The Sono-Tek Corporation (NASDAQ: SOTK) stock price jumped 21% in price in the early hours of Wednesday trading – the price continues to edge upwards as momentum remains strong and investors relish the positive Q2 fiscal results.
Sono-Tek, global manufacturers of ultrasonic coating systems, created new annual highs today, soaring past March’s high of $4.89 and currently trading around the $5.45 mark. The sudden spike was a welcomed response to Sono-Tek’s second quarter and first-half financial results, released today.
Fiscal Q2 net sales were up 17% to a total of $4,070,000 year on year, spurred on by a sudden necessity for coating systems in rapid Covid-19 test kits. Gross profit was also up 28% again due to a higher level of sales, with a net income of $344,000 – an increase of 93%.
The second quarter of fiscal 2022 alluded to a high global customer base; with 62% of sales taking place outside of the US and Canada – a 24% increase on the year before – partially reliant on countries emerging from pandemic lockdowns prior to the US, and hence manufacturing returning to normal. If this wasn’t enough to nudge investors today, the Sono-Tek backlog reached a record high of $6,332,000 at an increase of 45%.
Sono-Tek stock has really taken off today, continuing to extend its gains whilst writing – now recording a 26% price leap.
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Nigel has been in the regulated financial services industry for nearly a decade, has previously owned a financial brokerage and has written many times for sites relating to personal finance and trading.