Executive Summary

Q4 FY2017 revenue rose 20.7% year over year to $10.638M, while diluted EPS nearly doubled to $0.09 from $0.05; operating income declined year over year on higher OpEx mix, but net income benefited from improved other income and FX gains .
Segment strength was broad-based: Manufacturing +12.2% YoY, Testing +5.0% YoY, and Distribution +120.4% YoY on Singapore demand; backlog ended the year at $7.546M, up from $6.304M, supporting near-term visibility .
Sequentially, revenue improved vs. Q3 ($10.638M vs. $9.825M), but operating income ($0.349M) and EPS ($0.09) ticked down from Q3’s $0.485M and $0.10 as OpEx timing and mix weighed; full-year cash from operations rose to $3.953M .
No formal guidance or earnings call transcript was available; key narrative drivers include volume-led margin gains in Testing, product-mix shifts in Manufacturing, and strong Distribution demand in Singapore—potential catalysts as order flow and backlog convert in FY2018 .
Wall Street consensus (S&P Global) was unavailable at query time; estimate comparisons are not provided.

What Went Well and What Went Wrong

What Went Well
- Broad-based revenue growth in Q4: revenue +20.7% YoY to $10.638M; Distribution +120.4% YoY to $2.151M on Singapore demand, Manufacturing +12.2% YoY to $4.068M, Testing +5.0% YoY to $4.382M .
- Backlog strengthened to $7.546M from $6.304M; CEO emphasized “a strong fourth quarter and a strong year,” with four consecutive years of higher net income and focus on product/service quality and new product development .
- Full-year operating cash flow rose sharply to $3.953M (vs. $1.014M), and cash/equivalents ended at $4.772M ($1.35/share), improving financial flexibility .
What Went Wrong
- Q4 operating income fell YoY to $0.349M from $0.510M despite higher gross profit dollars, reflecting higher operating expenses and mix; full-quarter OpEx rose to $2.014M (+9.8% YoY) .
- Sequentially, operating income ($0.349M) and diluted EPS ($0.09) declined vs. Q3 ($0.485M and $0.10), indicating some near-term margin pressure despite higher revenue .
- Manufacturing margin sensitivity to product mix and customer concentration risk persists (a major customer influences segment revenue trajectory per prior quarters’ MD&A) .

Financial Results

Overall P&L – last three quarters (oldest → newest)

Metric ($USD Millions unless noted)	Q2 FY2017 (Dec 31)	Q3 FY2017 (Mar 31)	Q4 FY2017 (Jun 30)
Revenue	$9.104	$9.825	$10.638
Gross Profit	$2.294	$2.447	$2.363
Operating Income	$0.278	$0.485	$0.349
Net Income Attributable to TRT	$0.310	$0.350	$0.353
Diluted EPS ($)	$0.09	$0.10	$0.09
Operating Expenses as % of Revenue	22.2%	20.0%	18.9%

Year-over-year comparison for Q4

Metric	Q4 FY2016	Q4 FY2017
Revenue ($M)	$8.815	$10.638
Operating Income ($M)	$0.510	$0.349
Net Income Attributable to TRT ($M)	$0.180	$0.353
Diluted EPS ($)	$0.05	$0.09
Total Operating Expenses ($M)	$1.834	$2.014

Segment revenue breakdown

Sequential (Q3 → Q4)

Segment Revenue ($M)	Q3 FY2017 (Mar 31)	Q4 FY2017 (Jun 30)
Manufacturing	$4.230	$4.068
Testing Services	$3.977	$4.382
Distribution	$1.581	$2.151
Real Estate/Other	$0.037	$0.037

Year-over-year (Q4 FY2016 → Q4 FY2017)

Segment Revenue ($M)	Q4 FY2016	Q4 FY2017
Manufacturing	$3.626	$4.068
Testing Services	$4.174	$4.382
Distribution	$0.976	$2.151
Other	$0.039	$0.037

KPIs and balance sheet highlights

KPI	FY2016	FY2017
Backlog ($M)	$6.304	$7.546
Cash from Operations ($M)	$1.014	$3.953
Cash & Equivalents ($M)	$3.807	$4.772
Shareholders’ Equity ($M)	$20.871	$21.527

Estimates vs. Actuals

Metric	Consensus (Q4 FY2017)	Actual (Q4 FY2017)
Revenue ($M)	N/A – S&P Global consensus unavailable at query time	$10.638
Diluted EPS ($)	N/A – S&P Global consensus unavailable at query time	$0.09

Note: S&P Global consensus data was unavailable at the time of query; therefore, no vs-estimate comparisons are provided.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company guidance	N/A	None disclosed	None disclosed	—

No formal forward guidance was provided in the Q4 FY2017 press release; no earnings call transcript was available for additional guidance commentary .

