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Dec 31, 2023
Ultralife Q4 2023 Earnings Report
Ultralife reported increased sales and operating income, with medical sales reaching a record high and adjusted EPS turning positive.
Key Takeaways
Ultralife Corporation reported a strong fourth quarter with a 23.4% increase in sales, driven by growth in both government/defense and commercial sectors. The company's operating income significantly improved, and adjusted EPS turned positive. Battery & Energy Products saw growth in commercial sales, particularly in medical batteries, while Communications Systems benefited from shipments to defense contractors.
Sales increased by 23.4% year-over-year, reaching $44.5 million.
Operating income rose to $3.6 million, compared to $0.2 million in the same quarter of the previous year.
Adjusted EPS was $0.18, a significant improvement from a loss of $0.03 in the fourth quarter of 2022.
Medical sales reached the highest quarterly level in the company's history.
Revenue by Segment
Forward Guidance
Ultralife is focused on driving additional gross margin expansion, organic growth in end markets and operating leverage. They will continue to invest in new product development for commercial expansion. Their focus in 2024 is to build upon their 2023 momentum, sustain profitable growth and generate incremental cash flow to reduce debt, and support strategic capital expenditures and accretive acquisitions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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