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Dec 31, 2022
inTEST Q4 2022 Earnings Report
Solid execution of the 5-Point Strategy drove record revenue for the fourth quarter and full year 2022.
Key Takeaways
inTEST Corporation announced record fourth quarter revenue of $32.4 million, a 45% increase, and full year 2022 revenue of $116.8 million, a 38% increase. Q4 earnings per diluted share were $0.30, with orders of $31.3 million, up 3% year-over-year.
Record fourth quarter revenue increased 45% to $32.4 million.
Fourth quarter earnings per diluted share were $0.30.
Fourth quarter orders increased 3% to $31.3 million.
Demand was strong in semiconductor, automotive (including EV), defense/aerospace, and life sciences.
inTEST
inTEST
Forward Guidance
The Company expects to deliver between $125 million to $130 million in revenue for 2023. Revenue for the first quarter of 2023 is expected to be in the range of $30 million to $32 million with gross margin of approximately 45%. First quarter 2023 EPS is expected to be in the range of $0.21 to $0.26, while adjusted EPS is expected to be in the range of $0.25 to $0.30.
Positive Outlook
- Expects to deliver high single-digit organic growth in 2023.
- Confident in the team and their ability to execute and deliver on strategic goals.
- Gross margin in 2023 is expected to be consistent with 2022, or between 45% and 46%.
- First quarter 2023 gross margin of approximately 45%.
- First quarter 2023 EPS is expected to be in the range of $0.21 to $0.26, while adjusted EPS is expected to be in the range of $0.25 to $0.30.
Challenges Ahead
- Quarterly cadence may vary.
- Macroeconomic conditions remain unchanged through the end of the year.
- Actual results may differ materially from what is provided.
- Operating expenses are expected to be in the range of $44 million to $46 million.
- The effective tax rate is expected to be consistent with 2022.