Sono-Tek slumps after first-quarter profit falls

Sono-Tek

18/07/2022 16:32

** Shares of electrical coating manufacturer Sono-Tek Corp
 SOTK.O  down 7.9% at $6.57 in early trading
    ** Co says net income fell 76% to $306 mln due to increase
in costs  urn:newsml:reuters.com:*:nGNXlytLy
    ** Says sales growth guidance for Q2 of FY23 is for a
similar sales level as Q2 of last year as some customers have
delayed project approvals due to uncertainty over their supply
chains
    ** However, Q1 net sales grew 11%, primarily driven by
strength in medical, alternative energy and emerging R&D markets
    ** Stock fell ~12% YTD

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))