Q2 2024 Ultralife Corp Earnings Call Transcript
Key Points
- Ultralife Corp (ULBI) reported Q2 sales of $43 million, marking the third consecutive quarter of $42 million or more in sales.
- Battery & Energy Product sales increased by 8.3% over Q1, reaching the highest revenue level ever for the segment.
- Gross margin improved to 26.9% from 24.8% a year ago, driven by material cost deflation, lean productivity, and sales funnel improvement initiatives.
- The company paid down its acquisition debt by over 52%, significantly decreasing interest expenses and allowing for future accretive M&A.
- Ultralife Corp (ULBI) was included in the Russell 2000 Index, enhancing its profile in the investment community.
- Revenues from the communications systems segment declined by 28.7% compared to the previous year, primarily due to delayed shipments.
- Operating expenses increased by 10.4% from the previous year, impacting overall profitability.
- Net income decreased to $3 million, or $0.18 per share, compared to $3.3 million, or $0.21 per share, in the previous year.
- The oil and gas market sales declined by 10.9%, partially offsetting gains in other segments.
- The company is still waiting to receive its Employee Retention Credit (ERC) refund plus interest from the IRS, which impacts cash flow.
Good day and thank you for standing by. Welcome to Ultralife Corporation second-quarter 2024 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. It is now my pleasure to hand you over to our first speaker today, Jody Burfening, Managing Director of LHA Investor Relations. Please go ahead.
Thank you, Evelyn, and good morning, everyone, and thank you for joining us this morning for Ultralife Corporation's earnings conference call for the second quarter of fiscal 2024. With us on today's call are Mike Manna, Ultralife's President and CEO; and Phil Fain, Ultralife's Chief Financial Officer. The earnings press release was issued earlier this morning, and if anyone has not yet received a copy, I invite you to visit the company's website, www.ultralifecorp.com, where you'll find the release under Investor News in the Investor Relations section.
Before turning the call over to
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