Optical Cable Corporation (NASDAQ:OCC) shares are trading higher today after the company reported Q4 sales results were higher year over year.
Consolidated net sales for the fourth quarter of 2022 increased 26.3% to $20.1 million, compared to net sales of $15.9 million for the same period last year.
The company noted the increase in net sales is primarily attributable to increased demand, increased fourth-quarter production throughput, and price increases taking effect for new orders.
OCC reported a gross profit of $6.6 million in the fourth quarter of 2022, a 31.0% increase compared to $5.1 million for the same period last year.
Neil Wilkin, President and Chief Executive Officer of OCC, said, “We were pleased to achieve a strong finish to our fiscal year, as the OCC team executed well in an evolving marketplace.”
Optical Cable Corp manufactures tight-buffered fiber optic & copper data communication cables, data communication connectivity solutions for enterprise markets, and customized solutions for specialty use & harsh environments.
According to data from Benzinga Pro, the stock is up approximately 21% to $4.31 per share at the time of publication. Optical Cable Corporation has a 52-week high of $5.75 and a 52-week low of $3.26.
