M-tron Industries, Inc. (NYSE American: MPTI) ("Mtron" or the
"Company"), a designer and manufacturer of highly-engineered
electronic components used to control the frequency or timing of
signals in electronic circuits, announced preliminary financial
results for the fourth quarter and full fiscal year ended December
31, 2024, which exceeded its prior guidance.
Preliminary Financial Results
Fourth Quarter 2024
Preliminary Revenues are expected to be in the range of
$12,700,000 to $13,000,000 for the fourth quarter of 2024 compared
with $10,773,000 for the fourth quarter of 2023, a year-on-year
increase of between 17.9% and 20.7%.
Preliminary Gross margin is expected to be in the range of 46.7%
to 47.7% for the fourth quarter of 2024 compared with 43.6% for the
fourth quarter of 2023.
Fiscal Year 2024
Preliminary Revenues are expected to be in the range of
$48,907,000 to $49,207,000 in 2024 compared with $41,168,000 in
2023. This represents an annual increase of between 18.8% and
19.5%. This will mark three consecutive years of close to 20%
growth per annum.
Preliminary Gross margin is expected to be in the range of 46.0%
to 46.3% in 2024 compared with 40.7% in 2023. Over the past three
years, the Company's gross margin has increased over 1,000 basis
points.
"These results reflect the strength of our strategy, the
dedication of our team, and the trust of our customers," said
Cameron Pforr, Mtron Interim Chief Executive Officer and Chief
Financial Officer. "During fiscal year 2024, we raised our guidance
twice and we are proud of our strong performance, which exceeded
the last round of guidance. We remain focused on driving
sustainable growth and delivering value for our shareholders."
Modification to Upcoming Rights Offering
On February 20, 2025, the Company announced its proposal to
issue subscription rights as a means of distributing value to
shareholders of record. After stakeholder engagement post
announcement, we will review proposed modifications of this
offering during tomorrow’s call which will include extending the
record and expiration dates and certain terms.
Investor Call
The Company will host an investor call at 10:00 a.m. Eastern
Time on Thursday February 27, 2025, to review the Company's
preliminary results, preview the strategic landscape, answer
questions, and provide insights on the Company's direction
forward.
In addition, the Company will present several important new
value building strategic initiatives including:
- Strength in organic business lines driven by continued
investment in new products;
- Distribution of value to shareholders;
- Plans for mergers and acquisitions;
- Launch of a Connectivity Partnership to further Mtron's "Made
in USA" defense specialization; and
- Leadership transition.
To participate, please use the following information:
Toll Free Dial-in Number:
(800) 715-9871
Toll Dial-in Number:
+1 (646) 307-1963
Conference ID:
4893975
Webcast Link:
https://events.q4inc.com/attendee/980967117
An archive will be available after the call on the Investor
Relations section of Mtron’s website at ir.mtronpti.com.
About Mtron
M-tron Industries, Inc. (NYSE American: MPTI) was originally
founded in 1965 and designs, manufactures and markets highly
engineered, high reliability frequency and spectrum control
products and solutions. As an engineering-centric company, Mtron
provides close support to its customers throughout our products’
entire life cycle, including product design, prototyping,
production and subsequent product upgrades. Mtron has design and
manufacturing facilities in Orlando, Florida and Yankton, South
Dakota, a sales office in Hong Kong, and a manufacturing facility
in Noida, India. For more information, visit www.mtronpti.com.
Preliminary Financial Data
The preliminary estimated financial results for the three months
and year ended December 31, 2024 included in this release, which
are the responsibility of management, were prepared by the
Company's management in connection with the preparation of the
Company's financial statements and are based upon preliminary
operating results, preliminary corporate level expenses, and a
number of subjective judgments and assumptions. Additional items
that may require adjustments to the Company's preliminary estimated
financial results may be identified and could result in material
changes to the Company's preliminary estimated financial results.
The Company has provided ranges, rather than specific amounts, for
the preliminary estimated financial results described above,
primarily because the Company's closing procedures for the three
months ended December 31, 2024 are not yet complete and, as a
result, the Company's final financial results upon completion of
the closing procedures may vary from the preliminary estimates set
forth above. The Company's independent registered public accounting
firm, PKF O'Connor Davies, LLP, has not audited, reviewed, compiled
or performed any procedures with respect to the preliminary
estimated financial results, nor have they expressed any opinion or
any other form of assurance on such information or its
achievability, and assume no responsibility for, and disclaim any
association with, such preliminary financial results. Further,
these preliminary estimated financial results are not a
comprehensive statement or estimate of the Company's financial
condition or operating results for the three months and year ended
December 31, 2024. These preliminary estimated financial results
should not be viewed as a substitute for complete quarterly
financial statements prepared in accordance with accounting
principles generally accepted in the United States ("U.S. GAAP") or
as a measure of the Company's performance. In addition, the
preliminary estimated financial information is not necessarily
indicative of the results to be achieved for any future period.
Accordingly, investors are cautioned not to place undue reliance on
this preliminary estimated financial information. See the
information below under "Cautionary Note Concerning Forward Looking
Statements" and "Risk Factors" and "Management's Discussion of
Financial Condition and Results of Operations" in the Company’s
Annual Report on Form 10-K for the year ended December 31,
2023.
Cautionary Note Concerning Forward Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, such as those pertaining to the uncertain financial impact
of COVID-19 and the Company’s financial condition, results of
operations, business strategy and financial needs. All statements
other than statements of current or historical fact contained in
this press release are forward-looking statements. The words
"believe," "expect," "anticipate," "should," “plan," "will," "may,"
"could," "intend," "estimate," "predict," "potential," "continue"
or the negative of these terms and similar expressions, as they
relate to Mtron, are intended to identify forward-looking
statements.
These forward-looking statements are largely based on current
expectations and projections about future events and financial
trends that may affect the financial condition, results of
operations, business strategy and financial needs of the Company.
They can be affected by inaccurate assumptions, including the
risks, uncertainties and assumptions described in the filings made
by Mtron with the Securities and Exchange Commission, including
those risks set forth under the heading "Risk Factors" in the
Company’s Annual Report on Form 10-K as filed with the SEC on March
25, 2024. In light of these risks, uncertainties and assumptions,
the forward-looking statements in this press release may not occur
and actual results could differ materially from those anticipated
or implied in the forward-looking statements. When you consider
these forward-looking statements, you should keep in mind these
risk factors and other cautionary statements in this press
release.
These forward-looking statements speak only as of the date of
this press release. Mtron undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Accordingly, readers are cautioned not to place undue reliance on
these forward-looking statements. For these statements, we claim
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of
1995.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250226041325/en/
M-tron Industries, Inc. Investor Relations Cameron Pforr Interim
Chief Executive Officer and Chief Financial Officer
ir@mtronpti.com
M tron Industries (AMEX:MPTI)
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