Evertz Technologies reports Record Quarterly Revenue of $135.3 million in the Third Quarter ended January 31, 2024
- Record quarterly revenue of $135.3 million, up by 22% from the prior year
- International revenue increased by 38% to $54.8 million
- US/Canada revenue grew by 13% to $80.5 million
- Earnings from operations before foreign exchange rose by 48% to $29.2 million
- Net earnings reached $19.0 million for the quarter
- Fully diluted earnings per share stood at $0.24
- Declared a quarterly dividend of $0.195 per share
- None.
Burlington, Ontario--(Newsfile Corp. - March 14, 2024) - Evertz Technologies Limited (TSX: ET), the leader in Software Defined Video Network ("SDVN") technology, today reported its results for the third quarter ended January 31, 2024.
Third Quarter 2024 Highlights
- Record Quarterly revenue of
$135.3 million , an increase of22% or$24.4 million from the prior year - International quarterly revenue of
$54.8 million , an increase of38% from the prior year - US/Canada quarterly revenue of
$80.5 million , an increase of13% from the prior year - Earnings from operations before foreign exchange of
$29.2 million for the quarter, an increase of48% from the prior year - Net earnings of
$19.0 million for the quarter - Fully diluted earnings per share of
$0.24 for the quarter
Selected Financial Information
Consolidated Statement of Earnings Data
(in thousands of dollars, except earnings per share and share data)
| Q3 ' 24 | Q3 ' 23 | ||||||
| Revenue | $ | 135,278 | $ | 110,873 | |||
| Gross margin | 79,733 | 65,611 | |||||
| Earnings from operations | 26,398 | 17,465 | |||||
| Earnings from operations before FX | 29,238 | 19,790 | |||||
| Net earnings | 19,024 | 12,097 | |||||
| Fully-diluted earnings per share | $ | 0.24 | $ | 0.16 | |||
| Fully-diluted shares | 76,878,395 | 76,305,533 |
Selected Financial Information
Consolidated Balance Sheet Data
(in thousands of dollars)
| Q3 ' 24 | YE '23 | ||||||
| Cash and cash equivalents | 69,712 | $ | 12,468 | ||||
| Working capital | 199,581 | 171,428 | |||||
| Total assets | 472,769 | 436,652 | |||||
| Shareholders' equity | 260,158 | 243,099 |
Revenue
For the quarter ended January 31, 2024, revenues were
Gross Margin
For the quarter ended January 31, 2024, gross margin was
Earnings
For the quarter ended January 31, 2024, net earnings were
For the quarter ended January 31, 2024, earnings per share on a fully-diluted basis were
Operating Expenses
For the quarter ended January 31, 2024, selling and administrative expenses were
For the quarter ended January 31, 2024, gross research and development expenses were
Liquidity and Capital Resources
The Company's working capital as at January 31, 2024 was
Cash and cash equivalent
Cash generated from operations was
For the quarter, the Company used
For the quarter ended, the Company used cash in financing activities of
Shipments and Backlog
At the end of February 2024, purchase order backlog was in excess of
Dividend Declared
Evertz Board of Directors declared a regular quarterly dividend on March 14, 2024 of
The dividend is payable to shareholders of record on March 21, 2024 and will be paid on or about March 29, 2024.
