Strong Revenue Growth
Daktronics delivered a third consecutive quarter of top-line growth, with revenue increasing by 12% compared to the previous year.
Record Product Backlog
The company reported a product backlog of $321 million, which represents a 36% increase year-over-year, providing a multi-quarter revenue runway.
Live Events Segment Success
Daktronics achieved 26.5% order growth in the Live Events segment from last year, winning 6 Major League sports projects and securing large orders related to MLB and MLS stadiums.
International Segment Growth
The International segment saw a 23.6% increase in orders from last year, with strong demand in the Middle East and European regions.
Transportation Business Growth
Orders grew by 15% year-over-year in the Transportation business, driven by increased demand in Intelligent Transportation Systems and aviation.
Net Income and Operating Margin Improvement
Net income rose 25.4% on an adjusted basis, and the operating margin was reported at 9.4%, close to the target range of 10% to 12.5%.
Cash and Share Repurchase Position
Daktronics ended the quarter with a net cash balance of $138.3 million, an increase of about 20% from the year-end position, and announced a share repurchase capacity of $25.7 million.