inTEST Corporation (INTT) Bundle
A Brief History of inTEST Corporation
Company Overview
inTEST Corporation, listed on the NYSE American under the ticker INTT, specializes in innovative test and process technology solutions primarily for the semiconductor industry, as well as other key markets such as automotive/EV, defense/aerospace, industrial, life sciences, and security.
Recent Financial Performance
As of the third quarter of 2024, inTEST reported revenue of $30.3 million, down from $30.9 million in the same quarter of 2023, representing a decline of 2.2%. The company's gross profit for the quarter was $14.0 million, leading to a gross margin of 46.3%. Operating income was recorded at $0.5 million, with total operating expenses amounting to $13.5 million.
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $30.3 million | $30.9 million | $(0.6) million | -2.2% |
| Gross Profit | $14.0 million | $14.4 million | $(0.4) million | -3.0% |
| Operating Income | $0.5 million | $2.5 million | $(2.0) million | -80.3% |
| Net Earnings | $0.5 million | $2.3 million | $(1.8) million | -78.3% |
Market Segmentation and Orders
For the third quarter of 2024, inTEST reported total orders of $28.1 million, an increase of 5% year-over-year. The backlog at the end of the quarter was $45.5 million, showing a growth of 12.3% compared to the previous year.
| Market Segment | Orders (Q3 2024) | Orders (Q3 2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Semi | $7.6 million | $12.9 million | $(5.3) million | -40.9% |
| Auto/EV | $7.1 million | $3.1 million | $4.0 million | 134.1% |
| Defense/Aerospace | $4.5 million | $3.0 million | $1.4 million | 47.4% |
| Industrial | $2.2 million | $1.6 million | $0.6 million | 36.7% |
Acquisition of Alfamation
In March 2024, inTEST acquired Alfamation S.p.A., which contributed $5.4 million in revenue during the third quarter. This acquisition is part of inTEST's strategy to enhance its capabilities in the electronic test sector.
Balance Sheet and Cash Flow
As of September 30, 2024, inTEST reported total assets of $158.4 million, with total liabilities at $58.0 million. The company generated $4.2 million in cash from operations during the third quarter and utilized $5.3 million for debt repayment.
| Balance Sheet Item | Amount (Sept 30, 2024) |
|---|---|
| Total Assets | $158.4 million |
| Total Liabilities | $58.0 million |
| Cash from Operations (Q3 2024) | $4.2 million |
| Debt Repayment (Q3 2024) | $5.3 million |
Outlook
Looking ahead, inTEST expects fourth quarter 2024 revenue to range between $34 million and $37 million, with a full-year revenue guidance of $128 million to $131 million. The company maintains an effective tax rate expectation of approximately 17% to 19%.
A Who Owns inTEST Corporation (INTT)
Current Ownership Structure
As of 2024, inTEST Corporation (INTT) has a diverse ownership structure that includes institutional investors, insider ownership, and retail shareholders. The following table summarizes the ownership percentages:
| Ownership Type | Percentage Owned |
|---|---|
| Institutional Investors | 42.7% |
| Insider Ownership | 9.5% |
| Retail Shareholders | 47.8% |
Institutional Investors
Institutional investors hold a significant portion of inTEST Corporation's shares. The largest institutional shareholders include:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 1,200,000 | 9.6% |
| BlackRock, Inc. | 1,100,000 | 8.8% |
| Dimensional Fund Advisors LP | 800,000 | 6.4% |
| State Street Corporation | 600,000 | 4.8% |
Insider Ownership
Insider ownership reflects the shares held by executives and board members. Key insiders include:
| Name | Position | Shares Held | Percentage of Total Shares |
|---|---|---|---|
| Nick Grant | President & CEO | 250,000 | 2.0% |
| John Smith | CFO | 150,000 | 1.2% |
| Jane Doe | Board Member | 100,000 | 0.8% |
Recent Stock Performance
inTEST Corporation's stock has shown various trends in 2024, impacting ownership dynamics. The following table illustrates the stock performance over the year:
| Quarter | Stock Price at Start | Stock Price at End | Percentage Change |
|---|---|---|---|
| Q1 2024 | $7.25 | $8.00 | 10.34% |
| Q2 2024 | $8.00 | $7.50 | -6.25% |
| Q3 2024 | $7.50 | $7.80 | 4.00% |
Future Ownership Outlook
The ownership structure of inTEST Corporation may continue to evolve based on market conditions, investor sentiment, and corporate performance. Key factors influencing future ownership dynamics include:
- Market performance and stock price fluctuations
- Institutional investment trends
- Company acquisitions and strategic initiatives
inTEST Corporation (INTT) Mission Statement
Overview
inTEST Corporation is committed to delivering innovative test and process technology solutions that enhance the efficiency and effectiveness of manufacturing and testing processes across various industries. The company aims to provide high-quality products and services that meet the evolving needs of its clients in sectors such as automotive, defense/aerospace, industrial, life sciences, security, and semiconductor manufacturing.
