-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Essential Guide to Surface Finishes
We go back to basics this month with a recount of a little history, and look forward to addressing the many challenges that high density, high frequency, adhesion, SI, and corrosion concerns for harsh environments bring to the fore. We compare and contrast surface finishes by type and application, take a hard look at the many iterations of gold plating, and address palladium as a surface finish.
It's Show Time!
In this month’s issue of PCB007 Magazine we reimagine the possibilities featuring stories all about IPC APEX EXPO 2025—covering what to look forward to, and what you don’t want to miss.
Fueling the Workforce Pipeline
We take a hard look at fueling the workforce pipeline, specifically at the early introduction of manufacturing concepts and business to young people in this issue of PCB007 Magazine.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
Eltek Reports Q2 2024 Financial Results
August 16, 2024 | PRNewswireEstimated reading time: 3 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenues were $10.5 million
- Operating profit was $0.4 million
- Profit before tax was $0.9 million
- Net income was $0.8 million or $0.11 per fully diluted share
- As of June 30, 2024 cash and cash equivalents amounted $18.3 million.
"Eltek has demonstrated consistent growth over the past several quarters, driven by our commitment to innovation and customer satisfaction. However, this quarter, we experienced a decrease in revenues and profits compared to the previous quarter and the corresponding quarter last year. This decline is attributed to a significant timing shift by some key customers, who prioritized orders for PCBs with medium technology requirements, resulting in lower prices and margins. Orders for more complex, higher-margin PCBs were pushed back and are scheduled to be produced in the third quarter. While this has impacted our short-term financial performance, we remain confident in our long-term strategy and market position," said Eli Yaffe, CEO of Eltek.
"We expect to return in in the third quarter to the profitability parameters of previous quarters, as product mix strategies are realigned. Our backlog as of today increased by 30% since the beginning of 2024. This increase will support our planned growth in revenues and profitability. We remain committed to delivering value to our shareholders and are taking the necessary steps to ensure that we continue our growth trend. Our team is focused on optimizing our product offerings and operational efficiencies to drive profitability and sustain our market leadership," concluded Mr. Yaffe.
Second Quarter 2024 GAAP Financial Results
Revenues for the second quarter of 2024 were $10.5 million compared to $11.0 million in the second quarter of 2023.
Gross profit for the second quarter of 2024 was $1.6 million (16% of revenues) compared to $3.0 million (27% of revenues) in the second quarter of 2023.
Operating profit for the second quarter of 2024 was $0.4 million compared to operating profit of $1.4 million in the second quarter of 2023.
Financial income for the second quarter of 2024 was $0.5 million compared to financial income of $0.2 million in the second quarter of 2023. Financial income primarily results from the erosion of the NIS against the US dollar.
Profit before income tax for the second quarter of 2024 was $0.9 million compared to $1.6 million in the second quarter of 2023.
Net income for the second quarter of 2024 was $0.8 million or $0.11 per fully diluted share compared to net income of $1.3 million or $0.22 per fully diluted share in the second quarter of 2023.
Second Quarter 2024 Non-GAAP Financial Results
EBITDA for the second quarter of 2024 was $0.8 million (7.6% of revenues) compared to EBITDA of $1.7 million (15.3% of revenues) in the second quarter of 2023;
First Six Months 2024 GAAP Financial Results
Revenues for the first six months of 2024 were $22.2 million compared to $22.5 million in the first six months of 2023.
Gross profit for the first six months of 2024 was $4.9 million (22% of revenues) compared to $6.0 million (26% of revenues) in the first six months of 2023.
Operating profit for the first six months of 2024 was $2.1 million compared to operating profit of $3.0 million in the first six months of 2023.
Financial income for the first six months of 2024 was $0.8 million compared to financial income of $0.5 million in the first six months of 2023. Financial income primarily results from the erosion of the NIS against the US dollar.
Profit before income tax for the first six months of 2024 was $3.0 million compared to $3.5 million in the first six months of 2023.
Net profit for the first six months of 2024 was $2.5 million or $0.38 per fully diluted share compared to net profit of $2.9 million or $0.49 per fully diluted share in the first six months of 2023.
First Six Months 2024 Non-GAAP Financial Results
EBITDA for the first six months of 2024 was a $2.9 million (13% of revenues) compared to EBITDA of $3.6 million (16% of revenues) in the first six months of 2023.
Suggested Items
European Chips Skills Academy Launches ECS Summer School 2025 to Inspire Future Electronics Talent
04/01/2025 | JCN NewswireThe European Chips Skills Academy (ECSA), an EU-funded project coordinated by SEMI Europe, in collaboration with industry partners AENEAS, EPoSS, and INSIDE, has announced the launch of the ECS Summer School 2025.
Real Time with... IPC APEX EXPO 2025: Highlighting Global PCB Trends and Technologies with all4-PCB
04/01/2025 | Real Time with...IPC APEX EXPOAndy Shaughnessy and all4-PCB's Ralph Jacobo discuss global distribution trends in the PCB industry, focusing on new technologies in plasma etching and final inspection. Ralph highlights the importance of IC substrate buildup technology and partnerships in the market.
Do You Have X-ray Vision? SMT007 Magazine April Issue Is No Joke
04/01/2025 | I-Connect007 Editorial TeamAs component packaging continues to evolve, the capability of inspecting through components is crucial. Has X-ray’s time finally come in electronics manufacturing? Join us in this issue of SMT007 Magazine, where we answer this question—and others—to bring more efficiency to your bottom line.
IPC APEX EXPO 2025: We’ve Got It Covered
04/01/2025 | I-Connect007 Editorial TeamIPC APEX EXPO is the largest electronics manufacturing trade show in North America, bringing together professionals from all sectors of the supply chain to educate, network, and share their products and services. We’ve put all our coverage of the show in one easy-to-find location. Just click on “Videos,” “Show Coverage” and “Photos” to find what you’re looking for. Check back regularly as more content is added. You won’t want to miss any of our unique coverage.
Real Time with... IPC APEX EXPO 2025: Akrometrix—Creative Approaches to Measuring Thermal Warpage
03/31/2025 | Real Time with...IPC APEX EXPONeil Hubble discusses his research on measuring thermal warpage which focuses on challenges in testing small, thin samples. He introduces non-destructive testing methods that effectively measure without damaging components. Neil highlights the industry's growing interest in AI and outlines future technology goals, including improved resolution and automation to enhance production efficiency.