Element Solutions Inc. reported significant financial improvements for the third quarter and the first nine months of 2024, reflecting a robust performance across its business segments. For the three months ended September 30, 2024, net sales reached $645.0 million, an 8% increase from $599.3 million in the same period of 2023. Year-to-date, net sales totaled $1,832.7 million, up 4% from $1,759.8 million in the prior year.
Gross profit for the third quarter was $267.5 million, an 11% increase compared to $241.9 million in Q3 2023. For the nine months, gross profit rose 12% to $779.7 million from $698.2 million. Operating profit turned positive at $95.0 million for Q3 2024, compared to an operating loss of $0.9 million in Q3 2023. Year-to-date operating profit was $269.0 million, a substantial increase from $118.1 million in the previous year.
Net income from continuing operations for the third quarter was $40.4 million, reversing a loss of $31.7 million in Q3 2023. For the nine months, net income surged to $188.1 million from $38.1 million. Earnings per share from continuing operations improved to $0.17 for Q3 2024, compared to a loss of $0.13 in the same quarter of 2023, and $0.77 for the nine months, up from $0.16.
The Electronics segment was a key driver of growth, with net sales increasing 14% to $419.1 million in Q3 2024. The Semiconductor Solutions sub-segment saw a notable 25% increase in sales. Conversely, the Industrial & Specialty segment experienced a slight decline in net sales, down 3% in Q3.
Strategically, Element Solutions announced the agreement to sell its MacDermid Graphics Solutions business for approximately $325 million, expected to close in late 2024 or early 2025. This segment has been classified as held for sale, and the company ceased depreciation for this business as of September 1, 2024.
Financially, as of September 30, 2024, Element Solutions had cash and cash equivalents of $376.0 million, up from $289.3 million at the end of 2023. Total assets increased to $5,098.2 million, while total stockholders' equity rose to $2,439.3 million. The company maintained compliance with its debt covenants, with total indebtedness of $1.93 billion.
Overall, Element Solutions demonstrated strong operational performance and strategic positioning, with significant improvements in profitability and a focus on optimizing its business structure.