CSP Inc. (NASDAQ: CSPI) has ascended on the U.S. financial charts today, exhibiting a noteworthy uptick. As of the last check, the value of CSP Inc. stock has surged by 4.30%, reaching $18.67 within the current trading session. This positive movement in CSPI stock follows the release of its financial results yesterday.
CSP Inc. (CSPI) yesterday announced its results for the fiscal fourth quarter and the full year concluded on September 30, 2023. Furthermore, CSPI has announced a quarterly dividend of $0.04 per share, set for disbursement on January 9, 2024, to shareholders registered as of December 22, 2023. Notably, the earnings per common share for the fourth quarter were $0.30.
The year-over-year revenue growth for the full year reached a commendable 19%, characterized by the successful conversion of backlog to pre-pandemic levels. This achievement was primarily steered by the continued expansion of the TS business, showcasing a 14% increase over the preceding year. The recently unveiled ARIA Zero Trust PROTECT offering within the High-Performance Product (HPP) business has promptly secured numerous orders since its introduction.
Commencing fiscal year 2024 with a robust balance sheet, CSP Inc. is strategically positioned to leverage its resources for financing sizable customer orders at advantageous interest rates. The commendable performance in fiscal 2023 can be attributed to various factors, including the sustained contribution of the TS business, efficient backlog conversion, and the adept utilization of a strong balance sheet for financing substantial customer orders.
For the full fiscal year, CSP Inc. accomplished a remarkable 19% revenue growth, reported a gross margin of 34%, and witnessed a substantial increase of over 100% in net income per common share. These notable achievements serve as a positive impetus for CSP Inc. to persist in executing its strategy of transitioning the business towards higher-margin products and services.
The TS business is anticipated to maintain its growth trajectory into fiscal 2024, with expectations of becoming a significant contributor as the company secures new clients and expands existing relationships, including contract renewals. Similarly, the HPP business is poised for growth in 2024, driven by the emergence and initial success of the recently launched AZT offering.
