Virco Manufacturing (NASDAQ:VIRC) Posts Quarterly Earnings Results, Misses Estimates By $0.10 EPS

Key Points

• Virco reported Q results with EPS of ($0.45), missing the consensus of ($0.35) by $0.10, and revenue of $26.18 million versus estimates of $29.61 million.
• Shares fell about 9.6% to $5.43 on Wednesday with volume roughly double the average (91,284 vs. 43,696), leaving the company with a market cap near $85.5 million.
• The company declared a quarterly dividend of $0.025 per share (annualized $0.10, ~1.8% yield), with an ex-dividend date of March 20 and a payout ratio of 37.04%.

Virco Manufacturing (NASDAQ:VIRC - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.10), FiscalAI reports. The company had revenue of $26.18 million for the quarter, compared to analyst estimates of $29.61 million. Virco Manufacturing had a return on equity of 3.33% and a net margin of 1.91%.

Virco Manufacturing Trading Down 9.6%

Shares of VIRC stock traded down $0.58 during trading on Wednesday, hitting $5.43. 91,284 shares of the stock traded hands, compared to its average volume of 43,696. The firm has a market capitalization of $85.50 million, a P/E ratio of 20.09 and a beta of 0.27. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.98 and a quick ratio of 1.80. Virco Manufacturing has a 52-week low of $5.16 and a 52-week high of $10.62. The firm's fifty day moving average price is $6.28 and its 200-day moving average price is $6.68.

Virco Manufacturing Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Friday, March 20th will be given a dividend of $0.025 per share. This represents a $0.10 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, March 20th. Virco Manufacturing's payout ratio is presently 37.04%.

Analyst Upgrades and Downgrades

VIRC has been the topic of several analyst reports. Wall Street Zen cut Virco Manufacturing from a "hold" rating to a "sell" rating in a research report on Saturday, December 13th. Weiss Ratings restated a "hold (c-)" rating on shares of Virco Manufacturing in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold".

Institutional Trading of Virco Manufacturing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of Virco Manufacturing by 25.7% during the first quarter. AQR Capital Management LLC now owns 317,915 shares of the company's stock worth $3,007,000 after acquiring an additional 64,944 shares during the period. Geode Capital Management LLC increased its position in shares of Virco Manufacturing by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 265,554 shares of the company's stock worth $1,697,000 after acquiring an additional 4,355 shares during the period. Bridgeway Capital Management LLC increased its position in shares of Virco Manufacturing by 3.4% during the fourth quarter. Bridgeway Capital Management LLC now owns 95,057 shares of the company's stock worth $607,000 after acquiring an additional 3,095 shares during the period. Ameriprise Financial Inc. increased its position in shares of Virco Manufacturing by 32.0% during the second quarter. Ameriprise Financial Inc. now owns 82,517 shares of the company's stock worth $658,000 after acquiring an additional 20,004 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in shares of Virco Manufacturing by 9.5% during the first quarter. Goldman Sachs Group Inc. now owns 62,829 shares of the company's stock worth $594,000 after acquiring an additional 5,436 shares during the period. Hedge funds and other institutional investors own 30.97% of the company's stock.

About Virco Manufacturing

Virco Manufacturing Corporation NASDAQ: VIRC is a leading American manufacturer of furniture, primarily serving the K-12 education market. Headquartered in Torrance, California, the company designs, produces and distributes a comprehensive range of classroom seating, student desks, tables and educational workstations. Over several decades, Virco has built a reputation for durable, cost-effective solutions tailored to the needs of schools, colleges and other institutional customers.

The company's product portfolio includes molded plastic and wood-seat student chairs, modular and fixed-height desks, multi-purpose tables, computer furniture, laboratory stools and teacher furnishings.

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