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MINNETONKA, Minn., Nov. 13, 2024 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the third quarter ended September 30, 2024.
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Quarterly revenue of $2,512,000, up 22.1% from the prior-year period
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Gross margin of 50.4%
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Cash and investments of approximately $10.3 million
Selected Financial Information (unaudited; in thousands, except per share data)
| Q3 2024 | Q3 2023 | Change | ||||||
Net Sales | | $ | 2,512 | | $ | 2,057 | | 22.1 | % |
Gross Margin | | | 50.4 | % | | 48.3 | % | 210 | bps |
Operating Income (Loss) | | $ | 173 | | $ | (26) | | 765.4 | % |
Operating Income Margin | | | 6.9 | % | | (1.2) | % | 810 | bps |
Income Before Income Taxes | | $ | 290 | | $ | 83 | | 249.4 | % |
Earnings Per Share (diluted) | | $ | 0.07 | | $ | 0.00 | | 100.0 | % |
Net sales in the third quarter increased 22.1% to $2,512,000 from $2,057,000 in the prior-year quarter. For the nine-month period ended September 30, 2024, net sales increased 11.8% to $6,973,000 from $6,239,000 in the comparable prior-year period. Furthermore, gross margin for the 2024 third quarter was 50.4%, up from 48.6% in the corresponding quarter in 2023.
"Sales during the third quarter increased for both our wired sensor products and our wireless HazardPRO™ products, largely driven by industrial automation and agricultural applications," said David L. Klenk, Electro-Sensors' president. "Furthermore, gross margin improved over the prior-year period as our supply chain continued to stabilize, and we benefited primarily from price adjustments implemented earlier in the year."
A full analysis of results for the period ended September 30, 2024 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.
Electro-Sensors, Inc. Statements of Income For the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) (in thousands except share and per share amounts) | ||||||
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| Three Months Ended September 30, | |||||
| 2024 | | 2023 | | ||
Sales | $ | 2,512 | | $ | 2,057 | |
Cost of goods sold | | 1,247 | | | 1,064 | |
Gross profit | | 1,265 | | | 993 | |
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Operating expenses | | 1,092 | | | 1,019 | |
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Operating income (loss) | | 173 | | | (26) | |
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Non-operating income, net | | 117 | | | 109 | |
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Income before income taxes | | 290 | | | 83 | |
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Provision for income taxes | | 52 | | | 75 | |
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Net income | $ | 238 | | $ | 8 | |
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Earnings per share – diluted | $ | 0.07 | | $ | 0.00 | |
Average shares outstanding - diluted | | 3,434,417 | | | 3,428,021 | |
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| Nine Months Ended September 30, | |||||
| 2024 | | 2023 | | ||
Sales | $ | 6,973 | | $ | 6,239 | |
Cost of goods sold | | 3,581 | | | 3,156 | |
Gross profit | | 3,392 | | | 3,083 | |
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Operating expenses | | 3,426 | | | 3,203 | |
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Operating loss | | (34) | | | (120) | |
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Non-operating income, net | | 342 | | | 296 | |
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Income before income taxes | | 308 | | | 176 | |
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Provision for income taxes | | 63 | | | 96 | |
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Net income | $ | 245 | | $ | 80 | |
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Earnings per share – diluted | $ | 0.07 | | $ | 0.02 | |
Average shares outstanding - diluted | | 3,440,382 | | | 3,428,021 |