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Electro-Sensors, Inc. Announces Second Quarter 2024 Financial Results
MINNETONKA, Minn., Aug. 9, 2024 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard
About this update from Electro-sensors, Inc.
[{"type":"text","content":"MINNETONKA, Minn., Aug. 9, 2024 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the second quarter ended June 30, 2024.\n\nQuarterly revenue of $2,217,000, up 3.7% from the prior-year periodGross margin of 47.2%Cash and investments of approximately $9.9 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ2 2023\nQ2 2022\nChange\nNet Sales\n$\n2,217\n$\n2,137\n3.7\n%\nGross Margin\n47.2\n%\n50.0\n%\n-280\nbps\nOperating Income (Loss)\n$\n(107)\n$\n44\n(343.2)\n%\nOperating Income Margin\n(4.8)\n%\n2.1\n%\n-690\nbps\nIncome (Loss) Before Income Taxes\n$\n2\n$\n138\n(98.6)\n%\nEarnings Per Share (diluted)\n$\n0.00\n$\n0.03\n(100.0)\n%\nNet sales in the second quarter increased 3.7% to $2,217,000 from $2,137,000 in the prior-year quarter. For the first six months of 2024, net sales increased 6.7% to $4,461,000 from $4,182,000 in the comparable prior-year period. Furthermore, gross margin for the 2024 six-month period was 47.7%, down from 50.0% in the corresponding six months in 2023, primarily due to increased material and labor costs across all product lines.\n\"During the 2024 second quarter, our sales increased 3.7% from the comparable prior-year period, primarily due to increased sales of our HazardPROTM wireless hazard monitoring systems,\" said David L. Klenk, Electro-Sensors' president. \"Customers continue to value the ease of installation, flexibility, and favorable overall cost of ownership of our HazardPRO systems.\"\nA full analysis of results for the period ended June 30, 2024 is available in the Company's Form 10-Q, which is available on the Company's website at www.electro-sensors.com or through the Securities and Exchange Commission's Edgar database at www.sec.gov.\n \nElectro-Sensors, Inc.\nStatements of Income\nFor the Three and Six Months Ended June 30, 2024 and 2023 (unaudited)\n(in thousands except share and per share amounts)\nThree Months Ended June 30,\n2024\n2023\nSales\n$\n2,217\n$\n2,137\nCost of goods sold\n1,170\n1,069\nGross profit\n1,047\n1,068\nOperating expenses\n1,154\n1,024\nOperating income (loss)\n(107)\n44\nNon-operating income, net\n109\n94\nIncome before income taxes\n2\n138\nProvision for income taxes\n6\n22\nNet income (loss)\...