TechPrecision Corporation (OTCMKTS:TPCS) Stock Moves Up After Quarterly Earnings
TechPrecision Corporation (OTCMKTS:TPCS) was up 2% after reporting fiscal q3 2022 financial results for the quarter ending December 31, 2021.
Market Stats
On Thursday, TPCS stock moved up 2.65% to $1.74 with more than 54.5K shares, compared to its average volume of 35k shares. The stock moved within a range of $1.6800 – 1.8260 after opening trading at $1.70.
Earnings Review
The company’s backlog climbed to $35.2 million at the end of the quarter, up substantially from $26.4 million in the previous quarter, indicating a solid quarter for purchase requisitions. Furthermore, since the conclusion of the Q3, the company has received new sales orders totalling approximately $11.0 million.
For the first time, the company’s Stadco subsidiary’s Q3 2022 financials contain an entire quarter of activity. Compared to a year ago, net sales were $6.5 million, up 82 percent. In Q3 2021, gross profit was $227,00 lower. Unfavourable product mix and under-absorbed manufacturing overhead in Q3 2022 hurt profits in both Q3 and the nine months ending December 31, 2021.
Operating performance was further affected by one-time charges connected to the Stadco purchase. Nevertheless, robust business opportunities are shown by the sales orders increase. So investors should watch TPCS.
Key Quote
“This was a strong quarter for sales orders as our backlog increased to $35.2 million at December 31, 2021, up significantly from $26.4 million at September 30, 2021,” stated Alexander Shen, TechPrecision’s Chief Executive Officer. “Furthermore, we have secured additional sales orders of over $11.0 million since the end of our third quarter.”
Traders Corner
TPCS stock is trading above the 20-Day and 200-Day Moving averages of $1.74 and $1.65 respectively. The stock is trading in neutral zone with the RSI at 58.
