-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueCertifications
Certifications have historically been seen as a cost of doing business, but how do we turn them into a positive ROI and a value to both customer and vendor?
The Butterfly Effect
The basis of chaos theory is a key concept known as the “butterfly effect.” It’s the idea that a small event in one place creates a cascading set of events elsewhere. So, how is the EMS landscape changing? We’re tracking the concerns and dynamics of this landscape, and there’s a lot to learn.
Coming to Terms With AI
In this issue, we examine the profound effect artificial intelligence and machine learning are having on manufacturing and business processes. We follow technology, innovation, and money as automation becomes the new key indicator of growth in our industry.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
FTG Announces Q1 2024 Financial Results
April 12, 2024 | Firan Technology Group CorporationEstimated reading time: 1 minute
Firan Technology Group Corporation announced financial results from its first quarter of 2024.
- First quarter bookings of $37.5M were up 14% over Q1 2023.
- FTG first quarter revenues of $35.0M were up 42% over Q1 2023.
- FTG achieved Adjusted Net Earnings in Q1 2024 of $1.1M.
- FTG achieved Adjusted EBITDA of $4.6M, which was up 42% over Q1 2023.
Business Highlights
During Q1 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q1 2024, which continues to improve the Corporation and position it for the future:
Integration activities at both acquisitions progressed well through 2023 and Q1 2024 with improved throughput, improved pricing, cost savings and FTG ERP implementation completed at Circuits Minnetonka, and cost savings, equipment investments and growth plans at Circuits Haverhill. More activities and full FTG ERP implementation for Circuits Haverhill are planned for the balance of 2024.
Also, in support of the new acquisitions, and the overall growth of FTG, Leo LaCroix was hired as Executive Vice President, Circuits to oversee FTG’s US Circuits operations including the newly acquired sites. Leo has extensive senior management experience in the circuit board industry selling into the defence market.
FTG managed through a six-week strike by 67 unionized employees at the FTG Aerospace Toronto facility, which resulted in decreased product shipments during Q1 2024 of approximately $3.0M. The reduction in revenue had a negative impact on Net Earnings of approximately $1M. A new 4-year agreement with the employees was concluded and the employees returned to work on January 23, 2024. The new contract expires in August 2027.
Customer orders received in Q1 2024 totaled $37.5M, resulting in a book-to-bill ratio of 1.07:1.
As of March 1, 2024, FTG had a total backlog of $99.3 million, which is a 34% increase over the Q1 2023 backlog of $74.2 million. The two acquisitions added approximately $17.0 million of additional backlog as of their closing date.
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.