InTEST Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018; Provides Tax Rate Guidance for the Balance of the Year 2018
August 02, 2018 at 04:10 pm EDT
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inTEST Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net revenues of $21,097,000 against $15,888,000 a year ago. Operating income was $4,517,000 against $2,282,000 a year ago. Earnings before income tax expense were $4,396,000 against $2,336,000 a year ago. Net earnings were $4,014,000 against $1,445,000 a year ago. Basic and diluted net earnings per share were $0.39 against $0.14 a year ago. On a non-GAAP basis, adjusted net earnings were $3.549 million or $0.34 per diluted share, compared with $1.689 million or $0.14 per diluted share a year ago. Adjusted EBITDA was $4.121 million against $2.709 million a year ago.
For the six months, the company reported net revenues of $39,968,000 against $30,068,000 a year ago. Operating income was $5,424,000 against $5,413,000 a year ago. Earnings before income tax expense were $5,378,000 against $5,508,000 a year ago. Net earnings were $4,395,000 against $3,523,000 a year ago. Diluted net earnings per share were $0.42 against $0.34 a year ago. On a non-GAAP basis, adjusted net earnings were $5.861 million or $0.57 per diluted share, compared with $3.814 million or $0.37 per diluted share a year ago. Adjusted EBITDA was $7.234 million against $6.031 million a year ago.
The company expects that net revenues for the quarter ended September 30, 2018, will be in the range of $19.0 million to $20.0 million and that on a GAAP basis, net earnings per diluted share will range from $0.19 to $0.23. On a non-GAAP basis, adjusted net earnings per diluted share is expected to be in the range of $0.21 to $0.25. The company currently expects that product mix will be less favorable as compared with the second quarter of 2018, and as the third quarter gross margin will range from 49% to 50%.
For the year 2018, the company expects effective tax rate for the balance of the 2018 to be in the range of 22% to 24%.
inTEST Corporation is a supplier of test and process technology solutions for use in manufacturing and testing. The Companyâs segments include Electronic Test, Environmental Technologies and Process Technologies. Electronic Test consists of inTEST EMS, which has operations in New Jersey and California, and Acculogic, which has operations in Canada, California and Germany. Environmental Technologies consists of inTEST Thermal Solutions (iTS), which manufactures and sells products under the Temptronic, Sigma, Thermonics and North Sciences brand names and has operations in Massachusetts, Germany and Singapore. Process Technologies consists of Ambrell, which has operations in New York, the Netherlands and the United Kingdom, and Videology, which has operations in Massachusetts and the Netherlands. Its key markets include automotive, defense/aerospace, industrial, life sciences, and security, as well as both the front-end and back-end of the semiconductor manufacturing industry.
InTEST Corporation Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Third Quarter of 2018; Provides Tax Rate Guidance for the Balance of the Year 2018