-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueVoices of the Industry
We take the pulse of the PCB industry by sharing insights from leading fabricators and suppliers in this month's issue. We've gathered their thoughts on the new U.S. administration, spending, the war in Ukraine, and their most pressing needs. It’s an eye-opening and enlightening look behind the curtain.
The Essential Guide to Surface Finishes
We go back to basics this month with a recount of a little history, and look forward to addressing the many challenges that high density, high frequency, adhesion, SI, and corrosion concerns for harsh environments bring to the fore. We compare and contrast surface finishes by type and application, take a hard look at the many iterations of gold plating, and address palladium as a surface finish.
It's Show Time!
In this month’s issue of PCB007 Magazine we reimagine the possibilities featuring stories all about IPC APEX EXPO 2025—covering what to look forward to, and what you don’t want to miss.
- Articles
- Columns
Search Console
- Links
- Media kit
||| MENU - pcb007 Magazine
Eltek Reports Q2 2024 Financial Results
August 16, 2024 | PRNewswireEstimated reading time: 3 minutes
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), today announced its financial results for the quarter ended June 30, 2024.
Second Quarter 2024 Highlights
- Revenues were $10.5 million
- Operating profit was $0.4 million
- Profit before tax was $0.9 million
- Net income was $0.8 million or $0.11 per fully diluted share
- As of June 30, 2024 cash and cash equivalents amounted $18.3 million.
"Eltek has demonstrated consistent growth over the past several quarters, driven by our commitment to innovation and customer satisfaction. However, this quarter, we experienced a decrease in revenues and profits compared to the previous quarter and the corresponding quarter last year. This decline is attributed to a significant timing shift by some key customers, who prioritized orders for PCBs with medium technology requirements, resulting in lower prices and margins. Orders for more complex, higher-margin PCBs were pushed back and are scheduled to be produced in the third quarter. While this has impacted our short-term financial performance, we remain confident in our long-term strategy and market position," said Eli Yaffe, CEO of Eltek.
"We expect to return in in the third quarter to the profitability parameters of previous quarters, as product mix strategies are realigned. Our backlog as of today increased by 30% since the beginning of 2024. This increase will support our planned growth in revenues and profitability. We remain committed to delivering value to our shareholders and are taking the necessary steps to ensure that we continue our growth trend. Our team is focused on optimizing our product offerings and operational efficiencies to drive profitability and sustain our market leadership," concluded Mr. Yaffe.
Second Quarter 2024 GAAP Financial Results
Revenues for the second quarter of 2024 were $10.5 million compared to $11.0 million in the second quarter of 2023.
Gross profit for the second quarter of 2024 was $1.6 million (16% of revenues) compared to $3.0 million (27% of revenues) in the second quarter of 2023.
Operating profit for the second quarter of 2024 was $0.4 million compared to operating profit of $1.4 million in the second quarter of 2023.
Financial income for the second quarter of 2024 was $0.5 million compared to financial income of $0.2 million in the second quarter of 2023. Financial income primarily results from the erosion of the NIS against the US dollar.
Profit before income tax for the second quarter of 2024 was $0.9 million compared to $1.6 million in the second quarter of 2023.
Net income for the second quarter of 2024 was $0.8 million or $0.11 per fully diluted share compared to net income of $1.3 million or $0.22 per fully diluted share in the second quarter of 2023.
Second Quarter 2024 Non-GAAP Financial Results
EBITDA for the second quarter of 2024 was $0.8 million (7.6% of revenues) compared to EBITDA of $1.7 million (15.3% of revenues) in the second quarter of 2023;
First Six Months 2024 GAAP Financial Results
Revenues for the first six months of 2024 were $22.2 million compared to $22.5 million in the first six months of 2023.
Gross profit for the first six months of 2024 was $4.9 million (22% of revenues) compared to $6.0 million (26% of revenues) in the first six months of 2023.
Operating profit for the first six months of 2024 was $2.1 million compared to operating profit of $3.0 million in the first six months of 2023.
Financial income for the first six months of 2024 was $0.8 million compared to financial income of $0.5 million in the first six months of 2023. Financial income primarily results from the erosion of the NIS against the US dollar.
Profit before income tax for the first six months of 2024 was $3.0 million compared to $3.5 million in the first six months of 2023.
Net profit for the first six months of 2024 was $2.5 million or $0.38 per fully diluted share compared to net profit of $2.9 million or $0.49 per fully diluted share in the first six months of 2023.
First Six Months 2024 Non-GAAP Financial Results
EBITDA for the first six months of 2024 was a $2.9 million (13% of revenues) compared to EBITDA of $3.6 million (16% of revenues) in the first six months of 2023.
Suggested Items
Cadence Unveils Millennium M2000 Supercomputer with NVIDIA Blackwell Systems
05/08/2025 | Cadence Design SystemsAt its annual flagship user event, CadenceLIVE Silicon Valley 2025, Cadence announced a major expansion of its Cadence® Millennium™ Enterprise Platform with the introduction of the new Millennium M2000 Supercomputer featuring NVIDIA Blackwell systems, which delivers AI-accelerated simulation at unprecedented speed and scale across engineering and drug design workloads.
Zhen Ding Releases April 2025 Monthly Revenue Report
05/07/2025 | Zhen Ding TechnologyZhen Ding Technology Holding Limited, a global leading PCB manufacturer, reported April 2025 revenue of NT$13,589 million, up 22.90% YoY, marking a record high for the same period in the company’s history.
Schweizer Electronic AG: Business Development in Q1 of 2025
05/07/2025 | Schweizer Electronic AGThe Schweizer Group continued its growth trajectory in the first quarter of 2025. Revenue reached EUR 39.4 million in the first quarter of 2025, up 14.9% on the previous quarter (Q4 2024: EUR 34.4 million) and slightly above the level of the same quarter of the previous year (Q1 2024: EUR 39.2 million).
Koh Young Invites You to the 2025 IEEE Electronic Components and Technology Conference
05/06/2025 | Koh YoungKoh Young, the industry leader in True3D™ measurement-based inspection solutions, invites you to join us at the 2025 IEEE Electronic Components and Technology Conference (ECTC), taking place May 27–30, 2025, at the Gaylord Texan Resort & Convention Center in Grapevine, Texas
Global Semiconductor Sales Increase 18.8% in Q1 2025 Compared to Q1 2024; March 2025 Sales up 1.8% MoM
05/06/2025 | SIAThe Semiconductor Industry Association (SIA) announced global semiconductor sales were $167.7 billion for the first quarter of 2025, an increase of 18.8% compared to the first quarter of 2024 but 2.8% less than the fourth quarter of 2024.