Electro-Sensors, Inc. Announces Third Quarter 2024 Financial Results
Electro-Sensors (NASDAQ: ELSE) reported strong Q3 2024 financial results with revenue increasing 22.1% to $2.512 million compared to $2.057 million in Q3 2023. The company achieved a gross margin of 50.4%, up from 48.3% year-over-year. Operating income improved significantly to $173,000 compared to a loss of $26,000 in the prior year. Net income reached $238,000 or $0.07 per diluted share. The growth was driven by increased sales in both wired sensor products and wireless HazardPRO™ products, particularly in industrial automation and agricultural applications. The company maintained a strong balance sheet with cash and investments of $10.3 million.
Electro-Sensors (NASDAQ: ELSE) ha riportato risultati finanziari molto solidi per il terzo trimestre del 2024, con un aumento del fatturato del 22,1% a 2,512 milioni di dollari rispetto ai 2,057 milioni di dollari del terzo trimestre del 2023. L'azienda ha ottenuto un margine lordo del 50,4%, in crescita rispetto al 48,3% dell'anno precedente. Il reddito operativo è migliorato notevolmente, raggiungendo i 173.000 dollari rispetto a una perdita di 26.000 dollari nell’anno precedente. L'utile netto ha raggiunto i 238.000 dollari, corrispondenti a 0,07 dollari per azione diluita. Questa crescita è stata guidata dall'aumento delle vendite sia dei prodotti per sensori cablati che dei prodotti wireless HazardPRO™, in particolare nelle applicazioni di automazione industriale e agricola. L'azienda ha mantenuto un bilancio solido con disponibilità liquide e investimenti pari a 10,3 milioni di dollari.
Electro-Sensors (NASDAQ: ELSE) informó resultados financieros sólidos para el tercer trimestre de 2024, con un aumento del ingreso del 22,1% a $2.512 millones en comparación con $2.057 millones en el tercer trimestre de 2023. La compañía logró un margen bruto del 50,4%, en comparación con el 48,3% del año anterior. El ingreso operativo mejoró significativamente a $173,000 en comparación con una pérdida de $26,000 en el año anterior. El ingreso neto alcanzó los $238,000 o $0.07 por acción diluida. Este crecimiento fue impulsado por un aumento en las ventas tanto de productos de sensores cableados como de productos inalámbricos HazardPRO™, especialmente en aplicaciones de automatización industrial y agrícola. La compañía mantuvo un balance sólido con efectivo e inversiones de $10.3 millones.
Electro-Sensors (NASDAQ: ELSE)는 2024년 3분기 재무 실적이 강력하다고 발표하였으며, 수익이 22.1% 증가하여 $2.512백만에 달하며, 이는 2023년 3분기의 2.057백만 달러에 비해 증가한 수치입니다. 회사는 50.4%의 총 이익률을 달성하였으며, 이는 전년도의 48.3%에서 증가한 것입니다. 운영 소득은 전년도의 26,000달러 손실과 비교하여 173,000달러로 크게 개선되었습니다. 순이익은 238,000달러, 즉 희석 주당 0.07달러에 이르렀습니다. 성장은 산업 자동화 및 농업 응용 프로그램에서 특히 유선 센서 제품과 무선 HazardPRO™ 제품의 판매 증가에 의해 주도되었습니다. 회사는 1030만 달러의 현금 및 투자 자산으로 강력한 대차대조표를 유지하고 있습니다.
Electro-Sensors (NASDAQ: ELSE) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec une augmentation de 22,1% de son chiffre d'affaires, atteignant 2,512 millions de dollars comparé à 2,057 millions de dollars au troisième trimestre 2023. L'entreprise a réalisé une marge brute de 50,4%, en hausse par rapport à 48,3% l'année précédente. Le résultat opérationnel a considérablement augmenté, atteignant 173 000 dollars, comparé à une perte de 26 000 dollars l'année précédente. Le bénéfice net a atteint 238 000 dollars, soit 0,07 dollar par action diluée. Cette croissance a été favorisée par l'augmentation des ventes, tant des produits de capteurs filaires que des produits sans fil HazardPRO™, en particulier dans les applications d'automatisation industrielle et agricole. L'entreprise a maintenu un bilan solide avec des liquidités et des investissements de 10,3 millions de dollars.
Electro-Sensors (NASDAQ: ELSE) berichtete über starke Finanzergebnisse für das dritte Quartal 2024, mit einem Umsatzanstieg von 22,1% auf 2,512 Millionen USD im Vergleich zu 2,057 Millionen USD im dritten Quartal 2023. Das Unternehmen erzielte eine Bruttomarge von 50,4%, gegenüber 48,3% im Vorjahr. Das Betriebsergebnis verbesserte sich erheblich auf 173.000 USD im Vergleich zu einem Verlust von 26.000 USD im Vorjahr. Der Nettogewinn erreichte 238.000 USD oder 0,07 USD je verwässerter Aktie. Das Wachstum wurde durch steigende Verkaufszahlen sowohl bei kabelgebundenen Sensorprodukten als auch bei drahtlosen HazardPRO™-Produkten, besonders in der industriellen Automatisierung und landwirtschaftlichen Anwendungen, angetrieben. Das Unternehmen wies eine starke Bilanz mit Bar- und Investitionsmitteln in Höhe von 10,3 Millionen USD auf.
