Dan's Biz Bookshelf: 'Revenge of the Tipping Point'
Marcy's Musings: Engineering Economics
Punching Out: Should You Sell Your Company to a Private Equity Firm?
FTG Announces Q2 2024 Financial Results; Up 46% YoY
July 11, 2024 | Globe NewswireEstimated reading time: 1 minute
Firan Technology Group Corporation (TSX: FTG) today announced financial results for the second quarter of 2024.
- Second quarter bookings of $58.7M were up 46% over Q2 2023.
- Second quarter revenues of $38.8M were up 14% over Q2 2023.
- FTG achieved Adjusted Net Earnings in Q2 2024 of $2.6M, which was up 13% over Q2 2023.
- FTG achieved second-quarter Adjusted EBITDA of $6.5M, which was up 25% over Q2 2023.
- FTG achieved Free Cash Flow of $2.0M in Q2 2024, an increase of $2.4M over Q2 2023.
Business Highlights
During Q2 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 Q2 2024, which continues to improve the Corporation and position it for the future:
Integration activities in Circuits Minnetonka progressed well in the quarter including going live with the FTG ERP system. The ERP transition resulted in a negative impact on production in March and April, but May saw a return to expected throughput levels. The site renewed a multiyear contract with one of its largest customers at improved price levels in the quarter.
Integration activities in Circuits Haverhill advanced with the receipt of new drills and electrical test equipment. The expansion of the customer base progressed in the quarter. The site installed new servers and the FTG ERP system in Q2 with full implementation targeted through the second half of 2024.
Customer orders received in Q2 2024 totaled $58.7M, resulting in a book-to-bill ratio of 1.51:1.
The Corporation was awarded a contract valued at approximately $17.0M to supply cockpit interface assemblies for the display suite on COMAC's C919 aircraft. The period of performance for this contract extends from the second half of 2024 through to the third quarter of 2026. Production will take place at FTG’s manufacturing facilities in Toronto, Canada, and Tianjin, China. Production will start in Toronto and transition to Tianjin during the contract period.
As of May 31, 2024, FTG had total backlog of $119.6 million, which is a 22% increase over the Q2 2023 backlog of $98.2 million.
Share on:
Suggested Items
China Overtakes Germany and Japan in Robot Density
11/22/2024 | IFRChina's adoption of robots continues at a rapid pace: The country has surpassed Germany and Japan in the ratio of robots to factory workers, taking third place in the world in 2023.
Deutsche Aircraft Selects Honeywell to Provide High Frequency Radio System for the D328eco
11/21/2024 | HoneywellHoneywell has been selected by Deutsche Aircraft, a German aircraft manufacturer, to supply its Primus HF-1050 high-frequency (HF) radio system for the recently debuted 40-seater D328eco turboprop.
RTX's Pratt & Whitney and WZL2 Sign Letter of Intent for F100 Sustainment Work in Poland
11/21/2024 | RTXPratt & Whitney, an RTX business, signed a letter of intent with Wojskowe Zaklady Lotnicze Nr. 2 S.A., also known as WZL2, to explore expanded maintenance repair and overhaul capabilities for increased Polish Air Force needs.
Nano Dimension Posts Revenue of Revenue $14.9M in Q3 2024; Up 22% YoY
11/20/2024 | Nano DimensionNano Dimension Ltd., a leading supplier of Additively Manufactured Electronics (AME) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (AM) 3D printing solutions, today announced financial results for the third quarter ended September 30th , 2024 and shared a letter from Yoav Stern, the Company’s Chief Executive Officer and member of the Board of Directors.
Global Semiconductor Manufacturing Industry Records Strong Growth in Q3 2024
11/20/2024 | SEMIThe global semiconductor manufacturing industry in the third quarter of 2024 showed strong momentum with all key industry indicators performing positive quarter-on-quarter (QoQ) increases for the first time in two years.