Cemtrex, Inc. (NASDAQ: CETX) had a significant boost in trading on Thursday. Cemtrex stock closed the regular session on the US stock charts at $6.49 after rising 10.75%. The announcement of quarterly results sparked this spike in CETX share price.
Cemtrex (CETX), in a press release yesterday, has unveiled its unaudited financial and operational results. The results so released were for the recently completed fourth quarter and fiscal year ended September 30, 2023.
Remarkably, Cemtrex reached a significant sales milestone for FY’23, coming in at $59.7 million with a strong 33% increase over FY’22’s $45.0 million. Additionally, the quarterly sales showed a positive trend, rising to $16.9 million in Q4’23 from $11.8 million in Q4’22, a remarkable 44% increase.
Also, CETX showed a notable improvement in its operational income, revealing a positive amount of $0.2 million for Q4 of 23. It was in stark contrast to the $3.1 million of operational loss the company faced in Q4 2022.
The fourth quarter marked a robust conclusion to a transformative year for Cemtrex, characterized by substantial growth in the Security and Industrial segments. CETX concluded the year with significant revenue growth and improved gross margins, contributing to the third consecutive quarter of positive operating income.
Collectively, Cemtrex’s endeavors in fortifying its subsidiary Vicon’s preeminent security technology brand, capitalizing on the escalating demand for security solutions, and monetization efforts for AIS, including the acquisition of Heisey Mechanical, coalesced to deliver a record fiscal year in 2023.
For Cemtrex, 2023 has showcased sustained growth in the customer roster and revenue for its segments’ products and services, illustrating momentum that positions the company for an even more robust 2024. The next generation of Vicon’s state-of-the-art surveillance cameras and VMS software, coupled with its transition into a recurring revenue business model, is anticipated to drive additional market share gains.
Alongside expanded services from the Heisey Mechanical acquisition, Cemtrex’s other subsidiary, Advanced Industrial Services (“AIS”), is well-positioned for ongoing growth. Looking forward, after achieving consecutive operating profits for the most recent three quarters, Cemtrex is resolute in its commitment to achieving positive operating income in fiscal year 2024 on a full-year basis.
