Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results
Electro-Sensors, Inc. (NASDAQ: ELSE) reported its Q2 2024 financial results, showing a 3.7% increase in quarterly revenue to $2,217,000. The company's gross margin was 47.2%, down from 50.0% in Q2 2023. Despite the revenue growth, Electro-Sensors recorded an operating loss of $107,000 compared to an operating income of $44,000 in the prior-year quarter. The company maintained a strong cash position with $9.9 million in cash and investments. Sales growth was primarily attributed to increased demand for HazardPRO wireless hazard monitoring systems. For the first six months of 2024, net sales increased by 6.7% to $4,461,000, while gross margin decreased to 47.7% due to higher material and labor costs.
Electro-Sensors, Inc. (NASDAQ: ELSE) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un incremento del 3,7% nel fatturato trimestrale a $2.217.000. Il margine lordo dell'azienda era del 47,2%, in calo rispetto al 50,0% del secondo trimestre 2023. Nonostante la crescita del fatturato, Electro-Sensors ha registrato una perdita operativa di $107.000 rispetto a un utile operativo di $44.000 nello stesso trimestre dell'anno precedente. L'azienda ha mantenuto una solida posizione di liquidit脿 con $9,9 milioni in liquidit脿 e investimenti. La crescita delle vendite 猫 stata principalmente attribuita all'aumento della domanda per i sistemi di monitoraggio dei pericoli wireless HazardPRO. Nei primi sei mesi del 2024, le vendite nette sono aumentate del 6,7% a $4.461.000, mentre il margine lordo 猫 diminuito al 47,7% a causa dell'aumento dei costi dei materiali e della manodopera.
Electro-Sensors, Inc. (NASDAQ: ELSE) inform贸 sobre sus resultados financieros del segundo trimestre de 2024, mostrando un incremento del 3,7% en los ingresos trimestrales a $2,217,000. El margen bruto de la empresa fue del 47,2%, una disminuci贸n desde el 50,0% en el segundo trimestre de 2023. A pesar del crecimiento de los ingresos, Electro-Sensors registr贸 una p茅rdida operativa de $107,000 en comparaci贸n con una ganancia operativa de $44,000 en el trimestre del a帽o anterior. La empresa mantuvo una s贸lida posici贸n de liquidez con $9.9 millones en efectivo e inversiones. El crecimiento de las ventas se atribuy贸 principalmente a la mayor demanda de los sistemas de monitoreo de peligros inal谩mbricos HazardPRO. Durante los primeros seis meses de 2024, las ventas netas aumentaron un 6,7% a $4,461,000, mientras que el margen bruto disminuy贸 al 47,7% debido al aumento de los costos de materiales y mano de obra.
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Electro-Sensors, Inc. (NASDAQ: ELSE) a rapport茅 ses r茅sultats financiers pour le deuxi猫me trimestre 2024, montrant une augmentation de 3,7 % des revenus trimestriels 脿 2 217 000 $. La marge brute de l'entreprise 茅tait de 47,2 %, en baisse par rapport 脿 50,0 % au deuxi猫me trimestre 2023. Malgr茅 la croissance des revenus, Electro-Sensors a enregistr茅 une perte d'exploitation de 107 000 $ par rapport 脿 un revenu d'exploitation de 44 000 $ au trimestre de l'ann茅e pr茅c茅dente. L'entreprise a maintenu une solide position de tr茅sorerie avec 9,9 millions de dollars en liquidit茅s et investissements. La croissance des ventes 茅tait principalement attribu茅e 脿 la demande accrue pour les syst猫mes de surveillance des dangers sans fil HazardPRO. Pour les six premiers mois de 2024, les ventes nettes ont augment茅 de 6,7 % pour atteindre 4 461 000 $, tandis que la marge brute a diminu茅 脿 47,7 % en raison de l'augmentation des co没ts des mat茅riaux et de la main-d'艙uvre.
Electro-Sensors, Inc. (NASDAQ: ELSE) hat seine finanziellen Ergebnisse f眉r das zweite Quartal 2024 ver枚ffentlicht und zeigt einen Umsatzanstieg von 3,7% auf $2.217.000. Die Bruttomarge des Unternehmens betrug 47,2%, ein R眉ckgang von 50,0% im zweiten Quartal 2023. Trotz des Umsatzwachstums verzeichnete Electro-Sensors einen betriebsbedingten Verlust von $107.000 im Vergleich zu einem Betriebseinkommen von $44.000 im Vorjahresquartal. Das Unternehmen hielt eine starke Liquidit盲tsposition mit $9,9 Millionen in Bargeld und Investitionen. Das Umsatzwachstum wurde haupts盲chlich auf die steigende Nachfrage nach den HazardPRO drahtlosen Gefahren眉berwachungssystemen zur眉ckgef眉hrt. In den ersten sechs Monaten 2024 stiegen die Nettoums盲tze um 6,7% auf $4.461.000, w盲hrend die Bruttomarge aufgrund h枚herer Material- und Arbeitskosten auf 47,7% fiel.
