M-tron Industries, Inc. reported significant financial growth in its quarterly and year-to-date results for the period ending September 30, 2024. The company achieved revenues of $13,214,000 for the third quarter, marking a 21.4% increase from $10,888,000 in the same quarter of 2023. For the nine months ended September 30, 2024, revenues totaled $36,207,000, up 19.1% from $30,395,000 in the prior year.
Total costs and expenses for the third quarter rose to $10,293,000, an increase of 16.2% from $8,855,000 in 2023. For the nine-month period, costs increased by 12.9% to $29,390,000 from $26,036,000. Despite the rise in expenses, operating income for the third quarter improved by 43.7% to $2,921,000, compared to $2,033,000 in the previous year. Year-to-date operating income also saw a substantial increase of 56.4%, reaching $6,817,000 from $4,359,000.
Net income for the third quarter was $2,267,000, a 42.9% increase from $1,586,000 in 2023. For the nine months, net income rose 60.9% to $5,497,000 from $3,416,000. Basic earnings per share for the third quarter increased to $0.82 from $0.59, while for the nine months, it rose to $2.01 from $1.27.
The company’s cash and cash equivalents significantly improved, reaching $8,490,000 as of September 30, 2024, compared to $3,913,000 at the end of 2023. Total current assets also increased to $24,656,000 from $18,187,000 during the same period. Working capital improved to $19,369,000, and the current ratio rose to 4.7 from 4.1.
M-tron Industries reported a decrease in order backlog, which fell to $39,763,000 as of September 30, 2024, down 16.9% from $47,831,000 at the end of 2023. The company continues to focus on long-term growth, with no cash dividends paid, prioritizing investments for organic growth and potential acquisitions.
Research and development costs increased to $714,000 for the third quarter, up from $566,000 in 2023, reflecting the company's commitment to innovation. The effective tax rate for the third quarter was 24.6%, compared to 22.5% in the prior year.
Overall, M-tron Industries, Inc. demonstrated robust financial performance and strategic positioning in its primary markets of defense, aerospace, space, and avionics, with no significant changes in accounting policies or internal controls reported during the quarter.
About M-tron Industries, Inc.
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