Virco Mfg. (NASDAQ:VIRC) Posts Earnings Results, Misses Estimates By $0.20 EPS

Virco Mfg. (NASDAQ:VIRC) issued its quarterly earnings results on Monday. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.20), Zacks reports. Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. The firm had revenue of $28.47 million for the quarter, compared to analyst estimates of $43.00 million.

Virco Mfg. Stock Down 2.6 %

Shares of Virco Mfg. stock opened at $10.03 on Tuesday. Virco Mfg. has a 12-month low of $8.52 and a 12-month high of $18.50. The firm has a market capitalization of $163.38 million, a PE ratio of 6.47 and a beta of 0.41. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The stock’s fifty day moving average is $10.20 and its 200-day moving average is $12.02.

Virco Mfg. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th were issued a $0.025 dividend. The ex-dividend date of this dividend was Wednesday, March 26th. This represents a $0.10 annualized dividend and a dividend yield of 1.00%. Virco Mfg.’s dividend payout ratio is currently 6.45%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Virco Mfg. from a “hold” rating to a “buy” rating in a research report on Monday.

Virco Mfg. announced that its board has authorized a stock repurchase program on Tuesday, January 21st that authorizes the company to buyback $10.00 million in shares. This buyback authorization authorizes the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Virco Mfg. Company Profile

Virco Mfg. Corporation engages in the design, production, and distribution of furniture in the United States and Canada. The company offers seating products, including 4-leg chairs, cantilever chairs, mobile task chairs and lab stools, tablet armchairs, steel-frame and floor rockers, series stools, hard plastic seating, folding and upholstered stack chairs, and plastic stack and upholstered ergonomic chairs.