Ultralife Q2 2024 Earnings Report
Key Takeaways
Ultralife Corporation reported a slight increase in revenue and improved gross profit for the second quarter of 2024. The company saw growth in Battery & Energy Products sales, particularly in government/defense and medical battery sectors. Debt was reduced by over 50%.
Sales reached $43.0 million, compared to $42.7 million in Q2 2023.
Battery & Energy Products sales grew by 8.3%, reaching a record high for the segment.
Gross profit was $11.6 million, or 26.9% of revenue, compared to $10.6 million, or 24.8% of revenue in Q2 2023.
Operating income increased by 6.9% compared to the second quarter of 2023.
Ultralife
Ultralife
Ultralife Revenue by Segment
Forward Guidance
Ultralife is focused on driving gross margin increases and expanding opportunities for larger projects, anticipating profitable growth and cash flow generation for debt reduction and strategic investments.
Positive Outlook
- Driving gross margin increases through material cost deflation.
- Lean productivity improvements.
- Scrap reduction efforts.
- Price realization for both businesses.
- Expanding opportunity funnels and customer wins for larger projects.
Challenges Ahead
- Uncertain global economic conditions.
- Reductions in revenues from key customers.
- Delays or reductions in U.S. and foreign military spending.
- Acceptance of new products on a global basis.
- Disruptions or delays in the supply of raw materials and components due to business conditions, global conflicts, weather, or other factors not under our control.
Revenue & Expenses
Visualization of income flow from segment revenue to net income