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Jun 30, 2023
Ultralife Q2 2023 Earnings Report
Reported a strong second quarter with significant revenue growth and improved profitability.
Key Takeaways
Ultralife Corporation reported a 32.9% year-over-year increase in sales to $42.7 million for the second quarter of 2023. Operating income significantly improved to $3.7 million, and adjusted EPS reached $0.29. The company's backlog increased to $110.9 million, driven by strong demand from government/defense and medical customers.
Sales increased by 32.9% year-over-year to $42.7 million.
Operating income increased to $3.7 million from $0.8 million in the previous year.
Adjusted EPS was $0.29, compared to $0.03 for the 2022 second quarter.
Backlog increased to $110.9 million, representing a 40.1% increase year-over-year.
Revenue by Segment
Forward Guidance
The near-term highest priority remains to recapture gross margin through continued execution of price realization activities, qualification of alternate component suppliers, and lean manufacturing initiatives, positioning the company to deliver high-quality, sustainable profitable growth for 2023.
Positive Outlook
- Durable demand across diverse end markets.
- Execution of price realization activities.
- Qualification of alternate component suppliers.
- Lean manufacturing initiatives.
- Strengthening relationships with key customers.
Challenges Ahead
- Lingering inefficiencies resulting from the first quarter cyber-attack.
- Disposition of certain non-conforming materials.
- Continued investments in the transition of new products to high volume production.
- Potential reductions in revenues from key customers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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