Ultralife Q1 2024 Earnings Report
Key Takeaways
Ultralife Corporation reported a strong first quarter with a 31.4% increase in sales, driven by growth in the medical market. Gross profit and operating income improved significantly, leading to GAAP EPS of $0.18 compared to a loss in the previous year. The company is optimistic about sustaining profitable growth and generating cash flow.
Sales increased by 31.4% year-over-year, reaching $41.9 million, with a 54.7% growth in medical market sales.
Gross profit increased to $11.5 million, representing 27.4% of revenue, compared to $7.4 million and 23.3% in the previous year.
Operating income was $4.1 million, a significant improvement from breakeven in the first quarter of 2023.
GAAP EPS was $0.18, compared to a loss of $0.02 for the 2023 first quarter.
Ultralife
Ultralife
Ultralife Revenue by Segment
Forward Guidance
The company anticipates additional organic growth opportunities through a healthy backlog and new product commercialization, while continuing to drive gross margin improvements and invest in new product development.
Positive Outlook
- Healthy backlog.
- New product commercialization.
- Gross margin improvements.
- Investment in new product development.
- Positioned to sustain profitable growth.
Challenges Ahead
- Uncertain global economic conditions.
- Reductions in revenues from key customers.
- Delays or reductions in U.S. and foreign military spending.
- Acceptance of our new products on a global basis.
- Disruptions or delays in our supply of raw materials and components.
Revenue & Expenses
Visualization of income flow from segment revenue to net income