Electro-Sensors, Inc. announced its financial results for the year ended December 31, 2024, reporting a 9.6% increase in net sales to $9,373,000, up from $8,555,000 in the prior year. This marks a record annual revenue for the company, driven by growth in both wired and wireless product families. Sales of HazardPRO™ wireless products experienced a faster growth rate compared to traditional wire-based products.
International sales contributed 11.5% of net sales in 2024, a slight increase from 10.3% in the prior year, indicating expanding global reach. While gross margin for the full year was 48.9%, a decrease of 70 basis points from 49.6% in 2023, the company significantly reduced its operating loss to $4,000 in 2024, an 85.7% improvement from a $28,000 loss in 2023.
The company reported diluted earnings per share of $0.13 for fiscal year 2024, a 62.5% increase from $0.08 in fiscal year 2023. Income before income taxes rose by 15.3% to $436,000, compared to $378,000 in the previous year. The company also announced its Annual Meeting of Shareholders will be held via live webcast on April 23, 2025.
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