Electro-Sensors, Inc. Announces First Quarter 2024 Financial Results
Electro-Sensors, Inc. reported first-quarter 2024 financial results, showcasing revenue growth of 9.7% to $2,244,000. The company's Gross Margin was 48.1%, with cash and investments totaling around $10.1 million. President David L. Klenk attributed the revenue increase to larger orders for facility upgrades and modernization projects, along with rising sales in wired sensors and wireless HazardPRO™ systems.
Revenue growth of 9.7% to $2,244,000 in the first quarter of 2024.
Gross Margin of 48.1% showcasing strong profitability.
Cash and investments totaling approximately $10.1 million, indicating financial stability.
Largest first-quarter revenue reported, driven by larger orders for facility upgrades and modernization projects.
Sales increased for both traditional wired sensors and wireless HazardPRO™ systems, reflecting market demand.
- None.
Insights
- First quarter revenue of
$2,244,000 9.7% from prior year-period - Gross Margin of
48.1% - Cash and investments of approximately
$10.1 million
Unaudited; in thousands, except per share data
Q1 FY24 | Q1 FY23 | Change | |||||||
Net Sales | $ | 2,244 | $ | 2,045 | 9.7 | % | |||
Gross Margin | 48.1 | % | 50.0 | % | (190) | bps | |||
Operating Loss | $ | (100) | $ | (138) | 27.5 | % | |||
Operating Margin | (4.5) | % | (6.7) | % | 220 | bps | |||
Income (Loss) Before Income Tax Benefit | $ | 16 | $ | (45) | 135.6 | % | |||
Income (Loss) Per Share (diluted) | $ | 0.00 | $ | (0.01) | 100.0 | % | |||
"We are pleased to report first quarter revenue of
A full analysis of results for the period ended March 31, 2024 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.
Electro-Sensors, Inc. Consolidated Statements of Income For the Quarter Ended March 31, 2024 and 2023 (unaudited) (in thousands except share and per share amounts) | ||||||||
Three Months Ended March 31 | ||||||||
2024 | 2023 | |||||||
Net sales | $ | 2,244 | $ | 2,045 | ||||
Cost of goods sold | 1,164 | 1,023 | ||||||
Gross profit | 1,080 | 1,022 | ||||||
Operating expenses | 1,180 | 1,160 | ||||||
Operating loss | (100) | (138) | ||||||
Non-operating income | 116 | 93 | ||||||
Income (loss) before income taxes | 16 | (45) | ||||||
Benefit from income taxes | 5 | (1) | ||||||
Net income (loss) | $ | 11 | $ | (44) | ||||
Income (loss) per share – diluted | $ | 0.00 | $ | (0.01) | ||||
Average shares outstanding - diluted | 3,428,021 | 3,428,021 | ||||||
Electro-Sensors, Inc. Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (in thousands) | ||||||
March 31 | December 31 | |||||
2024 | 2023 | |||||
Assets | (unaudited) | |||||
Current Assets | ||||||
Cash and investments | $ | 10,128 | $ | 9,926 | ||
Trade receivables, net | 1,119 | 1,283 | ||||
Inventories | 1,811 | 1,751 | ||||
Other current assets | 218 | 179 | ||||
Total current assets | 13,276 | 13,139 | ||||
Deferred income tax asset, long-term | 336 | 355 | ||||
Property and equipment, net | 927 | 951 | ||||
Total assets | $ | 14,539 | $ | 14,445 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities | ||||||
Accounts payable and accrued expenses | $ | 744 | $ | 690 | ||
Total current liabilities | 744 | 690 | ||||
Stockholders' equity | ||||||
Common stock | 342 | 342 | ||||
Additional paid-in capital | 2,259 | 2,230 | ||||
Retained earnings | 11,194 | 11,183 | ||||
Total stockholders' equity | 13,795 | 13,755 | ||||
Total liabilities and stockholders' equity | $ | 14,539 | $ | 14,445 | ||
About Electro-Sensors
Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Electro-Sensors is proud to be an ISO9001:2015 quality certified company and is committed to providing excellent customer service and technical support. Founded in 1968 and located in
Cautionary Statement Regarding Forward Looking Statements
This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward−looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.
For more information please visit our website at: www.electro-sensors.com. Also look us up on:
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SOURCE Electro-Sensors, Inc.
