M-tron Industries, Inc. announced strong financial results for the third quarter ended September 30, 2024, with net income reaching $2.267 million, or $0.81 per diluted share. This represents a significant increase compared to $1.586 million, or $0.57 per diluted share, in the same period of 2023. The growth was primarily driven by continued strong defense program product and solution shipments.
The company's gross margin improved to 47.8% in Q3 2024, up from 42.8% in Q3 2023, attributed to higher revenues, improved production efficiencies, and a favorable product mix towards higher-margin offerings. Adjusted EBITDA also saw a substantial increase, reaching $3.3 million for the quarter, compared to $2.336 million in the prior year period. These figures highlight enhanced profitability and operational effectiveness.
MtronPTI's management raised its outlook for fiscal year 2024, now expecting revenues in the range of $46.0 million to $48.0 million, an increase from the previous range of $43.0 million to $45.0 million. The company anticipates achieving an EBITDA margin in the 19% to 21% range for the full year. While backlog decreased to $39.763 million as of September 30, 2024, from $50.280 million a year prior, management attributed this to the timing and size of large, long-duration program-centric orders.
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