- Revenue increased 22.1% YoY to $2.512 million in Q3 2024
- Gross margin improved to 50.4% from 48.3% YoY
- Operating income turned positive at $173,000 vs. loss of $26,000 in Q3 2023
- Net income grew to $238,000 ($0.07 per share) from $8,000 in Q3 2023
- Strong cash position with $10.3 million in cash and investments
- Nine-month operating loss of $34,000 despite quarterly improvement
Insights
The Q3 results show notable improvements across key metrics. Revenue grew
The balance sheet remains robust with
While the absolute numbers are modest, the positive trends in both industrial automation and agricultural segments, combined with margin expansion and strong cash position, indicate strengthening business fundamentals for this micro-cap company.
- Quarterly revenue of
$2,512,000 22.1% from the prior-year period - Gross margin of
50.4% - Cash and investments of approximately
$10.3 million
Selected Financial Information (unaudited; in thousands, except per share data)
Q3 2024 | Q3 2023 | Change | |||||||
Net Sales | $ | 2,512 | $ | 2,057 | 22.1 | % | |||
Gross Margin | 50.4 | % | 48.3 | % | 210 | bps | |||
Operating Income (Loss) | $ | 173 | $ | (26) | 765.4 | % | |||
Operating Income Margin | 6.9 | % | (1.2) | % | 810 | bps | |||
Income Before Income Taxes | $ | 290 | $ | 83 | 249.4 | % | |||
Earnings Per Share (diluted) | $ | 0.07 | $ | 0.00 | 100.0 | % | |||
Net sales in the third quarter increased
"Sales during the third quarter increased for both our wired sensor products and our wireless HazardPRO™ products, largely driven by industrial automation and agricultural applications," said David L. Klenk, Electro-Sensors' president. "Furthermore, gross margin improved over the prior-year period as our supply chain continued to stabilize, and we benefited primarily from price adjustments implemented earlier in the year."
A full analysis of results for the period ended September 30, 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. Statements of Income For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) (in thousands except share and per share amounts) | ||||||
Three Months Ended September 30, | ||||||
2024 | 2023 | |||||
Sales | $ | 2,512 | $ | 2,057 | ||
Cost of goods sold | 1,247 | 1,064 | ||||
Gross profit | 1,265 | 993 | ||||
Operating expenses | 1,092 | 1,019 | ||||
Operating income (loss) | 173 | (26) | ||||
Non-operating income, net | 117 | 109 | ||||
Income before income taxes | 290 | 83 | ||||
Provision for income taxes | 52 | 75 | ||||
Net income | $ | 238 | $ | 8 | ||
Earnings per share – diluted | $ | 0.07 | $ | 0.00 | ||
Average shares outstanding - diluted | 3,434,417 | 3,428,021 | ||||
Nine Months Ended September 30, | ||||||
2024 | 2023 | |||||
Sales | $ | 6,973 | $ | 6,239 | ||
Cost of goods sold | 3,581 | 3,156 | ||||
Gross profit | 3,392 | 3,083 | ||||
Operating expenses | 3,426 | 3,203 | ||||
Operating loss | (34) | (120) | ||||
Non-operating income, net | 342 | 296 | ||||
Income before income taxes | 308 | 176 | ||||
Provision for income taxes | 63 | 96 | ||||
Net income | $ | 245 | $ | 80 | ||
Earnings per share – diluted | $ | 0.07 | $ | 0.02 | ||
Average shares outstanding - diluted | 3,440,382 | 3,428,021 | ||||
Electro-Sensors, Inc. Balance Sheets September 30, 2024 and December 31, 2023 (in thousands) | ||||||
September 30, | December 31, | |||||
2024 | 2023 | |||||
Assets | (unaudited) | |||||
Current Assets | ||||||
Cash and investments | $ | 10,302 | $ | 9,926 | ||
Trade receivables, net | 1,182 | 1,283 | ||||
Inventories | 2,003 | 1,751 | ||||
Other current assets | 272 | 179 | ||||
Total current assets | 13,759 | 13,139 | ||||
Deferred income tax asset, long-term | 287 | 355 | ||||
Property and equipment, net | 911 | 951 | ||||
Total assets | $ | 14,957 | $ | 14,445 | ||
Liabilities and Stockholders' Equity | ||||||
Current Liabilities | ||||||
Accounts payable and accrued expenses | $ | 859 | $ | 690 | ||
Total current liabilities | 859 | 690 | ||||
Stockholders' equity | ||||||
Common stock | 342 | 342 | ||||
Additional paid-in capital | 2,328 | 2,230 | ||||
Retained earnings | 11,428 | 11,183 | ||||
Total stockholders' equity | 14,098 | 13,755 | ||||
Total liabilities and stockholders' equity | $ | 14,957 | $ | 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:
LinkedIn: linkedin.com/company/electro-sensors-inc-
X: x.com/ESIsensors
Facebook: facebook.com/ElectroSensors
View original content:https://www.prnewswire.com/news-releases/electro-sensors-inc-announces-third-quarter-2024-financial-results-302304783.html
SOURCE Electro-Sensors, Inc.
FAQ
What was Electro-Sensors (ELSE) revenue growth in Q3 2024?
What was Electro-Sensors (ELSE) earnings per share in Q3 2024?
What drove Electro-Sensors (ELSE) growth in Q3 2024?
