English
Français
Deutsch
Italiano
Português
Русский
Español
简体中文
हिन्दी
日本語
By Stephen Nakrosis
Shares of Optical Cable touched a 52-week low on the Nasdaq after the company reported third-quarter financial results that showed it swinging to a gain amid lower sales.
At 2:50 p.m EDT, the company’s shares were trading 10.9% lower at $3.30 per share. Earlier Tuesday, the stock traded ay a 52-week low of $3.10 per share.
Before the bell, Optical Cable reported third-quarter earnings per share of 1 cent on sales of $16.9 million. A decrease in net sales in enterprise markets was “partially offset” by increased net sales in specialty markets, the company said.
In the year-ago period, the company reported a loss of 5 cents per share on sales of $17.4 million.
Optical Cable also said consolidated net sales for the first nine months of fiscal year 2023 were up 11.9%, to $54.8 million, from the year-ago period.
During the second and third quarters of fiscal 2023, the company received insurance proceeds as a result of water damage in its Asheville, N.C., office facilities at the end of 2022, it said.
Write to Stephen Nakrosis at [email protected]
Read the full article here