Sono-Tek Corporation provided earnings guidance for the fourth quarter 2022, fourth quarter 2023 and full year 2023. For the fourth quarter 2022, the company expects to report a double digit sequential increase in net sales from the third quarter of fiscal 2023, which includes the shipment of some delayed products from the third quarter of fiscal 2023 backlog.
For the fourth quarter 2023, net sales are expected to be lower than the comparable quarter, due to the expected slippage of approximately $1.9 million in planned shipments into next fiscal year, due to supply chain delays, including the $1.1 million order for the clean energy segment that was previously announced.
For the 2023, Total net sales for the twelve months of fiscal year 2023, are now expected to be approximately 10% lower compared to net sales of $17.1 million in FY2022. Management projects the resumption of double digit growth next fiscal year, ending February 29, 2024.