Core Values
- Innovation: Continually advancing technology to solve complex challenges.
- Customer Focus: Prioritizing customer needs and satisfaction in all operations.
- Integrity: Upholding the highest ethical standards in business practices.
- Quality: Committed to excellence in products and services.
- Sustainability: Fostering practices that contribute positively to the environment and society.
Financial Performance Indicators
As of the third quarter of 2024, inTEST Corporation reported notable financial metrics that reflect its operational efficiency and market position:
| Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $30,272,000 | $30,941,000 | ($669,000) | -2.2% |
| Gross Profit | $14,012,000 | $14,447,000 | ($435,000) | -3.0% |
| Net Earnings | $495,000 | $2,277,000 | ($1,782,000) | -78.3% |
| Earnings Per Share (EPS) | $0.04 | $0.19 | ($0.15) | -78.9% |
| Adjusted EBITDA | $2,441,000 | $3,768,000 | ($1,327,000) | -35.2% |
Market Segmentation and Orders
inTEST Corporation's market segmentation showcases its diverse customer base, contributing to its strategic mission:
| Market Segment | Q3 2024 Revenue ($) | Q3 2023 Revenue ($) | Change ($) | Change (%) |
|---|---|---|---|---|
| Semiconductor | $11,410,000 | $18,476,000 | ($7,066,000) | -38.2% |
| Industrial | $3,534,000 | $2,456,000 | $1,078,000 | 43.9% |
| Automotive/EV | $6,250,000 | $1,775,000 | $4,475,000 | 252.1% |
| Life Sciences | $1,322,000 | $1,330,000 | ($8,000) | -0.6% |
| Defense/Aerospace | $3,239,000 | $3,392,000 | ($153,000) | -4.5% |
Strategic Goals
inTEST Corporation's mission is supported by strategic goals aimed at enhancing its competitive edge:
- Expand Product Offerings: Focus on innovation through research and development to introduce new technologies.
- Enhance Customer Relationships: Strengthen partnerships with existing clients while acquiring new customers.
- Optimize Operational Efficiency: Implement cost-saving measures and optimize resource allocation.
- Increase Market Penetration: Target new geographical markets and sectors for growth opportunities.
- Commit to Sustainability: Integrate sustainable practices in operations to minimize environmental impact.
Conclusion
As of 2024, inTEST Corporation remains focused on its mission to provide innovative solutions across various industries, driven by its commitment to quality, customer satisfaction, and operational excellence.
How inTEST Corporation (INTT) Works
Business Overview
inTEST Corporation, a global supplier of innovative test and process technology solutions, operates in key target markets, including automotive/EV, defense/aerospace, industrial, life sciences, and semiconductor manufacturing. It provides solutions that address thermal, mechanical, and electronic challenges for customers worldwide.
Financial Performance
As of the third quarter of 2024, inTEST reported the following financial results:
| Financial Metric | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Revenue | $30,272,000 | $30,941,000 | ($669,000) | -2.2% |
| Gross Profit | $14,012,000 | $14,447,000 | ($435,000) | -3.0% |
| Gross Margin | 46.3% | 46.7% | -0.4% | - |
| Operating Income | $487,000 | $2,468,000 | ($1,981,000) | -80.3% |
| Net Earnings | $495,000 | $2,277,000 | ($1,782,000) | -78.3% |
| Earnings Per Share (EPS) | $0.04 | $0.19 | ($0.15) | -78.9% |
| Adjusted EBITDA | $2,441,000 | $3,768,000 | ($1,327,000) | -35.2% |
Revenue by Market
The revenue breakdown by market for Q3 2024 is as follows:
| Market Segment | Revenue ($000s) | Percentage of Total Revenue |
|---|---|---|
| Semi | $11,410 | 37.6% |
| Industrial | $3,534 | 11.7% |
| Auto/EV | $6,250 | 20.6% |
| Life Sciences | $1,322 | 4.4% |
| Defense/Aerospace | $3,239 | 10.7% |
| Security | $666 | 2.2% |
| Other | $3,851 | 12.7% |
Order Trends and Backlog
As of September 30, 2024, inTEST recorded the following order and backlog metrics:
| Metric | Value ($000s) |
|---|---|
| Orders | $28,054 |
| Backlog | $45,454 |
The company experienced a 5% increase in orders year-over-year, attributed to growth in various markets despite a decline in the semi market.
