inTEST Q1 2024 Earnings Report
Key Takeaways
inTEST Corporation reported Q1 2024 revenue of $29.8 million, a 7% sequential increase driven by the Alfamation acquisition, but a year-over-year decline due to weakness in semiconductor sales. Earnings per diluted share was $0.05, while adjusted earnings per diluted share was $0.10. The company generated $2.1 million in cash from operations and holds a record backlog of $55.5 million.
Q1 2024 revenue reached $29.8 million, up 7% sequentially, including $1.4 million from Alfamation acquisition.
Earnings per diluted share was $0.05, with adjusted earnings per diluted share at $0.10.
Generated $2.1 million in cash from operations; cash at quarter-end was $27.3 million.
Record backlog of $55.5 million, including $22.8 million from Alfamation.
inTEST
inTEST
Forward Guidance
The company expects Q2 2024 revenue to be in the range of $34 million to $36 million with a gross margin of approximately 44% to 45%. Full year revenue is expected to be $140 million to $150 million.
Positive Outlook
- Second quarter revenue is expected to be in the range of $34 million to $36 million
- Gross margin for the second quarter is expected to be approximately 44% to 45%.
- Full year revenue expectation is $140 million to $150 million, representing 18% growth over 2023 at the mid-point.
- Operating expenses for the second quarter are expected to be $14.5 million to $15 million.
- Second quarter adjusted EPS is expected to be in the range of $0.10 to $0.16.
Challenges Ahead
- Approximately $5 million in expected orders were delayed or reduced by customers at the end of the quarter.
- The sequential decline in orders for the defense/aerospace and industrial markets were largely the result of tough comparators.
- Full year operating expenses are expected to be $56 million to $58 million.
- Intangible asset amortization expense is expected to be approximately $5 million.
- Effective tax rate is expected to be 17% to 19%.