Net sales for Electro-Sensors, Inc. increased by 22.1% to $2,512,000 in the third quarter ended September 30, 2024, up from $2,057,000 in the prior-year quarter. This growth was attributed to increased sales across both wired sensor products and HazardPRO™ wireless products. The company's president, David L. Klenk, noted that industrial automation and agricultural applications were key drivers for this sales expansion.
Gross margin for the third quarter of 2024 improved to 50.4%, an increase of 210 basis points from 48.3% in the corresponding quarter of 2023. This margin expansion was primarily a result of price adjustments implemented earlier in the year and continued stabilization of the company's supply chain. Operating income saw a significant increase to $173,000, compared to an operating loss of $26,000 in the prior-year period.
Electro-Sensors reported diluted earnings per share of $0.07 for Q3 2024, a substantial improvement from $0.00 in Q3 2023. Income before income taxes also rose significantly to $290,000, up from $83,000 in the third quarter of 2023. For the nine-month period ended September 30, 2024, net sales increased 11.8% to $6,973,000.
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