Zebra Technologies Corporation reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its 10-Q filing. For the three months ended September 28, 2024, net sales reached $1,255 million, a 31.3% increase from $956 million in the same period of 2023. Year-to-date net sales also saw a modest rise to $3,647 million, up from $3,575 million in the prior year.
The company's gross profit for Q3 2024 was $613 million, reflecting a 43.6% increase from $427 million in Q3 2023. This growth contributed to a turnaround in operating income, which stood at $191 million compared to an operating loss of $12 million in the previous year. For the nine months ended September 28, 2024, operating income increased to $517 million from $407 million in the same period of 2023.
Net income for Q3 2024 was reported at $137 million, a significant recovery from a net loss of $15 million in Q3 2023. Year-to-date net income also improved to $365 million, compared to $279 million in the prior year. Basic earnings per share for Q3 2024 were $2.65, compared to a loss of $0.28 in Q3 2023, while year-to-date earnings per share rose to $7.09 from $5.44.
The company’s balance sheet showed total current assets of $2,133 million as of September 28, 2024, up from $1,672 million at the end of 2023. Cash and cash equivalents surged to $676 million, a substantial increase from $137 million at the end of 2023. Accounts receivable also rose to $642 million from $521 million.
Zebra Technologies continues to focus on strategic initiatives, including a productivity plan initiated in 2022, which has resulted in total charges of $127 million, with expected annualized net cost savings of approximately $120 million. The company has realized $110 million in savings to date.
In terms of market performance, the Asset Intelligence & Tracking (AIT) segment reported net sales of $410 million for Q3 2024, up from $324 million in Q3 2023, while the Enterprise Visibility & Mobility (EVM) segment saw net sales of $845 million, an increase from $632 million.
The company also completed a private offering of $500 million in senior unsecured notes with a 6.5% fixed interest rate, which will mature in June 2032. As of September 28, 2024, Zebra Technologies maintained compliance with all debt covenants and reported a total debt of $2,183 million.
About ZEBRA TECHNOLOGIES CORP
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