-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueDon’t Just Survive, Thrive
If we are to be relevant and prosper during these next critical decades in electronics, we must do more than survive. As an industry, we can and must thrive. In this issue, our contributors explore these concepts meant to help you take your business to the next level.
Material Matters
Materials management is nuanced, multifaceted, and requires a holistic systems approach for business success. When building high mix, low volume, and high technology, managing materials and overall cost containment are even greater challenges.
Additive Manufacturing
In this month’s issue, we explore additive manufacturing technology for the PCB fabricator: where it stands today, the true benefits, and where it seems to be headed.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Eltek Reports 2023 Third Quarter Financial Results
November 21, 2023 | EltekEstimated reading time: 3 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, 2023.
Third Quarter 2023 Highlights
- Revenues were $11.9 million, up 15% over Q3 2022
- Operating profit was $2.3 million, up 105% over Q3 2022
- Profit before tax was $2.6 million compared to $1.2 million at Q3 2022.
- Net income was $2.1 million or $0.36 per fully diluted share, up 114% over Q3 2022
- As of September 30, 2023, cash and cash equivalents amounted $11.3 million compared to $8.3 million at the end of the previous quarter.
"In the third quarter of 2023, we achieved impressive financial results. We generated $11.9 million in revenue, leading to a robust gross profit of $3.7 million and a net profit of $2.1 million. These exceptional numbers reflect the strong market demand for our products, underpinned by our efficient order selection, which strikes a balance between maximizing profitability and aligning with our production capabilities. As of the end of the quarter, our cash and cash equivalents stood at $11.3 million, providing substantial financial support for our upcoming capital expenditure needs," said Eli Yaffe, CEO of Eltek.
"The ongoing conflict in Israel underscores the critical significance of a domestic PCB industry. Such an industry would not only offer advanced technological solutions but also produce intricate circuits tailored to specific defense requirements, employing state-of-the-art technology, and ensuring the highest quality standards. Additionally, it would enable swift delivery to meet the immediate demands of the defense sector. Eltek holds the status of an Essential Enterprise as designated by the Israeli government, granting us permission to operate around the clock, 365 days a year, as needed," continued Mr. Yaffe.
"Over the past weeks, and up to the present moment, we have maintained seamless operations without any disruptions. In certain instances, we've even accelerated the delivery of products to our valued customers. Our dedicated workforce remains fully engaged, reporting for duty on their regular schedules. We have implemented a series of strategic measures to ensure we meet our customers' demands. These includes securing commitments from our suppliers to continue delivering the essential raw materials to our facility in conformance with our orders, bolstering our inventory levels for selected raw materials and expediting the deliveries of crucial resources," continued Mr. Yaffe.
"Eltek management and employees bow their heads in memory of those killed in the murderous attack that happened on October 7, 2023. Our thoughts and prayers are with the injured for a speedy recovery and the safe return of those who were abducted," concluded Mr. Yaffe.
Third Quarter 2023 GAAP Financial Results
- Revenues for the third quarter of 2023 were $11.9 million, compared to $10.3 million in the third quarter of 2022;
- Gross profit for the third quarter of 2023 was $3.7 million (31% of revenues) compared to $2.4 million (23% of revenues) in the third quarter of 2022;
- Operating profit for the third quarter of 2023 was $2.3 million compared to operating profit of $1.1 million in the third quarter of 2022;
- Profit before income tax for the third quarter of 2023 was $2.6 million compared to $1.2 million in the third quarter of 2022;
- Net income for the third quarter of 2023 was $2.1 million or $0.36 per fully diluted share compared to net income of $1.0 million or $0.17 per fully diluted share in the third quarter of 2022.
Third Quarter 2023 Non-GAAP Financial Results
- EBITDA for the third quarter of 2023 was $2.6 million (22% of revenues) compared to EBITDA of $1.4 million (14% of revenues) in the third quarter of 2022.
First Nine Months 2023 GAAP Financial Results
- Revenues for the first nine months of 2023 were $34.4 million compared to $29.2 million in the first nine months of 2022;
- Gross profit for the first nine months of 2023 was $9.6 million (28% of revenues) compared to $6.1 million (21% of revenues) in the first nine months of 2022;
- Operating profit for the first nine months of 2023 was $5.3 million compared to operating profit of $2.1 million in the first nine months of 2022;
- Financial income for the first nine months of 2023 was $0.8 million compared to financial income of $0.8 million in the first nine months of 2022.
- Profit before income tax for the first nine months of 2023 was $6.0 million compared to $2.9 million in the first nine months of 2022;
- Net profit for the first nine months of 2023 was $5.0 million or $0.85 per fully diluted share compared to net profit of $2.4 million or $0.41 per fully diluted share in the first nine months of 2022.
First Nine Months 2023 Non-GAAP Financial Results
- EBITDA for the first nine months of 2023 was a $6.2 million (18% of revenues) compared to EBITDA of $3.3 million (11% of revenues) in the first nine months of 2022.
Suggested Items
Celestica Announces Q2 2024 Financial Results
07/26/2024 | CelesticaCelestica Inc., a leader in design, manufacturing, hardware platform and supply chain solutions for the world's most innovative companies, announced financial results for the quarter ended June 30, 2024 (Q2 2024)†.
Amphenol Reports Record Q2 2024 Results and Announces Dividend Increase
07/26/2024 | Amphenol CorporationThe Company continues to deploy its financial strength in a variety of ways to increase shareholder value. During the quarter, the Company purchased 3.1 million shares of its common stock for $190 million and paid dividends of $132 million, resulting in total capital returned to shareholders of more than $320 million.
Looking For That Perfect Job? Check Out jobCONNECT007
07/25/2024 | I-Connect007 Editorial TeamThere are a lot of open positions in this industry today. But where do you begin to look? We have the answer: jobCONNECT007, your guide to career opportunities in the electronic industry. In jobCONNECT007, you’ll find job openings that span the entire circuit board supply chain. Whether you’re involved in design, fabrication, assembly, test, or material development or distribution, this handy resource can help you get on your way to a new gig.
Boeing Provides Digital Flight Operations Solution for Ryanair
07/25/2024 | BoeingBoeing and Ryanair, Europe's largest airline group, are elevating efficiency across Ryanair's fleet of primarily 737s with the addition of Boeing's Jeppesen FliteDeck Pro 5.0 electronic flight bag (EFB) solution.
Cicor Group Grows Significantly and Shows Robust Operational Performance in a Challenging Environment
07/24/2024 | CicorCicor Group has continued to grow significantly in the first half of 2024, advancing into the top tier of European electronics manufacturers. Net sales reached CHF 231.3 million, an increase of 16.1% compared to CHF 199.2 million for the first half of 2023.