On Wednesday, Innovative Solutions and Support Inc ISSC reported fourth-quarter FY23 sales growth of 79% year-on-year to $12.99 million, beating the analyst consensus estimate of $10.30 million.
The increase in sales reflects the impact of the previously announced addition of the product lines acquired from Honeywell International, Inc. HON.
The gross profit for the quarter jumped 80% Y/Y to $8.1 million, with a profit margin of 62%.
Total operating expenses increased 105.5% to $4.5 million. The operating income rose 58.9% to $3.6 million, with the operating margin contracting 360 basis points to 28%.
EPS of $0.15 beat the consensus estimate of $0.09.
New orders in Q4 totaled $12.7 million. Backlog as of September 30, 2023, was $13.5 million.
The company held $3.1 million in cash and equivalents as of September 30, 2023. Operating cash flow for the year totaled $2.1 million.
“The ongoing integration of the Honeywell product lines is proceeding well, and we remain confident that annualized revenues will increase by approximately 40% from pre-acquisition levels once operations have been fully integrated in fiscal 2024,” said CEO Shahram Askarpour.
Price Action: ISSC shares closed higher by 5.26% at $8 on Wednesday.
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Image and article originally from www.benzinga.com. Read the original article here.