LGL Group, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, LGL Group achieved net sales of $650,000, a significant increase of $212,000 or 48.4% from $438,000 in the same period of 2023. Total revenues rose to $1,179,000, up $201,000 or 20.6% from $978,000 year-over-year. However, total expenses also increased, reaching $1,041,000, which is an increase of $262,000 or 33.6% from $779,000 in Q3 2023. This rise in expenses was primarily driven by an 88.7% increase in manufacturing costs and a 15.2% increase in engineering, selling, and administrative expenses. Consequently, net income attributable to LGL Group common stockholders decreased to $72,000, down $36,000 or 33.3% from $108,000 in the prior year.
For the nine months ended September 30, 2024, net sales totaled $1,573,000, reflecting a 22.7% increase from $1,282,000 in the same period of 2023. Total revenues for this period reached $3,135,000, an increase of $452,000 or 16.8% from $2,683,000. Total expenses were $2,681,000, up $315,000 or 13.3% from $2,366,000 in the previous year. Net income attributable to LGL Group common stockholders for the nine months was $230,000, a 70.4% increase from $135,000 in 2023.
The company’s cash and cash equivalents as of September 30, 2024, were $41,602,000, a slight increase from $40,711,000 at the end of 2023. The net cash provided by operating activities for the nine months was $891,000, a significant improvement from cash used in operating activities of $454,000 in the same period of 2023.
Strategically, LGL Group continues to focus on its two main segments: Electronic Instruments and Merchant Investment. The company is actively seeking small- to mid-sized investment opportunities with strong cash flow. The mergers and acquisitions landscape has been challenging due to higher borrowing costs and increased regulatory scrutiny.
As of September 30, 2024, LGL Group had 5,373,055 shares of common stock outstanding, with total stockholders' equity amounting to $41,003,000, up from $40,682,000 at the end of 2023. The company remains committed to maintaining sufficient liquidity and has not paid cash dividends since 1989.
About LGL GROUP INC
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