Selected Consolidated Financial Information
(in thousands of dollars, except earnings per share and percentages)
| Three month period ended | Nine month period ended | ||||||||||||
| January 31, | January 31, | ||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Revenue | $ | 135,278 | $ | 110,873 | $ | 391,846 | $ | 325,659 | |||||
| Cost of goods sold | 55,545 | 45,262 | 162,058 | 134,047 | |||||||||
| Gross margin | 79,733 | 65,611 | 229,788 | 191,612 | |||||||||
| Expenses | |||||||||||||
| Selling and administrative | 18,262 | 16,342 | 52,160 | 43,997 | |||||||||
| General | 1,056 | 1,157 | 3,388 | 3,381 | |||||||||
| Research and development | 33,967 | 30,225 | 98,124 | 87,260 | |||||||||
| Investment tax credits | (3,987 | ) | (3,550 | ) | (10,594 | ) | (9,912 | ) | |||||
| Share based compensation | 1,197 | 1,647 | 3,876 | 3,439 | |||||||||
| Foreign exchange gain | 2,840 | 2,325 | 1,979 | (1,714 | ) | ||||||||
| 53,335 | 48,146 | 148,933 | 126,451 | ||||||||||
| Earnings before undernoted | 26,398 | 17,465 | 80,855 | 65,161 | |||||||||
| Finance income (costs) | 90 | (686 | ) | 42 | (1,143 | ) | |||||||
| Net loss on investments through profit and loss | - | (675 | ) | (2,704 | ) | (2,087 | ) | ||||||
| Other (expenses) income | (526 | ) | 118 | (404 | ) | (42 | ) | ||||||
| Earnings before income taxes | 25,962 | 16,222 | 77,789 | 61,889 | |||||||||
| Provision for (recovery of) income taxes | |||||||||||||
| Current | 6,045 | 3,376 | 20,481 | 16,545 | |||||||||
| Deferred | 893 | 749 | 141 | (660 | ) | ||||||||
| 6,938 | 4,125 | 20,622 | 15,885 | ||||||||||
| Net earnings for the period | $ | 19,024 | $ | 12,097 | $ | 57,167 | $ | 46,004 | |||||
| Net earnings attributable to non-controlling interest | 302 | 146 | 760 | 395 | |||||||||
| Net earnings attributable to shareholders | 18,722 | 11,951 | 56,407 | 45,609 | |||||||||
| Net earnings for the period | $ | 19,024 | $ | 12,097 | $ | 57,167 | $ | 46,004 | |||||
| Earnings per share | |||||||||||||
| Basic | $ | 0.25 | $ | 0.16 | $ | 0.74 | $ | 0.60 | |||||
| Diluted | $ | 0.24 | $ | 0.16 | $ | 0.73 | $ | 0.60 | |||||
| Consolidated Balance Sheet Data | As at | As at | |||||
| January 31, 2024 | April 30, 2023 | ||||||
| Cash and cash equivalents | $ | 69,712 | $ | 12,468 | |||
| Inventory | $ | 207,046 | $ | 202,479 | |||
| Working capital | $ | 199,581 | $ | 171,428 | |||
| Total assets | $ | 472,769 | $ | 436,652 | |||
| Shareholders' equity | $ | 260,158 | $ | 243,098 | |||
| Number of common shares outstanding: |
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FAQ
What was Evertz Technologies Limited's (ET) record quarterly revenue for the third quarter of 2024?
Evertz Technologies Limited reported record quarterly revenue of $135.3 million for the third quarter of 2024.
How much did the international revenue increase by in the third quarter of 2024?
International revenue for Evertz Technologies Limited increased by 38% to $54.8 million in the third quarter of 2024.
What was the percentage increase in US/Canada revenue for Evertz Technologies Limited in the third quarter of 2024?
US/Canada revenue for Evertz Technologies Limited grew by 13% to $80.5 million in the third quarter of 2024.
What was the percentage increase in earnings from operations before foreign exchange for Evertz Technologies Limited in the third quarter of 2024?
Earnings from operations before foreign exchange rose by 48% to $29.2 million for Evertz Technologies Limited in the third quarter of 2024.
What were the net earnings for Evertz Technologies Limited in the third quarter of 2024?
Evertz Technologies Limited reported net earnings of $19.0 million in the third quarter of 2024.
What was the fully diluted earnings per share for Evertz Technologies Limited in the third quarter of 2024?
Evertz Technologies Limited's fully diluted earnings per share stood at $0.24 in the third quarter of 2024.
Did Evertz Technologies Limited declare any dividends in the third quarter of 2024?
Yes, Evertz Technologies Limited declared a quarterly dividend of $0.195 per share in the third quarter of 2024.
EVERTZ TECHNOLOGIES LTD
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