Skywater Technology Inc Up 2.22% To $11.31 After Earnings Beat

Skywater Technology Inc (SKYT) surpassed earnings projections on 2/26/2024 for Q4 2023.

The consensus among analysts for Skywater Technology Inc was for an earnings per share (EPS) loss of $0.12 per share. The firm was able to surpass those projections, reporting an EPS loss of $0.02 per share, a positive surprise of $0.1 (83%). Profits rose 33% year-over-year after reporting an EPS loss of $0.03 per share in its year-ago quarter. The positive growth rate signals that the Technology company is performing well amid recent economic conditions.

Revenues were upbeat at $79.2 million. That is an increase of 21.61% in revenues from the year-ago report and is 5.76% higher than consensus estimates set at $74.8 million.

The stock is up 2.22% to $11.31 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Skywater Technology Inc a Bullish Sentiment Rank from InvestorsObserver.

Skywater Technology Inc has performed a little above average during the past few months. Before the report, Skywater Technology Inc received a Long-Term Technical Rank by InvestorsObserver of 73, putting it in the top half of stocks. The firm set a 52-week low on November 1, 2023 at $4.73 and set a 52-week high on March 8, 2023 at $14.77.

SkyWater Technology Inc is a pure-play technology foundry that offers advanced semiconductor development and manufacturing services from its fabrication facility, in Minnesota and advanced packaging services from the Florida facility. It specializes in advanced Innovation Engineering Services and volume manufacturing of a wide variety of differentiated integrated circuits.