Classroom furniture maker Virco's Q2 revenue falls, cites cautious school spending
VIRC•Outlook and demand trends
Virco said demand improved slightly after approval of new school budgets, but the company expects the impact to be limited because of the typical lower second-half volume.
The company also said it anticipates capital expenditures will remain within its typical $4 million to $6 million annual budget.
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Sales | Beat | $87.47 million | $72.10 million (1 analyst) |
| Q2 Net Income | $8.61 million | ||
| Q2 Operating Income | $10.55 million |
The one available analyst rating on the shares is hold. The average consensus recommendation for the business support supplies peer group is buy.
Wall Street's median 12-month price target for Virco Mfg. Corp. is $6.50, about 7.4% above its Sept. 3 closing price of $6.05. The stock recently traded at 39 times the next 12-month earnings, versus a P/E of 31 three months ago.
Q2 revenue and profit decline on cautious school spending
US school furniture maker Virco said its second-quarter revenue fell year over year to , while second-quarter net income declined year over year to .
