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Mar 31, 2022
inTEST Q1 2022 Earnings Report
Revenue increased, GAAP earnings per diluted share and non-GAAP adjusted earnings per diluted share were in line with guidance.
Key Takeaways
inTEST Corporation reported a solid first quarter with revenue up 23% year-over-year and 8% sequentially, driven by strong demand and recent acquisitions. The company is maintaining its full-year outlook despite supply chain constraints.
Revenue increased to $24.1 million.
GAAP earnings per diluted share of $0.05 and non-GAAP adjusted earnings per diluted share of $0.12, in line with guidance.
Orders of $25.1 million in first quarter 2022 with demand strengthening entering second quarter.
Record quarter-end backlog of $35.0 million.
inTEST
inTEST
inTEST Revenue by Geographic Location
Revenue by Geographic Location
Semi Revenue
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CapyFin.comDefense/Aerospace Revenue
CapyFin.comIndustrial Revenue
CapyFin.comLife Sciences Revenue
CapyFin.comSafety/Security Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
inTEST continues to expect 2022 revenue to grow 30% or more over the prior year to approximately $110 million to $115 million. Second quarter 2022 revenue is expected to be in the range of $27 million to $29 million. Second quarter 2022 earnings per diluted share (GAAP) is expected to be in the range of $0.11 to $0.16 while adjusted earnings per diluted share (Non-GAAP) is expected to be in the range of $0.18 to $0.23.
Positive Outlook
- 2022 revenue is expected to grow 30% or more over the prior year to approximately $110 million to $115 million.
- Gross margin for the remainder of 2022 is expected to be between 46% to 49% in any given quarter based on volume and mix.
- Second quarter 2022 revenue is expected to be in the range of $27 million to $29 million.
- Second quarter 2022 earnings per diluted share (GAAP) is expected to be in the range of $0.11 to $0.16.
- Second quarter 2022 adjusted earnings per diluted share (Non-GAAP) is expected to be in the range of $0.18 to $0.23.
Challenges Ahead
- Quarterly operating expenses are now expected to range from approximately $10.9 million to $11.2 million.
- Estimated expenses include intangible asset amortization, which is now expected to be approximately $780,000 in the second quarter.
- Interest expense is expected to be approximately $150,000 per quarter.
- The effective tax rate is expected to be approximately 15% to 17% for the year.
- Guidance assumes supply chain challenges remain unchanged and begin to improve modestly in the second half of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income