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Eltek Reports Q3 2024 Financial Results
November 20, 2024 | PRNewswireEstimated reading time: 3 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended September 30, 2024.
Third Quarter 2024 Highlights
- Revenues were $13.5 million, up 14 % over Q3 2023
- Operating profit was $1.9 million
- Profit before tax was $2.0 million
- Net income was $1.7 million or $0.25 per fully diluted share
- As of September 30, 2024, cash and cash equivalents amounted $18.1 million
"In the third quarter of 2024, we delivered strong financial results. We generated a record of $13.5 million in sales, bringing our revenues to $35.8 million for the first three quarters of 2024 and twelve-month trailing revenues (TTM) of $48 million. Our gross profit for the quarter totaled $3.5 million, with a net profit of $1.7 million. The gross margin for the third quarter reached 26%, reflecting the alignment of our product mix with market demand and the adjustment of production workers' wages to the current state of the local employment market. We continue to see robust demand across our two main customer segments: defense and aerospace, and medical devices. As of the end of the quarter, our cash and cash equivalents stood at $18.1 million, providing significant financial support for our growth strategy," said Eli Yaffe, CEO of Eltek.
"Throughout the quarter, we also advanced our accelerated investment plan. By year-end 2024, we plan to open a new 15,000 sq. ft. manufacturing space in our facility, which will include a state-of-the-art full Solder Mask Application line," Mr. Yaffe added.
"In response to continued demand for our products and our strong profitability, Eltek's Board of Directors has adopted a dividend policy, effective from 2024 year-end onwards. The policy will allow for an annual distribution of up to 25% of our net income, as determined under US GAAP," concluded Mr. Yaffe.
Third Quarter 2024 GAAP Financial Results
Revenues for the third quarter of 2024 were $13.5 million, compared to $11.9 million in the third quarter of 2023, a 14% increase;
Gross profit for the third quarter of 2024 was $3.5 million (26% of revenues) compared to $3.7 million (31% of revenues) in the third quarter of 2023. Gross margin in the third quarter of 2023 was exceptional due to sales orders which included an exceptional low material components;
Operating profit for the third quarter of 2024 was $1.9 million compared to operating profit of $2.3 million in the third quarter of 2023;
Income before income tax for the third quarter of 2024 was $2.0 million compared to $2.6 million in the third quarter of 2023;
Net income for the third quarter of 2024 was $1.7 million or $0.25 per fully diluted share compared to net income of $2.1 million or $0.36 per fully diluted share in the third quarter of 2023.
Third Quarter 2024 Non-GAAP Financial Results
EBITDA for the third quarter of 2024 was $2.3 million (17% of revenues) compared to EBITDA of $2.6 million (22% of revenues) in the third quarter of 2023.
First Nine Months 2024 GAAP Financial Results
Revenues for the first nine months of 2024 were $35.8 million compared to $34.4 million in the first nine months of 2023;
Gross profit for the first nine months of 2024 was $8.4 million (23% of revenues) compared to $9.6 million (28% of revenues) in the first nine months of 2023;
Operating profit for the first nine months of 2024 was $4.0 million compared to operating profit of $5.3 million in the first nine months of 2023;
Financial income for the first nine months of 2024 was $1.0 million compared to financial income of $0.8 million in the first nine months of 2023.
Income before income tax for the first nine months of 2024 was $5.0 million compared to $6.0 million in the first nine months of 2023;
Net profit for the first nine months of 2024 was $4.2 million or $0.63 per fully diluted share compared to net profit of $5.0 million or $0.85 per fully diluted share in the first nine months of 2023.
First Nine Months 2024 Non-GAAP Financial Results
EBITDA for the first nine months of 2024 was a $5.2 million (14% of revenues) compared to EBITDA of $6.2 million (18% of revenues) in the first nine months of 2023.
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