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Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results
ELSEElectro-Sensors(ELSE) Prnewswire·2024-08-09 19:15

Core Insights - Electro-Sensors, Inc. reported a quarterly revenue of 2,217,000forQ22024,reflectinga3.72,217,000 for Q2 2024, reflecting a 3.7% increase compared to the same period in the previous year [1][2][3] - The company's gross margin for Q2 2024 was 47.2%, down from 50.0% in Q2 2023, primarily due to rising material and labor costs [2][3] - The company experienced an operating loss of 107,000 in Q2 2024, compared to an operating income of 44,000inQ22023,markingasignificantdecline[2][4]FinancialPerformance−Netsalesforthefirsthalfof2024reached44,000 in Q2 2023, marking a significant decline [2][4] Financial Performance - Net sales for the first half of 2024 reached 4,461,000, a 6.7% increase from 4,182,000inthesameperiodof2023[2][5]−Thegrossprofitforthefirstsixmonthsof2024was4,182,000 in the same period of 2023 [2][5] - The gross profit for the first six months of 2024 was 2,127,000, slightly up from 2,090,000intheprioryear,despiteadecreaseingrossmargin[5]−ThenetincomeforQ22024wasalossof2,090,000 in the prior year, despite a decrease in gross margin [5] - The net income for Q2 2024 was a loss of 4,000, compared to a net income of 116,000inQ22023[4][5]OperationalHighlights−TheincreaseinsaleswasprimarilydrivenbythedemandforHazardPROTMwirelesshazardmonitoringsystems,whicharevaluedfortheireaseofinstallationandcost−effectiveness[3]−Thecompanymaintainscashandinvestmentsofapproximately116,000 in Q2 2023 [4][5] Operational Highlights - The increase in sales was primarily driven by the demand for HazardPROTM wireless hazard monitoring systems, which are valued for their ease of installation and cost-effectiveness [3] - The company maintains cash and investments of approximately 9.9 million as of June 30, 2024, showing stability in liquidity [1][6] - Total assets as of June 30, 2024, were reported at 14,467,000,aslightincreasefrom14,467,000, a slight increase from 14,445,000 at the end of 2023 [6][8] Company Overview - Electro-Sensors, Inc. specializes in designing and manufacturing machine monitoring sensors and hazard monitoring systems, serving various industries [8] - The company is ISO9001:2015 certified, emphasizing its commitment to quality and customer service [8]