inTEST Q2 2024 Earnings Report
Key Takeaways
inTEST Corporation announced a 4% revenue growth for Q2 2024, reaching a record $34.0 million, primarily driven by the acquisition of Alfamation. This offset a significant decline in semiconductor sales. The company is implementing cost reduction measures to address ongoing market challenges.
Revenue increased 4% year-over-year and 14% sequentially to a record $34.0 million due to the acquisition of Alfamation.
Market diversification strategy helped to offset continued weakness in the semiconductor industry.
Orders improved 15% sequentially to $26.2 million; excluding Alfamation, orders improved 10% sequentially.
Earnings per diluted share was $0.02 while adjusted earnings per diluted share was $0.08.
inTEST
inTEST
Forward Guidance
Revenue for the third quarter of 2024 is expected to be slightly lower than the second quarter, while gross margin is expected to improve somewhat based on better mix. Third quarter 2024 operating expenses, including amortization, are expected to be similar to the second quarter. Third quarter 2024 EPS and adjusted EPS are expected to be similar to the second quarter based on the same number of weighted average shares.