Shares of Optical Cable dropped to a 52-week low on the Nasdaq following the release of the company’s third-quarter financial results. Despite experiencing lower sales, the company managed to swing to a gain.
At 2:50 p.m EDT, the company’s shares were trading 10.9% lower at $3.30 per share. Earlier in the day, the stock reached a low of $3.10 per share.
Optical Cable reported earnings per share of 1 cent on sales of $16.9 million for the third quarter. The decline in net sales in enterprise markets was partially offset by increased net sales in specialty markets.
In the same period last year, the company reported a loss of 5 cents per share on sales of $17.4 million.
Furthermore, Optical Cable disclosed that consolidated net sales for the first nine months of fiscal year 2023 were up 11.9% from the previous year, totaling $54.8 million.
The company also mentioned that they received insurance proceeds during the second and third quarters of fiscal 2023 due to water damage in their Asheville, N.C., office facilities at the end of 2022.
