Stock market today: Dow in fresh record close as Powell signals rate cut incoming
Transcat Inc. (NASDAQ:TRNS), a provider of calibration and measurement services with a market capitalization of $758 million and an annual revenue of $272 million, announced a change in its independent registered public accounting firm. According to InvestingPro data, the company maintains a FAIR financial health score, with strong liquidity metrics and stable cash flows. The company’s Audit Committee has chosen to engage Deloitte & Touche LLP for the fiscal year ending March 28, 2026. This decision, effective immediately after the current auditor, Freed Maxick P.C., completes the audit for the fiscal year ending March 29, 2025, was disclosed in a recent SEC filing.
Transcat reported that during the fiscal years ended March 30, 2024, and March 25, 2023, there were no disagreements or reportable events with Freed Maxick that would have impacted their opinions on the company’s financial statements. Freed Maxick’s audit reports for those years did not contain any adverse opinion or disclaimer, and were not qualified or modified in terms of audit scope or accounting principles. InvestingPro analysis shows the company’s strong financial position, with liquid assets exceeding short-term obligations and sufficient cash flows to cover interest payments.
The company has provided Freed Maxick with the disclosure and has received a letter from the firm confirming their agreement with the statements made. This letter has been filed with the SEC as part of the formal process. Despite recent market challenges, with the stock down over 30% in the past six months, Transcat maintains solid fundamentals. For deeper insights into Transcat’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro.
The engagement of Deloitte as the new auditor will begin with the review of Transcat’s consolidated financial statements for the quarter ending June 28, 2025. Transcat confirmed that it had not consulted Deloitte on any accounting principles or auditing matters during the previous fiscal years or the interim period leading up to this Current Report on Form 8-K.
This strategic move marks a significant shift in Transcat’s financial oversight as the company prepares for the upcoming fiscal year. The information is based on a press release statement filed with the SEC.
In other recent news, Transcat Inc. reported its financial results for the fourth quarter of 2024, revealing a slight miss in earnings per share (EPS) compared to analyst expectations. The company’s adjusted EPS was $0.45, below the forecasted $0.47, and revenue reached $66.8 million, falling short of the anticipated $70.1 million. Despite a modest 2% increase in consolidated revenue year-over-year, Transcat’s net income decreased by $1 million to $2.4 million.
Transcat recently acquired Martin Calibration, a move expected to strengthen the company’s service capabilities. However, organic service revenue saw a decline of 3.8% indicating challenges in the market. The company remains optimistic about its growth prospects, particularly with the integration of Martin Calibration, and expects organic service growth to return to historical levels.
Transcat’s CEO Lee Ruto expressed confidence in the company’s vision and future growth, emphasizing the strength of the core calibration pipeline. Despite the challenges, these are the recent developments that have shaped Trans
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.