SigmaTron International Inc. (NASDAQ: SGMA) stock gained by 84.67% at last close while the SGMA stock price surges by 11.5% in the after-hour trading. SigmaTron International is a company that provides electronic manufacturing services and is based in Elk Grove Village, Illinois. It also supplies printed circuit board assemblies and fully built electronic products.
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SGMA stock’ Financial Highlights
For the second quarter fiscal 2022, SigmaTron International reported its financial earnings.
- In the second quarter of fiscal 2022, revenues climbed by $30.6 million, or 44 percent, to $100.2 million, up from $69.6 million the previous year.
- The company’s net income for the second quarter ending October 31, 2021 was $3,150,205, up from $626,858 the previous year.
- For the second quarter fiscal 2022, basic and diluted earnings per share were $0.73 and $0.69, correspondingly, relative to basic and diluted earnings per share of $0.15 for the second quarter of fiscal 2021.
Other Significant Development
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The CEO of the company, Gary R. Fairhead informed the stock holders that alongside their financial earnings they are also pleased to announce that they have hit a new three-year labour agreement with their Elk Grove Village production union, with whom they have always had an outstanding work environment. The planned Wagz acquisition is expected to be completed by the end of calendar year 2021, according to both parties. The Company revised its Agreement and Plan of Merger with Wagz on December 7th. The adjustment reduces the number of SigmaTron shares distributed to Wagz as part of the deal.
Mr. Gary further added that, In the electronic manufacturing services sector, there is still a lot of unpredictability, both in form of customer needs and raw material/component accessibility even then he believes that with three factories in Mexico, they are well placed to keep growing as electronics and electrical products are blended into more applications and products for the North American market.