Hoffman, you may begin your conference, sir.
Thank you, and good morning, and thank you for joining us for Optical Cable Corporation's third quarter of fiscal year 2024 conference call. By this time, everyone should have a copy of the earnings press release issued earlier today. You can also visit www.occfiber.com for a copy.
On the call with us today are Neil Wilkin, President and Chief Executive Officer of OCC, and Tracy Smith, Senior Vice President and Chief Financial Officer.
Before we begin, I'd like to remind everyone that this call may contain forward-looking statements that involve risks and uncertainties. The actual future results of Optical Cable Corporation may
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