MT. LAUREL, N.J. - inTEST Corporation (NYSE American: INTT), a global provider of test and process technology solutions, has announced the postponement of its fourth quarter and full year 2023 earnings report and investor call that was originally scheduled for March 1, 2024.
The company has stated the need for additional time to finalize its year-end audit and review process. inTEST now plans to disclose its financial results alongside or before the filing of its Annual Report on Form 10-K for the year ending December 31, 2023.
The preliminary unaudited results for the fourth quarter of 2023 show revenues of about $28.4 million and net earnings of approximately $1.7 million, or $0.14 per diluted share. The company also reported generating $4.7 million in cash from operations during the same period, with orders amounting to $27.5 million.
Looking ahead, inTEST anticipates first quarter 2024 revenue to be between $28 million and $30 million with a gross margin of around 46%. Earnings per diluted share for the first quarter are expected to range from $0.08 to $0.13. For the full year 2024, the company expects revenue to be within $125 million to $130 million.
These projections are based on management's current assessment of operating and market conditions, including customer forecasts. The guidance presumes macroeconomic conditions will remain stable throughout the year and does not account for any extraordinary non-operating expenses that may occur.
inTEST's management utilizes orders as a key metric to gauge the company's financial and operational performance. However, it is important to note that the method of calculating orders does not conform to non-GAAP measures as defined by the U.S. Securities and Exchange Commission, hence a quantitative reconciliation is not provided.
The financial data presented is preliminary and unaudited, and actual results may materially differ upon completion of the company's financial closing procedures and audit. The information in this release is based solely on a press release statement from inTEST Corporation.
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