Eltek Reports 2023 Q1 Financial Results; Revenue Up 18% YoY
May 18, 2023 | EltekEstimated reading time: 2 minutes
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, 2023.
First Quarter 2023 Highlights:
- Revenues were $11.5 million, 18% up over Q1 2022
- Operating profit was $1.6 million, 144% up over Q1 2022
- Profit before tax was $1.9 million (2022 Q1 - $0.8 million)
- Net income was $1.6 million or $0.27 per fully diluted share, 147% up over Q1 2022
- Net cash provided by operating activities amounted to $2.8 million
"Eltek is proud to announce its strong first quarter results for 2023, with growth of 18% in sales compared to the same quarter last year, and an impressive 147% increase in net income. These results are a testament to the success of the Company's strategy to invest in innovative equipment to increase production volumes, and an unwavering commitment to product quality to meet customer satisfaction and provide technological solutions for every customer's needs. As of today our backlog increased 10% from the beginning of the year.
Our strong cash flows from operating activities in the first quarter of $2.8 million allowed us to repay $1.6 of our long-term debt and consequently lower our interest expenses, given the current high rates," said Eli Yaffe, CEO of Eltek.
"Throughout the quarter, we continued to execute on our accelerated investment plan and ordered three new plating lines valued at 5.5 million Euros. The deployment of these coating lines is scheduled for the latter half of 2023, 2024 and 2025, which will enable the simultaneous additional enhancement of production capacity, efficiency, and diversification of our product offerings," continued Mr. Yaffe.
"Concurrently with our accelerated investment plan, we are also allocating resources towards acquiring additional machinery and equipment, as well as enhancing our manufacturing procedures. These endeavors supported the increase in both revenues and net income, resulting in our quarterly net income of $1.6 million," concluded Mr. Yaffe.
First Quarter 2023 GAAP Financial Results
- Revenues for the first quarter of 2023 were $11.5 million, compared to $9.8 million in the first quarter of 2022
- Gross profit for the first quarter of 2023 was $3.0 million (26% of revenues) compared to $2.0 (20% of revenues) in the first quarter of 2022
- Operating profit for the first quarter of 2023 was $1.6 million compared to operating profit of $0.7 million in the first quarter of 2022
- Profit before income tax for the first quarter of 2023 was $1.9 million compared to $0.8 million in the first quarter of 2022
- Net income for the first quarter of 2023 was $1.6 million or $0.27 per fully diluted share compared to net income of $0.6 million or $0.11 per fully diluted share in the first quarter of 2022
First Quarter 2023 Non-GAAP Financial Results
EBITDA for the first quarter of 2023 was $1.9 million (17% of revenues) compared to EBITDA of $1.1 million (11% of revenues) in the first quarter of 2022.
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.