Eltek Reports 2022 First Quarter Financial Results
May 18, 2022 | EltekEstimated reading time: 1 minute
Eltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs), announced its financial results for the quarter ended March 31, 2022.
“The world's exit from the Covid-19 crisis, the increased demand for defense products, and the continuation of the trend of shifting back high-end PCB production to Western countries continue to have a positiveimpact on our Company's results of operations. The Company's backlog as of March 31, 2022, increased by 50% compared to the beginning of the year. Eltek is a key supplier to several major defense contractors and its revenues and backlog are influenced directly from the increased demand of their customers”, said Eli Yaffe, Chief Executive Officer of Eltek. “During the first quarter of 2022, we began our accelerated investment program at the Company's plant in Petach Tikva in order to cope with the increase in demand we forecast and the need for higher efficiency. The first phase of the plan includes investments in production lines and infrastructure amounting to $9 million. The total cost of our accelerated investment plan is expected to be $15 million. We are also continuing our efforts to increase our skilled workforce in order to expand our production capacity”, concluded Mr. Yaffe.
Highlights of the First Quarter of 2022 compared to the First Quarter of 2021
- Revenues were $9.8 million in the first quarter of 2022 compared to revenues of $7.2 million in the first quarter of 2021;
- Gross profit was $2.0 million (20.1% of revenues) in the first quarter of 2022 compared to $1.1 (15.9% of revenues) in the first quarter of 2021;
- Operating profit was $0.7 million in the first quarter of 2022 compared to an operating profit of $0.1 million in the first quarter of 2021;
- Profit before income tax was $0.8 million in the first quarter of 2022 compared to $0.2 million in the first quarter of 2021;
- Net profit was $0.6 million or $0.11 per fully diluted share for the first quarter of 2022 compared to net profit of $0.2 million or $0.04 per fully diluted share in the first quarter of 2021;
- EBITDA was a $1.1 million (11% of revenues) in the first quarter of 2022 compared to EBITDA of
- $0.6 million (8% of revenues) in the first quarter of 2021;
- Net cash provided by operating activities amounted to $0.3 million in the first quarter of 2022 compared to net cash provided by operating activities of $2.5 million in the first quarter of 2021;
- Cash and cash equivalents as of March 31, 2022 were $9.1 million compared to $9.3 million as of December 31, 2021.
Suggested Items
SCHWEIZER Announces Preliminary Group Figures for 2023 Financial Year
03/27/2024 | Schweizer Electronic AGThe preliminary and unaudited results of the SCHWEIZER Group confirm the major and successfully completed turnaround in 2023. Sales rose to a record of EUR 139.4 million, exceeding expectations with an increase of 6.4 percent.
LPKF Reports Strategic Successes and Narrowly Achieves Forecast for 2023 Financial Year
03/26/2024 | LPKFLPKF Laser & Electronics SE generated revenue of EUR 124.3 million in the financial year (previous year: EUR 123.7 million) and earnings before interest and tax (EBIT) of EUR 3.7 million (previous year: EUR 6.8 million), putting the EBIT margin at 3.0% (previous year: 5.5%).
Nortech Systems Reports Q4, FY 2023 Results; Full Year Net Sales Up Nearly 4% from Prior Year;
03/21/2024 | BUSINESS WIRENortech Systems Incorporated, a leading provider of engineering and manufacturing solutions for complex electromedical and electromechanical products serving the medical, industrial and defense markets, reported 2023 fourth quarter and full year results for the period ended December 31, 2023.
National Security Contracts Secured by SAIC Top $284 Million in Early 2024
03/18/2024 | SAICScience Applications International Corp. announced it received $284 million in awards from the United States intelligence community in January and February of 2024.
Jabil Posts Second Quarter Results
03/18/2024 | Jabil“Despite revenue headwinds this year, which are expected to be short-term, I’m pleased with the resiliency of our model and our team’s demonstrated ability to execute,” said CEO Kenny Wilson. “Even under these conditions, we expect to deliver strong core operating margins and free cash flow in FY24,” he added.