TORRANCE, Calif. — Virco Mfg. Corporation, a manufacturer and supplier of movable furniture and equipment for educational environments in the United States, announced shipments for the first quarter ended April 30, 2024, grew 33.7% compared to the same quarter in the prior year, generating net income of $2.1 million vs. a loss of $1.4 million in the same seasonally light quarter of the prior year.

According to a Virco press statement released June 7, 2024, basic earnings per share from continuing operations was $0.13 compared to basic loss per share from continuing operations of $0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to diluted loss per share from continuing operations of $0.09 a year ago.

Looking ahead, revenue is forecast to grow 7.4% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Commercial Services industry in the US.

Virco said its domestic U.S. operations, including vertically integrated sales, manufacturing, logistics, and field service continued to deliver efficient performance in the midst of a challenging economic environment. Shipments for the Company’s First Quarter ended April 30, 2024, totaled $46.7 million vs. $34.9 million in the same quarter of the prior year. Gross margin improved to 43.5% from 37.8%, primarily due to the efficiencies of higher factory output and stable raw material costs and supplies. Gross profit for the Quarter was $20.3 million vs. $13.2 million the prior year, an increase of 54.1%.

Virco is an FDMC300 listed company, ranking #53 with an estimated $231.1 million in sales.