inTEST Delays Fourth Quarter and Full Year 2023 Earnings Release and Investor Conference Call; Provides Preliminary Fourth Quarter Results and 2024 Guidance
29 Februar 2024 - 11:12PM
Business Wire
inTEST Corporation (NYSE American: INTT), a global supplier of
innovative test and process technology solutions for use in
manufacturing and testing in key target markets which include
automotive/EV, defense/aerospace, industrial, life sciences,
security, and semiconductor (“semi”), announced today that it will
reschedule its fourth quarter and full year 2023 earnings release
and investor conference call, which was previously scheduled for
March 1, 2024. The Company requires additional time to complete the
year-end audit and review process. The Company expects to report
its results coincident with, or prior to, the filing of its Annual
Report on Form 10-K for the year ended December 31, 2023.
Preliminary, Unaudited Fourth Quarter 2023 Results
Fourth quarter 2023 revenue was approximately $28.4 million with
net earnings of approximately $1.7 million, or $0.14 per diluted
share. Cash generated from operations in the fourth quarter was
$4.7 million. Orders in the fourth quarter were $27.5 million.
First Quarter and Full Year 2024 Guidance
Revenue for the first quarter of 2024 is expected to be in the
range of $28 million to $30 million with gross margin of
approximately 46%. First quarter 2024 earnings per diluted share is
expected to be in the range of $0.08 to $0.13.
Revenue for full year 2024 is expected to be in the range of
$125 million to $130 million.
The foregoing guidance is based on management’s current views
with respect to operating and market conditions and customers’
forecasts. It also assumes macroeconomic conditions remain
unchanged through the end of the year and does not consider any
extraordinary non-operating expenses that may occur from time to
time. Actual results may differ materially from what is provided
here today because of, among other things, the factors described
under “Forward-Looking Statements” below.
About inTEST Corporation
inTEST Corporation is a global supplier of innovative test and
process technology solutions for use in manufacturing and testing
in key target markets including automotive/EV, defense/aerospace,
industrial, life sciences, and security, as well as both the
front-end and back-end of the semiconductor manufacturing industry.
Backed by decades of engineering expertise and a culture of
operational excellence, inTEST solves difficult thermal,
mechanical, and electronic challenges for customers worldwide while
generating strong cash flow and profits. inTEST’s strategy
leverages these strengths to grow organically and with acquisitions
through the addition of innovative technologies, deeper and broader
geographic reach, and market expansion. For more information, visit
intest.com.
Key Performance Indicators
Management uses orders as a key performance metric to analyze
and measure the Company’s financial performance and results of
operations. Management uses orders as a measure of current and
future business and financial performance, and these may not be
comparable with measures provided by other companies. Orders
represent written communications received from customers requesting
the Company to provide products and/or services. Management
believes tracking orders is useful as it often is a leading
indicator of future performance. In accordance with industry
practice, contracts may include provisions for cancellation,
termination, or suspension at the discretion of the customer.
Given that orders is an operational measure and that the
Company's methodology for calculating orders does not meet the
definition of a non-GAAP measure, as that term is defined by the
U.S. Securities and Exchange Commission, a quantitative
reconciliation for it is not required or provided.
Preliminary, Unaudited Financial Disclosures
The data presented above is preliminary and unaudited, based
upon our estimates, and subject to further internal review by
management and compilation of actual results. Our closing
procedures for the year and quarter ended December 31, 2023 are not
yet complete. Our management's estimates are based upon preliminary
information currently available from our business segments and
extrapolation from that information. While we expect that our
results will be consistent with these preliminary and unaudited
estimates, our actual results may differ materially from these
preliminary estimates.
This preliminary financial information is not a comprehensive
statement of our financial results for this period, and our actual
results may differ materially from these estimates due to the
completion of our financial closing procedures, final adjustments,
and other developments that may arise between now and the time the
closing procedures for the fiscal year and quarter are
completed.
All the data presented above has been prepared by and is the
responsibility of our management. Our independent registered public
accounting firm has not completed its audit procedures with respect
to our accompanying preliminary financial data. Accordingly, our
independent registered public accounting firm does not express an
opinion or any other form of assurance with respect to this
data.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. These statements do not convey historical
information but relate to predicted or potential future events and
financial results, such as statements of the Company’s plans,
strategies and intentions, or our future performance or goals, that
are based upon management's current expectations. These
forward-looking statements can often be identified by the use of
forward-looking terminology such as “assume,” “believe,”
“estimate,’ “expects,” “may,” “will,” “plan,” “potential,”
“forecasts,” or similar terminology. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
statements. Such risks and uncertainties include, but are not
limited to, any mentioned in this press release as well as the
Company’s ability to execute on its 5-Point Strategy, achieve high
single-digit growth in 2023, realize the potential benefits of
acquisitions and successfully integrate any acquired operations,
grow the Company’s presence in its key target and international
markets, manage supply chain challenges, convert backlog to sales
and to ship product in a timely manner; the success of the
Company’s strategy to diversify its markets; the impact of
inflation on the Company’s business and financial condition;
indications of a change in the market cycles in the semi market or
other markets served; changes in business conditions and general
economic conditions both domestically and globally including rising
interest rates and fluctuation in foreign currency exchange rates;
changes in the demand for semiconductors; access to capital and the
ability to borrow funds or raise capital to finance potential
acquisitions or for working capital; changes in the rates and
timing of capital expenditures by the Company’s customers; and
other risk factors set forth from time to time in the Company’s
Securities and Exchange Commission filings, including, but not
limited to, the Annual Report on Form 10-K for the year ended
December 31, 2022. Any forward-looking statement made by the
Company in this press release is based only on information
currently available to management and speaks to circumstances only
as of the date on which it is made. The Company undertakes no
obligation to update the information in this press release to
reflect events or circumstances after the date hereof or to reflect
the occurrence of anticipated or unanticipated events, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240229884954/en/
inTEST Corporation Duncan Gilmour Chief Financial Officer
and Treasurer Tel: (856) 505-8999 Investors: Deborah K.
Pawlowski Kei Advisors LLC dpawlowski@keiadvisors.com Tel: (716)
843-3908
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