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WKN: 657846 | ISIN: US2852331022 | Ticker-Symbol: N/A
NASDAQ
11.11.24
16:43 Uhr
3,950 US-Dollar
0,000
0,00 %
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ELECTRO-SENSORS INC Chart 1 Jahr
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ELECTRO-SENSORS INC 5-Tage-Chart
PR Newswire
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Electro-Sensors, Inc. Announces Third Quarter 2024 Financial Results

Finanznachrichten News

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

Electro-Sensors, Inc.

Balance Sheets

September 30, 2024 and December 31, 2023

(in thousands)





September 30,


December 31,



2024


2023


Assets

(unaudited)











Current Assets







Cash and investments

$

10,302


$

9,926


Trade receivables, net


1,182



1,283


Inventories


2,003



1,751


Other current assets


272



179


Total current assets


13,759



13,139









Deferred income tax asset, long-term


287



355


Property and equipment, net


911



951


Total assets

$

14,957


$

14,445









Liabilities and Stockholders' Equity














Current Liabilities







Accounts payable and accrued expenses

$

859


$

690


Total current liabilities


859



690
















Stockholders' equity







Common stock


342



342


Additional paid-in capital


2,328



2,230


Retained earnings


11,428



11,183


Total stockholders' equity


14,098



13,755









Total liabilities and stockholders' equity

$

14,957


$

14,445


About Electro-Sensors

Electro-Sensors, Inc. is an industry leading designer and manufacturer of rugged and reliable machine monitoring sensors and wireless/wired hazard monitoring systems applied across multiple industries and applications. These products improve processes by protecting people, safeguarding systems, reducing downtime, and preventing waste. Electro-Sensors is proud to be an ISO9001:2015 quality certified company and is committed to providing excellent customer service and technical support. Founded in 1968 and located in Minnetonka, Minnesota, Electro-Sensors provides its loyal customers with reliable products that improve safety and help plants operate with greater efficiency, productivity and control.

Cautionary Statement Regarding Forward Looking Statements

This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities. These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions. For these forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in federal securities laws. Forward-looking statements reflect the company's current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. These forward-looking statements are subject to a number of factors, risks and uncertainties, including those disclosed in our periodic filings with the SEC that could cause actual performance, activities, plans, or opportunities after the date the statements are made to differ significantly from those indicated in the forward-looking statements.

For more information please visit our website at: www.electro-sensors.com. Also look us up on:
LinkedIn: linkedin.com/company/electro-sensors-inc-
X: x.com/ESIsensors
Facebook: facebook.com/ElectroSensors

SOURCE Electro-Sensors, Inc.

© 2024 PR Newswire
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