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Freitag, 09.08.2024 15:15
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PR Newswire
Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results
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PR Newswire
MINNETONKA, Minn., Aug. 9, 2024
MINNETONKA, Minn., Aug. 9, 2024 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the second quarter ended June 30, 2024.
- Quarterly revenue of $2,217,000, up 3.7% from the prior-year period
- Gross margin of 47.2%
- Cash and investments of approximately $9.9 million
Selected Financial Information (unaudited; in thousands, except per share data)
| | Q2 2023 | Q2 2022 | Change | ||||||||
| Net Sales | | $ Anzeige Aktie im Fokus
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| 2,217 | | $ | 2,137 | | 3.7 | % | ||
| Gross Margin | | | 47.2 | % | | 50.0 | % | -280 | bps | ||
| Operating Income (Loss) | | $ | (107) | | $ | 44 | | (343.2) | % | ||
| Operating Income Margin | | | (4.8) | % | | 2.1 | % | -690 | bps | ||
| Income (Loss) Before Income Taxes | | $ | 2 | | $ | 138 | | (98.6) | % | ||
| Earnings Per Share (diluted) | | $ | 0.00 | | $ | 0.03 | | (100.0) | % | ||
Net sales in the second quarter increased 3.7% to $2,217,000 from $2,137,000 in the prior-year quarter. For the first six months of 2024, net sales increased 6.7% to $4,461,000 from $4,182,000 in the comparable prior-year period. Furthermore, gross margin for the 2024 six-month period was 47.7%, down from 50.0% in the corresponding six months in 2023, primarily due to increased material and labor costs across all product lines.
"During the 2024 second quarter, our sales increased 3.7% from the comparable prior-year period, primarily due to increased sales of our HazardPROTM wireless hazard monitoring systems," said David L. Klenk, Electro-Sensors' president. "Customers continue to value the ease of installation, flexibility, and favorable overall cost of ownership of our HazardPRO systems."
A full analysis of results for the period ended June 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 Six Months Ended June 30, 2024 and 2023 (unaudited) (in thousands except share and per share amounts) | |||||
| | |||||
| | Three Months Ended June 30, | ||||
| | 2024 | | 2023 | ||
| Sales | $ | 2,217 | | $ | 2,137 |
| Cost of goods sold | | 1,170 | | | 1,069 |
| Gross profit | | 1,047 | | | 1,068 |
| | | | | | |
| Operating expenses | | 1,154 | | | 1,024 |
| | | | | | |
| Operating income (loss) | | (107) | | | 44 |
| | | | | | |
| Non-operating income, net | | 109 | | | 94 |
| | | | | | |
| Income before income taxes | | 2 | | | 138 |
| | | | | | |
| Provision for income taxes | | 6 | | | 22 |
| | | | | | |
| Net income (loss) | $ | (4) | | $ | 116 |
| | | | | | |
| Earnings (loss) per share – diluted | $ | 0.00 | | $ | 0.03 |
| Average shares outstanding - diluted | | 3,428,021 | | | 3,443,394 |
| | |||||
| | Six Months Ended June 30, Werbung Mehr Nachrichten zur Electro-Sensors Aktie kostenlos abonnieren
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