Electro-Sensors, Inc. Announces Third Quarter 2024 Financial Results

Core Insights - Electro-Sensors, Inc. reported a quarterly revenue of $2,512,000 for Q3 2024, representing a 22.1% increase compared to the same period last year [1][2] - The company's gross margin improved to 50.4%, up from 48.3% in Q3 2023, indicating better cost management and pricing strategies [2][3] - Operating income for Q3 2024 was$ 173,000, a significant turnaround from an operating loss of $26,000 in Q3 2023, reflecting a 765.4% increase [2][4] Financial Performance - Net sales for the nine-month period ended September 30, 2024, increased by 11.8% to$ 6,973,000 from $6,239,000 in the prior-year period [2][4] - The income before income taxes for Q3 2024 was$ 290,000, up 249.4% from $83,000 in Q3 2023 [2][4] - Earnings per share (diluted) for Q3 2024 was$ 0.07, compared to $0.00 in the same quarter last year, marking a 100% increase [2][5] Operational Highlights - Sales growth was driven by both wired sensor products and wireless HazardPRO™ products, primarily due to increased demand in industrial automation and agricultural applications [3] - The improvement in gross margin was attributed to a stabilizing supply chain and price adjustments made earlier in the year [3] - The company reported cash and investments of approximately$ 10.3 million as of September 30, 2024, compared to $9.9 million at the end of 2023 [6][9] Company Overview - Electro-Sensors, Inc. specializes in designing and manufacturing machine monitoring sensors and hazard monitoring systems, serving various industries [9] - The company is ISO9001:2015 certified and emphasizes customer service and technical support [9]