Jul 08, 2021 (Baystreet.ca via COMTEX) -- TESSCO Technologies Incorporated /zigman2/quotes/201101603/composite TESS +2.63% shares rose sharply Thursday after the company reported strong preliminary results for its first quarter. The company said it sees Q1 sales of $105 million, versus analysts' estimates of $89.7 million.
Tessco, a leading value-added distributor and solutions provider for the wireless industry, today announced preliminary select financial results for the first quarter of its 2022 fiscal year, ended June 27, 2021. Tessco expects to report total revenues of approximately $105 million, which would represent composite growth of 9% year over year.
Sales bookings for the first quarter grew 37% year over year, with improved performance across both of the Company's markets.
"This fiscal year is our first after the sale of our retail business and, despite some global supply-ch" said CEO Sandip Mukerjee.
"As such, and as we welcome the vast majority of our employees back to our offices after a long period of remote working, we believe this is a prudent time to provide a high-level overview of our expected results for our first quarter, along with certain financial expectations for our full fiscal year 2022.
"As we reported last quarter, our second-half fiscal 2021 sales bookings were higher than in the first half of the fiscal year as the effects of the pandemic lessened. We also reported a growing backlog due to the supply chain challenges that delayed the conversion of bookings to shipments. These trends continued into the first quarter of our fiscal year 2022."
TESS shares sprang up $1.18, or 20.5%, to $6.94.
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