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Eltek Reports Revenue Growth in Q3 2022
November 18, 2022 | PRNewswireEstimated reading time: 2 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), announced its financial results for the quarter ended September 30, 2022.
Third Quarter 2022 Highlights
- Revenues were $10.3 million
- Operating profit was $1.1 million
- Profit before tax was $1.2 million.
- Net profit was $1.0 million or $0.17 per fully diluted share
- Net cash provided by operating activities amounted to $1.7 million
"Revenues in the third quarter of 2022 amounted to $10.3 million. This result is in line with the Company's policy to increase production capacity in order to support higher revenues and net income. We estimate that this trend will continue as we will progress in the first phase of our investment program during the years 2023 and 2024. Our backlog continues to be strong as we are benefiting from the growing demand for high-end products, especially in the defense and medical sectors. We believe that this trend of strong demand for high technology products will continue," said Eli Yaffe, CEO of Eltek.
"In the operational area, we continue to carry out optimization procedures in the production lines and are continuing our efforts to absorb and train new employees. We increased our number of employees by 18% since the beginning of the year. During the quarter, we managed the successful installation and operation of three brand new production machines and during Q4 2022 we will install two additional machines," continued Mr. Yaffe.
"The net profit in the quarter amounted to $1 million, most of which was achieved from current activity, without a material impact from financing income as was the case in the previous quarter," concluded Mr. Yaffe.
Third Quarter 2022 GAAP Financial Results
Revenues for the third quarter of 2022 were $10.3 million, compared to $8.0 million in the third quarter of 2021;
Gross profit for the third quarter of 2022 was $2.4 million (23% of revenues) compared to $1.4 (18% of revenues) in the third quarter of 2021;
Operating profit for the third quarter of 2022 was $1.1 million compared to operating profit of $0.1 million in the third quarter of 2021;
Profit before income tax for the third quarter of 2022 was $1.2 million compared to $0 million in the third quarter of 2021;
Net profit for the third quarter of 2022 was $1.0 million or $0.17 per fully diluted share compared to net profit of $0 million or $0.00 per fully diluted share in the third quarter of 2021;
Third Quarter 2022 Non-GAAP Financial Results
EBITDA for the third quarter of 2022 was a $1.4 million (14% of revenues) compared to EBITDA of $0.6 million (8% of revenues) in the third quarter of 2021;
First Nine Months 2022 GAAP Financial Results
Revenues for the first nine months of 2022 were $29.2 million compared to $24.3 million in the first nine months of 2021;
Gross profit for the first nine months of 2022 was $6.1 million (21% of revenues) compared to $4.9 million (20% of revenues) in the first nine months of 2021;
Operating profit for the first nine months of 2022 was $2.1 million compared to operating profit of $1.3 million in the first nine months of 2021;
Financial income for the first nine months of 2022 was $0.8 million compared to financial expense of $0.1 million in the first nine months of 2021. Financial income, which was primarily generated in the second quarter of 2022, resulted from the erosion of the NIS against the US dollar.
Profit before income tax for the first nine months of 2022 was $2.9 million compared to $1.3 million in the first nine months of 2021;
Net profit for the first nine months of 2022 was $2.4 million or $0.41per fully diluted share compared to net profit of $1.2 million or $0.20 per fully diluted share in the first nine months of 2021;
First Nine Months 2022 Non-GAAP Financial Results
EBITDA for the first nine months of 2022 was a $3.3 million (11% of revenues) compared to EBITDA of $2.7 million (11% of revenues) in the first nine months of 2021;
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