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Electro-Sensors, Inc. Announces Third Quarter 2022 Financial Results
MINNETONKA, Minn., Nov. 14, 2022 /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., Nov. 14, 2022 /PRNewswire/ -- Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the third quarter ended September 30, 2022.\nThird quarter revenue of $2,216,000, up 2.9% from prior-year periodGross margin of 52.5%Cash and investments of approximately $9.6 millionSelected Financial Information (unaudited; in thousands, except per share data)\nQ3 2022\nQ3 2021\nChange\nNet Sales\n$\n2,216\n$\n2,154\n2.9\n%\nGross Margin\n52.5\n%\n55.9\n%\n-340\nbps\nOperating Income\n$\n119\n$\n20\n495.0\n%\nOperating Income Margin\n5.4\n%\n0.9\n%\n450\nbps\nIncome Before Income Taxes\n$\n154\n$\n21\n633.3\n%\nEarnings Per Share (diluted)\n$\n0.04\n$\n0.00\n100.0\n%\n \nNet sales in the third quarter increased 2.9% to $2,216,000 from $2,154,000 in the prior-year quarter. For the first nine months of 2022, net sales increased 6.1% to $6,915,000 from $6,517,000 for the first nine months of the prior year. The increase in net sales for the quarter was primarily due to increased sales of HazardPRO wireless hazard monitoring systems. The increase for the nine month-period was primarily a result of increased domestic sales of traditional wired products for industrial automation and agricultural applications.\nGross margin for the 2022 nine-month period was 54.0%, down slightly from 54.8% in the corresponding nine months in 2021, primarily due to an increase in raw material costs across all product lines.\n\"Our third quarter revenue represents another solid quarter, with revenue growing 2.9% over the comparable prior-year period,\" said David L. Klenk, Electro-Sensors' president. \"While the macroeconomic environment has certainly become more challenging in recent quarters, our results demonstrate continued success in providing industry-leading sensors and hazard monitoring systems to customers for a broad range of applications.\"\nA full analysis of results for the period ended September 30, 2022 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.Statements of IncomeFor the Three and Nine Months Ended September 30, 2022 and 2021 (unaudited)(in thousands exc...