- Quarterly revenue increased by 3.7% to $2,217,000
- Six-month net sales grew by 6.7% to $4,461,000
- Strong cash position with $9.9 million in cash and investments
- Increased sales of HazardPRO wireless hazard monitoring systems
- Operating loss of $107,000 compared to operating income of $44,000 in Q2 2023
- Gross margin decreased to 47.2% from 50.0% in Q2 2023
- Six-month gross margin declined to 47.7% from 50.0% due to increased material and labor costs
- Diluted earnings per share decreased from $0.03 to $0.00 year-over-year
Insights
Electro-Sensors' Q2 2024 results present a mixed financial picture. While revenue grew
The HazardPRO wireless systems are a bright spot, driving sales growth. However, rising material and labor costs are pressuring margins across all product lines. With earnings per share dropping from
The balance sheet remains solid with
Electro-Sensors' performance reflects broader industry trends in industrial automation. The
However, the margin pressure Electro-Sensors is experiencing is a common theme across the industry, as supply chain disruptions and inflation impact material and labor costs. The company's ability to maintain sales growth despite these headwinds is noteworthy, suggesting strong product positioning.
Looking ahead, Electro-Sensors' focus on systems with favorable total cost of ownership could be a key differentiator in a price-sensitive market. Investors should watch for signs of margin stabilization and the company's ability to pass on costs to customers without impacting demand.
- Quarterly revenue of
$2,217,000 3.7% from the prior-year period - Gross margin of
47.2% - Cash and investments of approximately
$9.9 million
Selected Financial Information (unaudited; in thousands, except per share data)
Q2 2023 | Q2 2022 | Change | |||||||
Net Sales | $ | 2,217 | $ | 2,137 | 3.7 | % | |||
Gross Margin | 47.2 | % | 50.0 | % | -280 | bps | |||
Operating Income (Loss) | $ | (107) | $ | 44 | (343.2) | % | |||
Operating Income Margin | (4.8) | % | 2.1 | % | -690 | bps | |||
Income (Loss) Before Income Taxes | $ | 2 | $ | 138 | (98.6) | % | |||
Earnings Per Share (diluted) | $ | 0.00 | $ | 0.03 | (100.0) | % | |||
Net sales in the second quarter increased
"During the 2024 second quarter, our sales increased
A full analysis of results for the period ended June 30, 2024 is available in the Company's Form 10-Q, which is available on the Company's website at or through the Securities and Exchange Commission's Edgar database at .
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Electro-Sensors, Inc. Statements of Income For the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) (in thousands except share and per share amounts) | |||||
Three Months Ended June 30, | |||||
2024 | 2023 | ||||
Sales | $ | 2,217 | $ | 2,137 | |
Cost of goods sold | 1,170 | 1,069 | |||
Gross profit | 1,047 | 1,068 | |||
Operating expenses | 1,154 | 1,024 | |||
Operating income (loss) | (107) | 44 | |||
Non-operating income, net | 109 | 94 | |||
Income before income taxes | 2 | 138 | |||
Provision for income taxes | 6 | 22 | |||
Net income (loss) | $ | (4) | $ | 116 | |
Earnings (loss) per share 鈥� diluted | $ | 0.00 | $ | 0.03 | |
Average shares outstanding - diluted | 3,428,021 | 3,443,394 | |||
Six Months Ended June 30, | |||||
2024 | 2023 | ||||
Sales | $ | 4,461 | $ | 4,182 | |
Cost of goods sold | 2,334 | 2,092 | |||
Gross profit | 2,127 | 2,090 | |||
Operating expenses | 2,334 | 2,184 | |||
Operating income (loss) | (207) | (94) | |||
Non-operating income, net | 225 | 187 | |||
Income before income taxes | 18 | 93 | |||
Provision for income taxes | 11 | 21 | |||
Net income | $ | 7 | $ | 72 | |
Earnings per share 鈥� diluted | $ | 0.00 | $ | 0.02 | |
Average shares outstanding - diluted | 3,428,021 | 3,443,930 | |||
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Electro-Sensors, Inc. Balance Sheets June 30, 2024 and December 31, 2023 (in thousands) | |||||
June 30, | December 31, | ||||
2024 | 2023 | ||||
Assets | (unaudited) | ||||
Current Assets | |||||
Cash and investments | $ | 9,944 | $ | 9,926 | |
Trade receivables, net | 1,180 | 1,283 | |||
Inventories | 1,865 | 1,751 | |||
Other current assets | 218 | 179 | |||
Total current assets | 13,207 | 13,139 | |||
Deferred income tax asset, long-term | 330 | 355 | |||
Property and equipment, net | 930 | 951 | |||
Total assets | $ | 14,467 | $ | 14,445 | |
Liabilities and Stockholders' Equity | |||||
Current Liabilities | |||||
Accounts payable and accrued expenses | $ | 638 | $ | 690 | |
Total current liabilities | 638 | 690 | |||
Stockholders' equity | |||||
Common stock | 342 | 342 | |||
Additional paid-in capital | 2,297 | 2,230 | |||
Retained earnings | 11,190 | 11,183 | |||
Total stockholders' equity | 13,829 | 13,755 | |||
Total liabilities and stockholders' equity | $ | 14,467 | $ | 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
Cautionary Statement Regarding Forward Looking Statements
This press release may include statements about possible or anticipated future financial performance, business activities, plans, or opportunities.听 These forward-looking statements may include the words "will," "should," "believes," "expects," "anticipates," "intends" or similar expressions.听 For these forward-looking statements, the Company claims the protection of the safe harbor for forward鈭抣ooking statements contained in federal securities laws.听 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.听 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.
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SOURCE Electro-Sensors, Inc.
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