Q2 2024 inTest Corp Earnings Call Transcript
Key Points
- Achieved record revenue of $34 million, despite challenging market conditions.
- Alfamation acquisition contributed $9.7 million in revenue, offsetting weakness in the semiconductor sector.
- Operating expenses came in below prior guidance due to lower commission expenses, reduced bonus accruals, and cost management efforts.
- Sequential improvement in back-end semiconductor orders, indicating potential recovery.
- Continued execution of a five-point strategy focusing on market diversification, product innovation, and leveraging application expertise.
- Gross margin of 40.6% was much lower than expected, driven by lower volume and less favorable product mix.
- Ongoing weakness in key markets such as semiconductor, Auto/EV, and industrials, which account for over 70% of sales.
- Backlog declined as the company worked through a portion of the acquired backlog from Alfamation.
- Revenue from the semiconductor sector fell 32% sequentially, reflecting significant market challenges.
- Expectations for the second half of 2024 are tempered, with some customers pushing out deliveries and a slower rate of order conversion.
Greetings, and welcome to inTEST Corporation second quarter 2024 financial results call. (Operator instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, [Craig Mihalik]. Thank you. You may begin.
Good morning, everyone. We certainly appreciate your interest in inTEST Corporation, and thank you for sharing your time with us today. Joining me on the call are Nick Grant, our President and Chief Executive Officer, and Duncan Gilmour, our Chief Financial Officer and Treasurer.
You should have the earnings release, which went out this morning as well as the slides that will accompany our conversation today. If not, you can find these documents on the investor relations section of our website at intest.com.
Please turn to slide 2, and I'll review the safe harbor statement. During this call, management may make some forward-looking statements about our current plans, beliefs and expectations. These statements apply to future events that are subject to risks and
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