Welcome to our dedicated page for Daktronics news (Ticker: DAKT), a resource for investors and traders seeking the latest updates and insights on Daktronics stock.
Daktronics Inc (NASDAQ: DAKT) is a global leader in designing and manufacturing electronic scoreboards, programmable display systems, and large-screen video displays for a multitude of applications including sports, commercial, and transportation sectors. Founded in 1968, the company was initially created to provide career opportunities for South Dakota college graduates and has since expanded its vision and operations worldwide.
Product and Service Offerings
Daktronics offers a comprehensive range of products and services that include:
- Electronic scoreboards for high school, collegiate, and professional sports teams.
- Large-screen video displays for stadiums and arenas.
- Programmable display systems for commercial advertising and transportation information.
- Audio systems to complement visual displays.
- Control systems for seamless management of multimedia content.
Market Segments
The company operates through five reportable segments:
- Commercial: Digital billboards, message displays, and LED signs for businesses and advertising.
- Live Events: Scoreboards and video displays for sports venues.
- High School Park and Recreation: Scoreboards and display systems for educational institutions and local sports facilities.
- Transportation: LED displays providing information at airports, train stations, and highways.
- International: Operations outside the United States catering to a global audience.
Recent Achievements
Daktronics has recently installed a curved, HDR-capable display at Gillette Stadium, enhancing the in-stadium experience for New England Patriots and New England Revolution fans. Another notable project includes the new six-display LED system at Comerica Park, which will significantly improve the fan experience for Detroit Tigers' supporters.
Financial Performance
The company generates most of its revenue from live events and has a strong presence in the professional sports market, integrating LED systems in over 50% of all professional sports facilities in the United States and Canada.
Global Reach and Partnerships
Daktronics has a robust global presence, providing critical display technology in nearly 100 countries. Their partnerships extend across various industries, ensuring the delivery of vital information and entertainment to millions of people daily, whether at airports, highways, or sports arenas.
For more information, visit the company's website at: www.daktronics.com or contact their investor relations team.
Daktronics has achieved a historic milestone by surpassing $800 million in orders for fiscal year 2022, driven by significant projects including the LA Clippers' Intuit Dome Halo Board. This innovative display will enhance the fan experience at the Clippers' new arena, set to open in 2024. Daktronics is expanding manufacturing capabilities, doubling production of SMD LED products and adding 90,000 square feet to its Brookings factory. The Halo Board will use cutting-edge technology, showcasing 38,375 square feet of digital display with over 233 million LEDs.
Daktronics reported fiscal year 2022 results with net sales of $611.0 million, driven by record orders of $846.1 million. Operating income stood at $4.0 million despite inflationary pressures on materials and logistics. The product order backlog reached $472 million, indicating strong demand but slower conversion to sales due to supply chain challenges. Gross profit margins declined to 19.1% from 25.0% year-over-year. The company anticipates ongoing supply chain volatility in FY2023, planning strategic investments in production and pricing adjustments to maintain growth.
Daktronics Inc (Nasdaq – DAKT) will release its fiscal year and fourth quarter financial results on June 8, 2022, before the market opens. A conference call will be held at 10:00 AM CT, featuring CEO Reece A. Kurtenbach and CFO Sheila M. Anderson, who will provide forward-looking statements and key information. Stakeholders can join the call via dial-in or webcast.
Daktronics is recognized as the largest supplier of large-screen video displays and related systems worldwide, operating in multiple business segments.
Daktronics has partnered with the Toronto Blue Jays to enhance the Rogers Centre ahead of the 2022 season by installing 10 LED displays spanning over 14,000 square feet with more than 11 million LEDs. The centerpiece is a HDR-capable video display measuring approximately 49 feet high by 110.5 feet wide, offering a versatile viewing experience. The improved setup will provide fans with live video, statistics, and sponsorship content. Daktronics, a leader in audiovisual systems since 1968, now operates in nearly 60% of professional sports facilities across the U.S. and Canada.
Daktronics reported fiscal Q3 2022 net sales of $139.6 million, aided by record orders totaling $214.8 million. Despite this, the company faced an operating loss of $5.7 million due to increased material costs, labor expenses, and warranty charges. The gross profit margin fell to 16.0%, down from 25.4% a year earlier. Cash and securities dropped to $35.8 million from $81.0 million in Q3 2021. The backlog reached $353 million, reflecting supply chain challenges.
The firm anticipates ongoing supply chain volatility, but remains optimistic about long-term growth in the audiovisual industry.
Daktronics, Inc. (NASDAQ - DAKT) reported its Q2 FY2022 results, showing a significant net sales increase to $164.5 million, up from $127.4 million a year earlier. However, operating income fell to $4.4 million due to rising material and freight costs, and net income dropped to $2.4 million with earnings per diluted share at $0.05. Despite challenges, orders surged 20.7% year-over-year to $163.7 million, aided by eased pandemic restrictions. The backlog stands at $282 million, reflecting strong demand but tempered by supply chain issues.
Daktronics, Inc. (Nasdaq: DAKT) announced an amendment to its Rights Agreement, extending its expiration to November 19, 2024, and adjusting the exercise price to $20.00. This move aims to protect shareholders from potential takeover attempts that could undermine their investment value. The rights allow shareholders to buy preferred stock at a reduced price if a person or group acquires 20% or more of the common stock. The agreement was not initiated in response to any known takeover offers and does not have immediate dilutive effects.
Daktronics (NASDAQ-DAKT) will release its second quarter fiscal 2022 financial results on December 1, 2021, before the market opens. A conference call, hosted by CEO Reece A. Kurtenbach and CFO Sheila M. Anderson, is scheduled for 10:00 AM CT the same day. The call will discuss forward-looking statements and will be accessible via a dial-in number or through a webcast on the Daktronics website. For more information, contact investor relations.
Orion Office REIT will replace Daktronics in the S&P SmallCap 600, effective November 16, 2021. This change follows Realty Income Corp.'s spinoff of Orion Office REIT, expected to complete on November 15, 2021. Daktronics is deemed unrepresentative of the small-cap market space. The shift indicates a restructuring within the index, impacting investor sentiment and market positioning. Keep an eye on the performance of ONL and DAKT stocks post these changes.
Daktronics has been chosen to install 224 LED displays at Climate Pledge Arena for the Seattle Kraken, the highest number of LED displays at any sports venue globally. The deployment includes over 28,175 square feet of digital signage, totaling more than 145 million pixels. The installation features innovative dual hanging displays and various other LED options to enhance the fan experience, enriching live events and communications with real-time information. The arena opens on October 22, 2021.
FAQ
What is the current stock price of Daktronics (DAKT)?
What is the market cap of Daktronics (DAKT)?
What does Daktronics Inc (DAKT) do?
When was Daktronics founded?
What are the main market segments of Daktronics?
Where can I find more information about Daktronics?
Does Daktronics operate internationally?
What recent projects has Daktronics completed?
How does Daktronics generate most of its revenue?
What products does Daktronics offer?
How can I contact Daktronics investor relations?
What is the company’s significance in the sports industry?