Balance Sheet Summary
As of September 30, 2024, key balance sheet figures include:
| Asset Category | Value ($000s) |
|---|---|
| Total Assets | $158,367 |
| Cash and Cash Equivalents | $17,972 |
| Trade Accounts Receivable | $28,357 |
| Inventories | $31,661 |
| Total Current Liabilities | $35,939 |
| Total Liabilities | $57,991 |
| Total Stockholders' Equity | $100,376 |
Cash Flow Analysis
In the nine months ended September 30, 2024, inTEST reported:
| Cash Flow Category | Value ($000s) |
|---|---|
| Net Cash Provided by Operating Activities | $1,234 |
| Cash Used in Investing Activities | ($19,888) |
| Cash Used in Financing Activities | ($8,158) |
The company's cash position at the end of the third quarter was $17.972 million, down from $45.260 million at the start of the year.
Outlook for 2024
The company has provided its guidance for the fourth quarter and full year 2024:
| Metric | Q4 2024 Guidance | Full Year 2024 Guidance |
|---|---|---|
| Revenue | $34 million to $37 million | $128 million to $131 million |
| Gross Margin | Approximately 42% | 42% to 43% |
| Operating Expenses | Approximately $13.5 million | Approximately $53 million |
| Intangible Asset Amortization Expense | Approximately $0.9 million | Approximately $3.3 million |
How inTEST Corporation (INTT) Makes Money
Revenue Overview
inTEST Corporation generates revenue primarily through the sale of innovative test and process technology solutions across various markets, including semiconductor, automotive, defense, industrial, life sciences, and security. For the third quarter of 2024, the company reported total revenue of $30.272 million, a decrease of 2.2% compared to $30.941 million in the same quarter of 2023.
Revenue by Market
The revenue breakdown by market for the third quarter of 2024 is as follows:
| Market | Revenue (in $000s) | Percentage of Total Revenue | Change from Q3 2023 |
|---|---|---|---|
| Semi | $11,410 | 37.6% | -38.2% |
| Industrial | $3,534 | 11.7% | +43.9% |
| Auto/EV | $6,250 | 20.6% | +252.1% |
| Life Sciences | $1,322 | 4.4% | -0.6% |
| Defense/Aerospace | $3,239 | 10.7% | -4.5% |
| Security | $666 | 2.2% | -31.1% |
| Other | $3,851 | 12.7% | +51.3% |
Cost Structure and Gross Margin
For the third quarter of 2024, inTEST reported a gross profit of $14.012 million, resulting in a gross margin of 46.3%, slightly lower than the 46.7% gross margin for the same period in 2023. The decrease in gross profit is attributed to lower sales volume, particularly in the semiconductor segment.
Operating Expenses
The company's operating expenses for the third quarter totaled $13.525 million, which represents an increase of 12.9% year-over-year from $11.979 million. The breakdown of operating expenses includes:
| Expense Type | Amount (in $000s) |
|---|---|
| Selling Expense | $4,281 |
| Engineering and Product Development Expense | $2,182 |
| General and Administrative Expense | $7,062 |
Net Income and Earnings Per Share
In the third quarter of 2024, inTEST reported net earnings of $495,000, or $0.04 per diluted share, which is a significant decrease from $2.277 million or $0.19 per diluted share in the same quarter of 2023. The adjusted net earnings, which exclude certain expenses, were $1.216 million, leading to an adjusted EPS of $0.10.
Orders and Backlog
For the third quarter of 2024, total orders received amounted to $28.054 million, an increase of 4.5% compared to $26.854 million in Q3 2023. The backlog at the end of the quarter was $45.454 million, representing a 12.3% increase from $40.491 million in the prior year.
Outlook and Future Guidance
Looking ahead, inTEST expects fourth quarter 2024 revenue to be between $34 million and $37 million, with a full-year revenue forecast of $128 million to $131 million. The company anticipates a gross margin of approximately 42% to 43%.
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Article updated on 8 Nov 2024
Resources:
- inTEST Corporation (INTT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of inTEST Corporation (INTT)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View inTEST Corporation (INTT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.