Orbit International reports Q3 EPS 17c vs 23c last year

Reports Q3 revenue $8.414M vs $8.192M last year. Mitchell Binder, President and CEO of Orbit International (ORBT), commented, “Our net loss for the nine months ended September 30, 2024, was $394,000 compared to a net loss of $808,000 for the prior comparable period. EBITDA, as adjusted, for the nine months ended September 30, 2024, was a loss of $199,000 compared to a loss of $179,000 in the prior comparable period. The results for the nine months ended September 30, 2024, were positively impacted by improved operating results during the third quarter as compared to the first six months of the current year. Net income for the three months ended September 30, 2024, was $558,000 ($0.17 per diluted share) compared to $762,000 (0.23 per diluted share) in the comparable prior year period. Operating income during the current quarter was positively affected by higher sales and improved gross profit at our Simulator Product Solutions LLC subsidiary. The higher sales and improved gross profit resulted from significantly higher bookings at SPS during the prior twelve months ended December 31, 2023. SPS is part of our Orbit Electronics Group. Operating income during the prior year three-month period was positively impacted by higher sales and gross profit at our Orbit Instrument division, which is part of our Orbit Electronics Group (“OEG”), as a significant amount of engineering deliverables were recorded during the period.”