Napco Security falls after Q1 results miss estimates

NAPCO Security Technologies

04/11/2024 13:32

** Shares of NAPCO Security Technologies Inc  NSSC.O  fall
9.8% to $34.8 premarket  
    ** Co posts fiscal 2025 Q1 rev. of $44 mln below estimates
of $47.7 mln, according to data compiled by LSEG 
    ** Reports Q1 net income of $11.2 mln, missing estimates of
$12.3 mln
    ** CEO Richard Soloway says equipment rev. for Q1 fell 6%,
which partially was a result of a reduction in door locking
sales, which decreased 8% compared to last year 
    ** Locking products represents about 60% of our equipment
revenues, and the decline was primarily attributable to several
locking distributors' efforts to lower their inventory levels -
CEO
    ** Avg. rating of brokerages is "buy"; median is $58.5 -
LSEG data
    ** As of last close, stock up 12.7% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))