$FEIM reports robust backlog and increased gross margins in Q3 FY 2023.
Mar 9th 2023, 9:17 pm
Analyst Summary: Frequency Electronics, Inc. (NASDAQ-FEIM) has announced Q3 FY 2023 financial results with revenues of approximately $10.6 million and $27.8 million for the three- and nine-month periods, respectively, compared to revenues of $12.2 million and $38.1 million, respectively, for the same periods in FY 2022. Operating income for Q3 FY 2023 was $325,000 compared to an operating loss of $721,000 for the same period of FY 2022. The company's backlog remains robust, indicating growth opportunities in primary markets, namely, commercial and government satellite businesses. The CEO asserted that the efforts toward management reorganization and cost-cutting over the past 7 months have substantially increased gross margin and quarter over quarter revenue. While challenges with supply chain issues and inflation persist, the company sees an easing of these problems. The company remains debt-free and committed to progress in a positive direction. Investors can listen to the conference call scheduled to discuss the financial results. Investors should note that forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.