Electro-Sensors, Inc. Announces Third Quarter 2024 Financial Results
-
Quarterly revenue of
$2,512,000 , up 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 |
||||||
|
|
|
$ |
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 22.1% to
"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,
A full analysis of results for the period ended
|
Statements of Income
For the Three and Nine Months Ended (in thousands except share and per share amounts) |
||||||
|
|
||||||
|
|
Three Months Ended |
|||||
|
|
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 |
|||||
|
|
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 |
|
|
Balance Sheets
(in thousands) |
|
|||||
|
|
|
|||||
|
|
|
|
|
|
||
|
|
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
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
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
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