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Eltek Reports 2023 Second Quarter Financial Results
August 21, 2023 | 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 June 30, 2023.
Second Quarter 2023 Highlights
- Revenues were $11.0 million, 21% up over Q2 2022
- Operating profit was $1.4 million, 300% up over Q2 2022
- Profit before tax was $1.6 million (2022 Q2 - $1.0 million)
- Net income was $1.3 million or $0.22 per fully diluted share, 74% up over Q2 2022
- As of June 30, 2023 cash and cash equivalents amounted $8.3 million, after full repayment of bank loans.
"We are proud to announce our strong second quarter results for 2023, with a growth of 21% in sales compared to the same quarter last year. The second quarter is characterized by a relatively low number of working days due to holidays. Despite this, we managed to achieve $11 million in sales," said Eli Yaffe, CEO of Eltek.
"Throughout the quarter, we continued to experience the demand for our high-end, high-reliability products. In light of the continued demand for our products, we continue our efforts to recruit employees and to procure and install new machines that will enable us to increase manufacturing capacity," continued Mr. Yaffe.
"Earlier this month, we were informed by the Ministry of Environmental Protection that it rejected our claim to reduce the clean air penalty imposed on us. Therefore, we have provided a full allowance for this penalty in our Q2 interim financial statements and recorded a one-time expense in the amount of $0.35 million," concluded Mr. Yaffe.
Second Quarter 2023 GAAP Financial Results
- Revenues for the second quarter of 2023 were $11.0 million, compared to $9.1 million in the second quarter of 2022;
- Gross profit for the second quarter of 2023 was $3.0 million (27% of revenues) compared to $1.7 million (18% of revenues) in the second quarter of 2022;
- Operating profit for the second quarter of 2023 was $1.4 million compared to operating profit of $0.3 million in the second quarter of 2022;
- Profit before income tax for the second quarter of 2023 was $1.6 million compared to $1.0 million in the second quarter of 2022;
- Net income for the second quarter of 2023 was $1.3 million or $0.22 per fully diluted share compared to net income of $0.8 million or $0.13 per fully diluted share in the second quarter of 2022;
Second Quarter 2023 Non-GAAP Financial Results
- EBITDA for the second quarter of 2023 was $1.7 million (15.3% of revenues) compared to EBITDA of $0.8 million (8.7% of revenues) in the second quarter of 2022;
First Six Months 2023 GAAP Financial Results
- Revenues for the first six months of 2023 were $22.5 million compared to $18.8 million in the first six months of 2022;
- Gross profit for the first six months of 2023 was $6.0 million (26% of revenues) compared to $3.6 million (19% of revenues) in the first six months of 2022
- Operating profit for the first six months of 2023 was $3.0 million compared to operating profit of $1.0 million in the first six months of 2022;
- Financial income for the first six months of 2023 was $0.4 million compared to financial income of $0.7 million in the first six months of 2022. Financial income primarily results from the erosion of the NIS against the US dollar.
- Profit before income tax for the first six months of 2023 was $3.5 million compared to $1.7 million in the first six months of 2022;
- Net profit for the first six months of 2023 was $2.9 million or $0.49 per fully diluted share compared to net profit of $1.4 million or $0.24 per fully diluted share in the first six months of 2022
First Six Months 2023 Non-GAAP Financial Results
- EBITDA for the first six months of 2023 was a $3.6 million (16% of revenues) compared to EBITDA of $1.9 million (10% of revenues) in the first six months of 2022
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