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Flux Power Holdings Inc (NASDAQ:FLUX) reported worse-than-expected third-quarter financial results on Thursday.
Flux Power posted GAAP loss of 16 cents per share, compared to market expectations for a loss of 10 cents per share. The company's sales came in at $14.457 million versus estimates of $15.345 million, according to data from Benzinga Pro.
“The third fiscal quarter of 2024 saw continued lumpiness from timing of deliveries of customer new forklift orders and interest rate variability,” said Flux Power CEO Ron Dutt. “An Institute for Supply Management survey this month showed manufacturing grew for the first time in 1-1/2 years in March, and although we remain confident in a recovery, we are highly focused on additional selling strategies to support our historical sales trajectory.
Dutt added, “Gross margin initiatives have dramatically improved margins over the last two years, and we expect continued improvement. Gross profit was down slightly during the third quarter to $4.4 million, and gross margin held steady at 30%, compared to the year ago period. With strategic supply chain and profitability improvement initiatives, lower costs and higher volume purchasing, we are targeting gross margin improvement to continue, with a longer-term goal exceeding 40%.
Flux Power shares dipped 25.1% to trade at $3.43 on Friday.
These analysts made changes to their price targets on Flux Power following earnings announcement.
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Posted In: FLUX