Eltek reports Q3 EPS 25c vs. 36c last year

Reports Q3 revenue $13.5M vs. $11.9M last year. “In Q3 of 2024, we delivered strong financial results. We generated a record of $13.5M in sales, bringing our revenues to $35.8M for the first three quarters of 2024 and twelve-month trailing revenues of $48M. Our gross profit for the quarter totaled $3.5 million, with a net profit of $1.7M. The gross margin for Q3 reached 26%, reflecting the alignment of our product mix with market demand and the adjustment of production workers’ wages to the current state of the local employment market. We continue to see robust demand across our two main customer segments: defense and aerospace, and medical devices. As of the end of the quarter, our cash and cash equivalents stood at $18.1M, providing significant financial support for our growth strategy,” said CEO Eli Yaffe. “In response to continued demand for our products and our strong profitability, Eltek’s (ELTK) Board of Directors has adopted a dividend policy, effective from 2024 year-end onwards. The policy will allow for an annual distribution of up to 25% of our net income, as determined under US GAAP”.