ELK GROVE VILLAGE, IL — SigmaTron International reported revenues of $108.7 million in the second quarter of fiscal year 2023, an 8% growth from the $100.2 million in revenues for the same quarter last year.

Revenues increased $28.3 million, or 11.5%, to $214.2 million in the first six months of fiscal 2023 compared to $186 million for the first six months of fiscal 2022.

“I’m pleased to report another solid quarter for fiscal 2023. Our pre-tax profit was $2,127,839, (which includes an expected pre-tax loss of $2,731,823 for Wagz, our Pet Tech IoT startup) was slightly better than our first quarter for fiscal 2023. However, the inclusion of Wagz for our second quarter and six months ending October 31, 2022, makes comparisons between this year and last year difficult," said SigmaTron CEO and board chair Gary R. Fairhead. "In addition, as reported in our press release on September 12, 2022, the first quarter of last year included a one time gain from the forgiveness of the PPP loan of $6,282,973. Our EMS segment reported pre-tax income in our second quarter that was $729,329 higher than the first quarter, in this fiscal year.

“Clearly, during the second quarter, there were signs of a slowing in the macro economy. However, our EMS backlog has remained strong. We have had some customers, primarily in the consumer goods markets, request the ability to push out some of their backlog, but overall it has been surpassed by other customers increasing their orders or accelerating them. This of course is completely dependent on the market that the customer competes in."