Coda Octopus Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended April 30, 2024
June 12, 2024 at 08:01 am EDT
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Coda Octopus Group, Inc. reported earnings results for the second quarter and six months ended April 30, 2024. For the second quarter, the company reported sales was USD 5.32 million compared to USD 5.3 million a year ago. Net income was USD 1.42 million compared to USD 1.01 million a year ago. Basic earnings per share from continuing operations was USD 0.13 compared to USD 0.09 a year ago. Diluted earnings per share from continuing operations was USD 0.13 compared to USD 0.09 a year ago.
For the six months, sales was USD 9.78 million compared to USD 10.9 million a year ago. Net income was USD 2.05 million compared to USD 2.41 million a year ago. Basic earnings per share from continuing operations was USD 0.18 compared to USD 0.22 a year ago. Diluted earnings per share from continuing operations was USD 0.18 compared to USD 0.21 a year ago.
Coda Octopus Group, Inc. is a supplier to the underwater/subsea market. The Company operates through two business: marine technology business and marine engineering business. Its marine technology business provides technology solution to the subsea and underwater market. It owns technology comprising its real time volumetric imaging sonar technology (Echoscope technology) and diving technology (DAVD or Diver Augmented Vision Display), both of which are applicable to the underwater defense and commercial markets. Its imaging sonar technology products and solutions are marketed under the name of Echoscope and Echoscope PIPE. Its diving technology is marketed under the name of CodaOctopus DAVD. The Company's marine engineering business supplies embedded solutions and sub-assemblies, which it designs and manufactures and sells into integrated defense systems. The marine engineering business model entails designing sub-assembly prototypes, which are utilized in broader defense programs.