Blog Post Title: Stocks Update – July 13, 2023

Introduction: Welcome to today’s blog post where we will be discussing some exciting developments in the stock market. In this edition, we will be focusing on the latest updates from Sono-Tek, Barrick, Landstar, Daktronics, and springbig. As always, we aim to provide you with valuable insights and analysis to help you make informed decisions about your investments. Let’s dive right in!

Sono-Tek Corporation Reports Decrease in Sales for Q1 2024

Sono-Tek Corporation, the leading developer and manufacturer of ultrasonic coating systems, recently released their financial results for the first quarter of fiscal year 2024. The company reported a decrease in net sales by 11%, totaling $3.6 million, primarily due to vendor delays that pushed planned shipments into the following quarters. Gross profit also decreased by 16% to $1.8 million, resulting in a gross margin of 49.3%.

Despite the decline in sales, Sono-Tek Corporation’s backlog reached a record high of $9.96 million, representing a 17% increase from the previous quarter and a remarkable year-over-year increase of 135%. This growth is attributed to new high-margin, production line, system orders in the green energy sector.

Looking ahead, the company expects substantial sales growth in the second quarter of fiscal year 2024, as delayed orders have already started shipping. Additionally, with the record backlog and ongoing improvements in the supply chain, sales for fiscal year 2024 are anticipated to rebound strongly.

Although the first quarter was impacted by supply chain issues, Sono-Tek Corporation’s progress in resolving these issues is expected to have a positive impact on shipments in the current fiscal quarter. With vendor initiatives and increased vertical integration, the company is moving towards a more favorable outlook.

Despite the recent decrease in sales, the positive growth in backlog and anticipated improvements in the supply chain suggest a potential buying opportunity for investors. The future sales growth expected in the green energy sector further supports this optimistic outlook for Sono-Tek Corporation.

Barrick Gold Reports Strong Q2 Sales and Production Numbers

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX), a global mining company specializing in the production of gold and copper, announced its preliminary Q2 sales and production figures today.

In Q2, Barrick Gold reported sales of 1.00 million ounces of gold and 101 million pounds of copper. The company also achieved production of 1.01 million ounces of gold and 107 million pounds of copper. These numbers exceed market expectations and highlight the company’s continued growth in both gold and copper production.

The average market price for gold in Q2 was $1,976 per ounce, while the average market price for copper was $3.84 per pound. Barrick Gold’s realized copper price for the second quarter is expected to be slightly lower due to provisional pricing adjustments.

Preliminary Q2 gold production showed improvement compared to Q1, driven by higher production at Carlin, Kibali, and Veladero mines. However, lower production at Cortez, Turquoise Ridge, and Pueblo Viejo offset some of the gains.

For investors, this press release is positive news. Barrick Gold’s strong sales and production numbers reflect the company’s ability to navigate challenges and maintain growth momentum. As such, I recommend buying the stock.

With expectations of increasing production in the second half of the year and achieving full-year guidance, Barrick Gold Corporation demonstrates its position as a leading player in the mining industry.

Landstar System, Inc. Announces Second Quarter 2023 Results

Landstar System, Inc. (NASDAQ:LSTR), a worldwide, asset-light provider of integrated transportation management solutions, has announced its second quarter 2023 results. The company specializes in delivering safe and specialized transportation services to a wide range of customers.

During the second quarter conference call, Landstar provided insights into its financial performance and current outlook. The company reported strong earnings, exceeding market expectations. This positive outcome can be attributed to Landstar’s effective utilization of its network of agents, third-party capacity providers, and employees.

Landstar System, Inc. operates as a technology-enabled company, utilizing its innovative transportation management solutions to deliver high-quality services to its customers. The company’s commitment to excellence is demonstrated by its certifications to ISO 9001:2015 quality management system standards and RC14001:2015 environmental, health, safety, and security management system standards.

As an investor, I am impressed with Landstar’s continuous growth and its ability to adapt to changing market conditions. The company’s asset-light model allows it to remain agile and flexible, meeting the evolving demands of the transportation industry.

Given the positive news and Landstar’s strong financial performance, I recommend considering buying the stock. Landstar System, Inc. has proven itself as a reliable and profitable investment option, and its continued focus on integrated transportation management solutions positions it for further success in the future.

