Shares of Virco Manufacturing surged on Friday following the company’s announcement of record-high results for the latest quarter and the reinstatement of dividends to shareholders.
Stock Performance At 10:15 a.m. ET, shares of Virco Manufacturing were up 17% at $8.22. Over the past three months, the stock has seen a remarkable surge of 81%, and over the past 12 months, it has experienced an impressive growth of 107%.
Strong Financial Performance The furniture manufacturer, known for its products in the commercial and education markets, reported a net profit of $10.2 million, or 62 cents per share, for the third quarter ended October 31. This is a significant increase from $7.9 million, or 48 cents per share, in the same period last year. Furthermore, sales also saw a substantial growth of 8.9%, reaching $84.3 million.
Share Capital Update In addition to its strong financial performance, Virco Manufacturing announced the reinstatement of a quarterly dividend of 2 cents per share for its shareholders. The company plans to buy back its own shares up to $5 million.
Positive Outlook Chief Executive Robert Virtue expressed his confidence in Virco Manufacturing’s recovery after the challenges posed by the pandemic. He also emphasized the renewed appreciation for in-person education, which has contributed to the company’s success.