Steel Connect Q1 FY25 Sales Of $50.49M Vs. $41.34M YoY, GAAP EPS Of $0.07 Vs. $0.15 YoY
Benzinga
2024-12-12
The increase in net revenue was primarily driven by favorable sales mix and higher volumes associated with clients in the computing and consumer electronics markets.
Gross profit increased by approximately $5.8 million for the first quarter as compared to the same period in the prior year, and the gross profit percentage for the first quarter increased 630 basis points to 34.1% from 27.8% as compared to the same period in the prior year, primarily due to higher revenue as a result of favorable sales mix associated with clients in the computing and consumer electronics markets.
Adjusted EBITDA increased $4.1 million, or 123.0%, for the first quarter as compared to the same period in the prior fiscal year, primarily due to an increase in gross profit of $5.8 million, offset partially by $1.1 million unfavorable changes in realized foreign exchange losses.