Earnings Call Themes & Trends

No earnings call transcript was available for Q4 FY2017. Thematic evolution below leverages Q2 and Q3 MD&A plus Q4 press release.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 FY2017)	Trend
Testing volume and utilization	Q2: Testing revenue +10.0% YoY; margin up on higher utilization (34.7% vs. 32.5%) . Q3: Testing margin +5.7 pts to 34.7% on higher volume and efficiency .	Testing revenue +5.0% YoY; continued volume strength across Asian facilities .	Improving/stable volume; positive utilization dynamics.
Distribution demand (Singapore)	Q2: Distribution +23.3% YoY; mix shift improved margin . Q3: +28.3% YoY; growth led by Singapore .	+120.4% YoY driven by Singapore demand .	Accelerating demand in Singapore.
Manufacturing mix and margins	Q2: Margin down on product mix and US order delays . Q3: Margin +1.4 pts YoY; mix effects ongoing .	Manufacturing revenue +12.2% YoY; continued mix sensitivity indicated by YoY OpInc decline .	Mixed: revenue up, margin sensitivity persists.
FX and Other income	Q2: Other income boosted by FX gains ($0.203M) . Q3: Other income improved vs. prior year .	Q4 other income net $0.156M vs. loss prior year; tailwind to net income .	Supportive FX/other income.
ERP implementation	Q2: Phased ERP rollout in Singapore with potential disruption risk . Q3: Implementation continuing into Q4 .	Not referenced in Q4 PR.	Ongoing (no Q4 update).
Customer concentration (Manufacturing)	Q2 MD&A highlights major customer exposure . Q3 MD&A reiterates exposure .	Not referenced in Q4 PR; risk remains relevant.	Persistent risk factor.

Management Commentary

“Trio-Tech delivered a strong fourth quarter and a strong year. Fourth quarter revenue rose to $10,638,000… Fourth quarter net income increased to $353,000, or $0.09 per diluted share…” — S.W. Yong, CEO .
“Each of our key business segments… posted higher revenue in fiscal 2017 than in fiscal 2016… backlog at the end of fiscal 2017 increased to $7,546,000 versus… $6,304,000…” .
“Cash provided by operations was $3,953,000 for fiscal 2017… cash and equivalents grew to $4,772,000…” .

Q&A Highlights

No earnings call transcript or Q&A section was available for Q4 FY2017; no additional clarifications beyond the press release were found .

Estimates Context

S&P Global consensus for Q4 FY2017 revenue and EPS was unavailable at the time of query; consequently, no beat/miss analysis vs. Street is provided.
Investors should monitor upcoming filings/releases for any third-party consensus snapshots to recalibrate expectations.

Key Takeaways for Investors

Momentum into FY2018: Strong Q4 topline and higher year-end backlog ($7.546M) imply near-term revenue visibility, particularly with Distribution and Testing strength in Asia .
Margin watch: Despite revenue growth, Q4 operating income declined YoY and fell sequentially from Q3; sustaining mix/efficiency gains in Testing and product mix in Manufacturing will be key to EPS leverage .
Cash generation improved materially (FY2017 CFFO $3.953M), and liquidity strengthened (cash/equivalents $4.772M), supporting reinvestment and resilience through cycles .
Singapore-led Distribution surge (+120.4% YoY in Q4) is a notable upside driver; durability of this demand will influence FY2018 trajectory .
FX/other income tailwinds aided net income in recent quarters; these are inherently volatile and should be treated as non-core earnings contributors .
Customer concentration risk in Manufacturing remains a structural consideration per prior quarter disclosures; diversification progress would be a positive de-risking catalyst .
Absence of formal guidance and call transcript heightens the importance of backlog conversion, quarterly segment mix, and upcoming filings for forward cues .

TRIO-TECH INTERNATIONAL (TRT)·Q4 2017 Earnings Summary