Note: This press release only provides information regarding Landstar System, Inc.’s second quarter 2023 results and does not offer any investment advice. It is crucial to conduct personal research and seek guidance from a financial advisor before making any investment decisions.

Daktronics Reports Record Sales for Fiscal Year 2023

Daktronics, Inc. (NASDAQ – DAKT) has announced its fiscal year and fourth quarter 2023 results, revealing record-breaking sales. In the 2023 fiscal year, the company achieved sales of $754.2 million, a 23.4 percent increase from the previous year. The fourth quarter of 2023 also saw tremendous growth, with sales totaling $209.9 million, a 29.4 percent increase compared to the same period in 2022.

This impressive financial performance can be attributed to several factors. Daktronics experienced improved gross profit levels, with 20.1 percent of sales for fiscal year 2023 compared to 19.1 percent for fiscal 2022. The fourth quarter of fiscal 2023 also saw a significant increase in gross profit, reaching 24.8 percent, up from 18.5 percent in fiscal 2022. The company’s supply chain stabilization and temporary investments in inventory and capacity played a crucial role in enhancing production efficiency and order fulfillment.

Furthermore, Daktronics’ operating income for fiscal year 2023 amounted to $21.4 million, a notable improvement compared to the previous year. Adjusted operating income also increased, reaching $26.0 million. These positive financial indicators demonstrate the company’s ability to navigate challenging market conditions successfully.

As an investor, these results inspire confidence in the future profitability of Daktronics. The company’s strategic pricing adjustments and prudent expense management, combined with increased net sales, contributed to its strong financial performance. Looking ahead, fiscal 2024 appears promising, starting with an impressive product order backlog of $401 million.

Based on these positive outcomes, it is recommended to buy Daktronics stock. The company’s ability to overcome recent challenges and emerge as a financially sound entity is a testament to its management’s efforts and the dedication of its stakeholders. Daktronics is poised for continued growth and success in the coming years.

springBig Holdings, Inc. Announces Preliminary Q2 Results and Positive Outlook for Fiscal Year

Company Overview:
springBig Holdings, Inc. (NASDAQ: SBIG) is a prominent SaaS-based marketing solutions provider, offering consumer mobile app experiences, omnichannel loyalty programs, and other services to the booming cannabis industry.

Press Release Summary:
springBig Holdings, Inc. reported its preliminary financial results for the quarter ended June 30, 2023. The company expects revenues of $7.2 million, reflecting a year-on-year growth of 12%. Additionally, they anticipate an Adjusted EBITDA loss of $1.1 million, an improvement compared to $3.4 million in the same period last year. For the first half of the fiscal year, revenues have increased 14% year-on-year to $14.4 million, and the Adjusted EBITDA loss has significantly reduced by 58% to $2.5 million. Looking ahead, springBig expects revenue for the year ending December 31, 2023, to be in the range of $31.0 million to $32.5 million, with a mid-point growth of 19%. They also project an Adjusted EBITDA loss in the range of $(1.5) million to $(2.0) million. The Company aims to reach Adjusted EBITDA profitability in Q3 of this year.

My Personal Thoughts:
I am pleased to see the positive performance of springBig Holdings, Inc. amidst the challenging macro conditions in the cannabis industry. Their revenue growth of 12% year-on-year for Q2, coupled with a reduction in Adjusted EBITDA loss, is a testament to the company’s resilience and ability to navigate through the market challenges. The focus on right-sizing operating expenses has contributed to improved financial results.

Looking ahead, the projected revenue growth for the fiscal year is impressive, indicating strong momentum and the potential for continued success. It is encouraging to hear that springBig expects to reach Adjusted EBITDA profitability in Q3 and generate a profit in the range of $0.5 million to $1.0 million during the second half of this fiscal year. These positive indicators suggest the company is on track for sustainable growth and enhanced profitability.

Based on the promising outlook and the continued growth potential in the cannabis industry, I recommend considering springBig Holdings, Inc. as a great investment opportunity. Their innovative solutions and demonstrated ability to adapt to market conditions make them a strong player in this evolving industry. Investors should carefully monitor the company’s future performance, with a focus on achieving profitability milestones. SpringBig Holdings, Inc. shows great promise for capitalizing on the expanding cannabis market.

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