inTest Corp (INTT) Issues Preliminary Q4 2023 Results and 2024 Outlook
Revenue: Q4 2023 revenue approximately $28.4 million.
Net Earnings: Q4 2023 net earnings around $1.7 million, or $0.14 per diluted share.
Operational Cash Flow: Generated $4.7 million from operations in Q4.
Orders: Orders for Q4 stood at $27.5 million.
2024 Guidance: Q1 revenue expected between $28 million and $30 million with a gross margin of approximately 46%.
Earnings Per Share: Q1 2024 EPS projected to be between $0.08 and $0.13.
Annual Outlook: Full year 2024 revenue anticipated to be in the range of $125 million to $130 million.
inTest Corp (INTT) announced on February 29, 2024, that it will delay its fourth quarter and full year 2023 earnings release and investor conference call, which was previously scheduled for March 1, 2024. The company cited the need for additional time to complete the year-end audit and review process. Despite the delay, inTest Corp provided preliminary fourth quarter results and guidance for the first quarter and full year of 2024 in its 8-K filing.
inTest Corp is a global supplier of test and process solutions, catering to various markets such as automotive, defense/aerospace, industrial, medical, semiconductor, and telecommunications. The company operates through two segments: Thermal Products and Electromechanical Semiconductor Products, offering a range of thermal test and semiconductor test products.
The preliminary unaudited results for Q4 2023 show a revenue of approximately $28.4 million and net earnings of around $1.7 million, or $0.14 per diluted share. The company also reported strong operational cash flow, generating $4.7 million from operations during the quarter. Orders received in Q4 amounted to $27.5 million, which management uses as a key performance indicator and a leading indicator of future performance.
For the first quarter of 2024, inTest Corp expects revenue to be between $28 million and $30 million with a gross margin of approximately 46%. Earnings per diluted share for Q1 2024 are projected to be in the range of $0.08 to $0.13. The full year 2024 revenue is anticipated to be between $125 million and $130 million. These forecasts are based on management's current views and assume macroeconomic conditions remain unchanged through the end of the year.
The company's financial achievements, particularly the expected gross margin for Q1 2024, are significant as they reflect inTest Corp's ability to maintain profitability in the competitive semiconductor industry. The projected revenue growth also indicates the company's potential to expand its market share and capitalize on the demand for its testing and process solutions.
It is important to note that the data presented is preliminary and unaudited, and actual results may differ materially upon completion of the company's financial closing procedures. inTest Corp's management and independent registered public accounting firm have not yet completed their audit procedures for the fiscal year and quarter ended December 31, 2023.
inTest Corp's performance and future guidance are critical for investors as they provide insights into the company's operational efficiency, market demand for its products, and overall financial health. The preliminary results and 2024 outlook suggest that inTest Corp is navigating the market effectively, despite the challenges that may arise in the dynamic semiconductor industry.
For more detailed information and future updates on inTest Corp's financial performance, investors and interested parties are encouraged to follow the company's official announcements and filings.
Explore the complete 8-K earnings release (here) from inTest Corp for further details.
This article first appeared on GuruFocus.
