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Ultralife reports Q2 results, multimillion dollar contract win from global prime defense contractor
Ultralife reports Q2 results, multimillion dollar contract win from global prime defense contractor
Ultralife Corp. reported a drop in year-over-year net income, driven by supply chain challenges and inflationary pressures. Sales were up 20 percent year-over-year.
The Newark, Wayne County firm reported before markets opened Thursday net income of $512,000, or 3 cents a diluted share on a GAAP basis, compared to net income of $811,000, or 5 cents a diluted share, for the second quarter of 2021. Adjusted earnings for the most recent quarter were $2.2 million.
Sales were $32.1 million for the quarter, up from sales of $26.8 million a year ago.
Michael D. Popielec, Ultralife’s president and CEO, said the firm’s acquisition last year of Excell Battery Group, along with strong shipments to core commercial end-markets increased sales, as well as returned the company to total profitability.
Challenges persisted, including supply chain constraints which continued to delay shipments and inflationary cost pressures, he added.
“While we anticipate continuing to battle these challenges in the second half of the year, we remain steadfast in our commitment to advancing our new product development initiatives, transitioning new products to production and generating profitable growth for the year,” Popielec said in a statement.
The company announced earlier this week it had been awarded a purchase order valued at roughly $4.6 million to supply its Vehicle Amplifier-Adaptors to a global prime defense contractor. Shipments are expected to begin this year.
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