Transcat announces retirement of Corporate Controller

Transcat Inc. (NASDAQ:TRNS), a provider of calibration and laboratory instrument services with a market capitalization of $726 million, announced the upcoming retirement of its Corporate Controller and Principal Accounting Officer, Scott D. Deverell. On Monday, Deverell informed the company of his intention to retire from his current role by October 1, 2025.

Deverell has committed to remain with the Ohio-based company until the specified date to ensure a smooth transition of his responsibilities. Transcat, headquartered in Rochester, New York, has not yet named a successor for the position. According to InvestingPro analysis, the company maintains a strong financial health score, with 13 key insights available to subscribers.

This transition is part of normal corporate governance processes and was disclosed in a regulatory filing with the Securities and Exchange Commission. The company's shares are traded on the Nasdaq Global Market under the ticker symbol TRNS.

Transcat's business operations involve the manufacturing and distribution of professional grade handheld test and measurement instruments and provision of calibration, repair, inspection, and compliance services primarily for the pharmaceutical and industrial products markets.

The company's announcement is based on a press release statement and provides investors and stakeholders with information about the upcoming change in its executive team. As of now, the company's financial position and operational strategies remain unaffected by this announcement.

In other recent news, Transcat Inc. reported its financial results for the fourth quarter of 2024, showing a slight miss in earnings per share (EPS) compared to analyst expectations. The company's adjusted EPS was $0.45, falling short of the forecasted $0.47, while revenue reached $66.8 million, which was below the anticipated $70.1 million. This earnings miss has raised concerns among investors. Additionally, Transcat has engaged Deloitte & Touche LLP as its new auditor for the fiscal year ending March 28, 2026, marking a shift in its financial oversight strategy. The transition will occur after the completion of the audit for the fiscal year ending March 29, 2025, by Freed Maxick P.C. The company also announced the acquisition of Martin Calibration, which is expected to enhance its service capabilities, particularly in the Midwest. This acquisition is part of Transcat's strategic initiatives to bolster its service offerings. Investors are also noting that Transcat's organic service revenue faced challenges, although it is expected to recover.

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