TESSCO Technologies Inc. (NASDAQ: TESS) stock gains by 17.71% at last close whereas the TESS stock price plunged by 5.90% in the pre-market trading session. TESSCO Technologies is a value-added technology provider, producer, and solutions company in the wireless infrastructure ecosystem, servicing commercial clients.
>> 7 Top Picks for the Post-Pandemic Economy <<
Recent Development
TESSCO Technologies has released preliminary financial data for the first quarter of its fiscal year 2022, which concluded on June 27, 2021.
From Robots to Self-Driving Cars: 5 AI Stocks to Consider for Your Portfolio
The artificial intelligence (AI) revolution is already here and it's about to change everything we know about everything. With the global market for AI projected to grow from $137 billion in 2022 to over $1.81 trillion by 2030, there's never been a better time to invest in this burgeoning industry. That's why we've compiled a list of the Top 5 AI Stocks to Buy for 2023. These companies are at the forefront of the AI revolution, and have the potential to deliver huge returns to investors like you.
Get our free report, "Top 5 AI Stocks to Buy for 2023".
Sponsored
- TESS witnessed strong momentum in both their Carrier and VAR and Integrator businesses during the first quarter. Overall, they estimate total sales of about $105 million for the first quarter, representing a 9% year-over-year increase, with sales in the Carrier market projected to increase by nearly 19%, and revenues in our VAR and Integrator market expected to increase by roughly 2%.
- TESS sales bookings have grown even faster, up 37% year over year in the first quarter of fiscal year 2022, with the public carrier market increasing by 64% and the VAR and Integrator market increasing by 21%. Improved performance across several of its key areas, including Ventev and Tessco.com, drove their success in these areas, and they anticipate their expanding backlog to reflect into greater revenues in future quarters.
Read More
Future Expectations
While TESS anticipates a pre-tax and adjusted EBITDA loss in the first quarter, they have increased their focus on cost reductions and foresee a considerable increase in overall profitability this fiscal year relative to fiscal 2021. Tesco’s board has approved a new operational strategy for the fiscal year 2022 with that aim in mind. The following are some of the financial highlights of this operational plan:
- Full-year revenue of $408 million to $442 million is expected, up from $373 million in fiscal year 2021.
- Full-year net loss of $6.5 million to $4.1 million, down from $14.3 million in fiscal year 2021.
- Full-year adjusted EBITDA is expected to range from $0.0 million to $2.4 million, relative to a loss of $12.8 million in fiscal year 2021.
