Electro-Sensors, Inc. Announces Third Quarter 2024 Financial Results

In This Article:

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.

  • Quarterly revenue of $2,512,000, up 22.1% from the prior-year period

  • Gross margin of 50.4%

  • 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)



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









Operating expenses


1,092



1,019









Operating income (loss)


173



(26)









Non-operating income, net


117



109









Income before income taxes


290



83









Provision for income taxes


52



75









Net income

$

238


$

8









Earnings per share – diluted

$

0.07


$

0.00


Average shares outstanding - diluted


3,434,417



3,428,021





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









Operating expenses


3,426



3,203









Operating loss


(34)



(120)









Non-operating income, net


342



296









Income before income taxes


308



176









Provision for income taxes


63



96









Net income

$

245


$

80









Earnings per share – diluted

$

0.07


$

0.02


Average shares outstanding - diluted


3,440,382



3,428,021