SigmaTron Intl. Q2 Profit Falls

(RTTNews) - SigmaTron International, Inc. (SGMA) Friday announced a sharp fall in second-quarter profit, compared to the prior year on lower revenues and discontinued operations.

Revenues from continuing operations were down 9 percent from the previous year.

The quarterly profit was $28.26 thousand or $0.00 per share, compared to profit of $871.87 thousand or $0.14 per share last year.

Net sales for the quarter declined to $98.69 million, from $108.221 million a year ago.

The Company has sold a majority position of its wholly owned subsidiary, Wagz, Inc., effective April 1, 2023.

SigmaTron CEO Gary Fairhead said "As we head into our third quarter, our short-term backlog remains soft as our customers evaluate their inventory levels starting the new calendar year. We expect the third quarter to be difficult and believe revenue levels will start to increase during our fourth quarter. Putting aside the short-term softness, we are excited about our prospects for the first part of fiscal 2025."