The LGL Group, Inc. announced its financial results for the third quarter ended September 30, 2024. Net income available to common stockholders for Q3 2024 was $72,000, or $0.01 per diluted share, a decrease from $108,000, or $0.02 per diluted share, in the third quarter of 2023.
This decrease was primarily attributed to lower yields in U.S. Treasuries and the Federal Reserve's September rate cut. However, the decline was partially offset by higher Net sales driven by increased product shipments in the Electronic Instruments segment during Q3 2024.
Gross margin for the three months ended September 30, 2024, decreased to 43.4% compared to 55.5% in the prior year, primarily due to sales of lower margin products. As of September 30, 2024, the company's order backlog increased to $505,000, up $362,000 from December 31, 2023, and $192,000 from September 30, 2023.
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