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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.
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