Core Viewpoint - The LGL Group, Inc. reported mixed financial results for the third quarter and year-to-date 2024, with total revenues increasing but net income decreasing compared to the same periods in 2023 [2][3][4]. Financial Performance - Total revenues for Q3 2024 increased by 1,179,000, up 20.6% from 452,000 to 2,683,000 in the same period of 2023 [3][23]. - Net income attributable to LGL Group common stockholders for Q3 2024 was 0.01 per diluted share, down from 0.02 per diluted share in Q3 2023 [4][18]. - Year-to-date net income increased to 0.04 per diluted share, compared to 0.03 per diluted share in 2023, marking a 70.4% increase [6][23]. Cost and Margin Analysis - Gross margin for Q3 2024 decreased to 43.4% from 55.5% in Q3 2023, primarily due to sales of lower-margin products [6][7]. - Year-to-date gross margin also declined to 50.0% from 53.6% in 2023, reflecting similar challenges [7]. Operational Insights - The order backlog as of September 30, 2024, was 143,000 at the end of 2023 and 41,618,000 as of September 30, 2024, showing a solid liquidity position [3][9]. Segment Performance - In Q3 2024, revenues from Electronic Instruments rose by 48.4% to 318,000 [20]. - Corporate segment revenues decreased by 16.6% to 1,041,000, driven by higher manufacturing costs and increased engineering, selling, and administrative expenses [20][21]. - Manufacturing costs rose to 195,000 in Q3 2023, reflecting higher-cost product sales [4][20].
The LGL Group, Inc. Reports Third Quarter 2024 Results