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Sep 30, 2024
inTEST Q3 2024 Earnings Report
Achieved strong gross margin and order growth
Key Takeaways
inTEST Corporation reported a solid third quarter with revenue of $30.3 million, gross margin of 46.3%, and earnings per diluted share of $0.04. The company generated $4.2 million in cash from operations, paid down $5.3 million in debt, and repurchased $1 million in shares.
Gross margin expanded 570 basis points compared with the second quarter 2024, reaching 46.3% despite a $3.7 million decrease in revenue.
Operating income increased sequentially by $0.2 million, and the operating margin expanded by 60 basis points due to improved mix, cost actions, and operational execution.
Orders grew 5% year-over-year and 7% sequentially to $28.1 million, with Alfamation orders improving 21% sequentially.
Earnings per diluted share was $0.04, while adjusted earnings per diluted share was $0.10.
inTEST
inTEST
Forward Guidance
The Company has tightened the overall range of its expectations for the full year and is providing its fourth quarter financial guidance.
Positive Outlook
- Revenue is expected to be between $34 million and $37 million.
- Gross margin is expected to be approximately 42%.
- Operating expenses are expected to be approximately $13.5 million.
- Intangible asset amortization expense is expected to be approximately $0.9 million.
- Intangible asset amortization expense after tax is expected to be approximately $0.7 million.