Shares of leading value-added distributor and solutions provider for the wireless industry, TESSCO Technologies Incorporated (TESS) were down -5.75% to $6.72 in premarket trading at last check. TESSCO stock closed the last trading session at $7.13, rising by 5.16 percent or $0.35. During regular trading, shares of TESS fluctuated between $6.13 and $7.30.
TESS stock traded 0.44 million shares on the day, exceeding the company’s 50-day daily volume of 0.12 million and exceeding its Year to Date volume of 76255.0. TESS stock ran in regular session after posting preliminary select financial results but fled premarket today.
How are TESS’s preliminary select financial results?
As a provider of wireless infrastructure technologies, TESSCO specializes in distributing, manufacturing, and providing solutions to commercial clients. In its more than 30 years of existence, TESS has consistently provided industry-leading products, knowledge, and services.
With more than 65,000 products for mobile communications, Wi-Fi, Internet of Things (“IoT”), wireless backhaul, and more, TESS represents 250 of the industry’s top manufacturers. Wireless industry experts at TESS guarantee outstanding customer experiences, expert knowledge, and complete end-to-end solutions.
Earlier this week, TESSCO announced preliminaries for its first quarter of the fiscal year 2022, which ended June 27, 2021.
- According to TESS, total revenues will reach approximately $105 million, representing a composite growth rate of 9%.
- At TESS, sales bookings increased by 37% year over year during the first quarter, with better results in both markets.
- The current fiscal year is TESS’s first one since its retail business was sold, and the company is now showing signs of recovering from the pandemic across its markets despite some disruptions in global supply chains.
- As the vast majority of its staff return to work after working remotely for such a long time, TESS believes that now is an appropriate time to provide a high-level overview of its expected financial outcome for the first quarter, as well as certain financial expectations for its full fiscal year 2022.
- Due to the reduction in the effects of the pandemic, TESS reported higher sales bookings in the second half of fiscal 2021 than in the first half.
- Due to supply chain challenges, TESS experienced a growing backlog of bookings that were not converted into shipments.
- The trend continued into TESS’ first quarter of fiscal year 2022.
TESS’ expectations:
The first quarter of 2022 saw TESSCO (TESS) experiencing robust growth in both the Carrier and the VAR and integrator markets. In total, TESS expects to report revenues of approximately $105 million for the first quarter, representing a growth of 9% over the same period last year. TESS expects revenue growth of approximately 19% in its Carrier market, and approximately 2% in its VAR and Integrator market.