RF Industries Ltd (NASDAQ:RFIL) saw its shares boosted in after-hours trading on Wednesday, after the maker of radio frequency connectors reported its second quarter financial results on Wednesday.
Shares were up 1% at US$7.50 on Wednesday evening. RFI manufactures, designs and distributes Radio Frequency (RF) connectors and cable assemblies, medical cabling products, RF wireless products, and fiber optic cable products.
"We generated solid sequential growth in sales in the second quarter, reflecting increases in both of our business segments quarter-over-quarter," said CEO Robert Dawson in a statement. "These results include both organic growth in the low double-digits and inorganic growth from our recent acquisition. In addition, net income grew 66% sequentially, reflecting our progress with improved efficiencies and cost management and highlighting our ability to be profitable at varying levels of revenue."
READ: RF Industries shares pop after 2Q sales and profit soar
In 2Q, the firm reported revenue of $13.6 million, a sequential boost of 28%, compared to the preceding first quarter, and compared to $20.5 million in the second quarter of fiscal 2018. The firm noted the year-over-year decline in sales was a result of the largest series of orders in company history in the year ago period.
The firm reported net income of $1.1 million, or $0.11 per share, compared to net income of $3.2 million, or $0.34 per share, in the same period in 2018. The company reported cash and cash equivalents of $13.9 million as of April 30, 2019.
"We continue to see opportunities in the Tier-1 wireless carrier ecosystem and increased business from our distribution channels, while also seeing continued expansion in our OEM (original equipment manufacturer) segments," added Dawson. "Looking ahead, as we continue to execute on our long term growth plan we expect to achieve sequential and year-over-year sales increases in the current fiscal third quarter.”
Contact Katie Lewis at [email protected]
