Daktronics results beat estimates, shares jump
(Reuters) - Electronic scoreboard and billboard maker Daktronics Inc (DAKT.O) reported better-than-expected quarterly results on high-margin contracts in its live events and transportation segments, and forecast higher sales in the second quarter.
Daktronics shares jumped 18 percent in Tuesday's premarket trading. They had closed at $8.06 on the Nasdaq on Monday.
The company expects the record level of orders booked during the first quarter to push up net sales for the current quarter above year-ago levels.
Orders rose about 29 percent in Daktronics's live events segment, which caters mainly to universities and sporting facilities and brought in a third of the company's sales last year.
Transportation orders more than doubled, helped by an order of about $21 million from the Los Angeles International Airport.
Net income rose to $6.7 million, or 16 cents per share, for the first quarter from $3.4 million, or 8 cents per share, a year earlier.
Revenue for the quarter rose to $132.9 million from $118.7 million a year earlier.
Analysts on average had expected earnings of 4 cents per share on revenue of $120.4 million, according to Thomson Reuters I/B/E/S.
(Reporting by Sruthi Ramakrishnan in Bangalore,)