Eltek Reports Q1 2024 Financial Results
May 22, 2024 | 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 March 31, 2024.
First Quarter 2024 Highlights
- Revenues were $11.8 million, up 3% over Q1 2023
- Operating profit was $1.7 million, up 8% over Q1 2023
- Net income was $1.7 million or $0.27 per fully diluted share, up 11% over Q1 2023
- Net cash provided by operating activities amounted to $1.3 million.
"We have ended another successful quarter with net income of $1.74 million, compared to $1.56 million in the first quarter of 2023, an increase of 11%. Revenues reached $11.8 million, marking a 3% rise compared to the same period last year. These results are the outcome of our continuous investment in increasing efficiency and quality. We have seen a consistent uptrend in both product orders and requests for quotations during the quarter. Recently, we secured a repeat order worth $1.6 million from a defense client for PCB supply, with $1 million due by the end of 2024 and the remainder by the end of 2025. We anticipate sustained high demand in the defense sector, for the next 2-3 years. Our current principal production constraint lies in manpower and not in machine capacity. To manage this increased demand for our products, we're actively seeking to boost our workforce by 15% in the short term and an additional 10% thereafter," said Eli Yaffe, CEO of Eltek.
"Looking ahead to 2024 and 2025, we anticipate significant challenges as we undertake extensive construction work and integrate additional new production lines and machines. Our focus is on ensuring the smooth installation of new equipment while sustaining full production capacity on our existing lines. Despite a slight delay of several months in our investment program, our progress remains steady, with the successful installation of the first of three ordered coating lines during the quarter," continued Mr. Yaffe.
"We continue to seek a suitable PCB manufacturing company to acquire in the American market to enhance our presence in North America. Concurrently, we are exploring additional options for expanding production at our plant in Israel to support our growth strategy," concluded Mr. Yaffe.
First Quarter 2024 GAAP Financial Results
- Revenues for the first quarter of 2024 were $11.8 million, compared to $11.5 million in the first quarter of 2023;
- Gross profit for the first quarter of 2024 was $3.3 million (28% of revenues) compared to $3.0 (26% of revenues) in the first quarter of 2023;
- Operating profit for the first quarter of 2024 was $1.7 million compared to operating profit of $1.6 million in the first quarter of 2023;
- Net income for the first quarter of 2024 was $1.7 million or $0.27 per fully diluted share compared to net income of $1.6 million or $0.27 per fully diluted share in the first quarter of 2023;
- Cash and short-term bank deposits amounted to $19.9 million as of March 31, 2024, with no outstanding debt.
First Quarter 2024 Non-GAAP Financial Results
EBITDA for the first quarter of 2024 was $2.1 million (18% of revenues) compared to EBITDA of $1.9 million (17% of revenues) in the first quarter of 2023;
Suggested Items
PCBAA Wins Summit Silver Award from the American Society of Association Executives
07/18/2025 | PCBAAPCBAA was one of 38 associations that earned Silver Awards for outstanding contributions for an entry titled: Chips Don’t Float: More Printed Circuit Boards Must be Made in America.
INSPECTIS AB ‘Makes it a Meal’ with Series U50s Advanced Kit
07/18/2025 | INSPECTIS ABFamous chefs the world over maintain that an entrée doesn’t make a great meal without side dishes. At INSPECTIS, we call those ‘sides’ an Advanced Kit.
July 2025 PCB007 Magazine: Sales—From Pitch to PO
07/18/2025 |Though all parts of a company are essential for holistic success, it is a foundational truth that a company lives and dies by its sales. If there are no sales, the company eventually ceases to exist, or as Henry Ford says, “Nothing happens until someone sells something.” In the July issue of PCB007 Magazine, we break down the sales stack and provide a guide to up your sales game.
Silicon Mountain Contract Services Enhances SMT Capabilities with New HELLER Reflow Oven
07/17/2025 | Silicon Mountain Contract ServicesSilicon Mountain Contract Services, a leading provider of custom electronics manufacturing solutions, is proud to announce a significant upgrade to its SMT production capability with the addition of a HELLER 2043 MK5 10‑zone reflow oven to its Nampa facility.
KONIG Launches KP400: Advanced 3D Digital Conformal Coating System for High-Density Electronics
07/15/2025 | KONIGKONIG, a leader in electronic packaging protection solutions, is proud to announce the launch of the KP400 3D Digital Packaging Solution—a breakthrough conformal coating system that brings new levels of precision, speed, and material efficiency to electronics manufacturing.