Tag: ambrell

InTEST Corp., the parent company of Rochester’s Ambrell Corp., has reported first-quarter sales that dwarfed year-ago revenues and net earnings that were nearly triple those reported in the first quarter last year.

For the quarter ended March 31, inTEST reported sales of $19.6 million, up 74 percent from $11.2 million in the year-ago quarter. Adjusted income was $2.51 million for the quarter, compared with an $836 million loss in the same quarter last year. On a per-share basis, adjusted earnings were 24 cents, compared with an 8-cent loss in the first quarter last year.

“InTEST delivered solid financial results for the first quarter, driven predominantly by continued semiconductor demand,” said inTEST President and CEO Nick Grant in a statement. “Momentum has continued unabated, with strong demand for our innovative test and process technology solutions across a diverse set of end applications.”

Grant noted that bookings have been on a steady increase during the last year and in the first quarter were up 83 percent to $25.2 million.

“We continue to make progress developing vertical growth markets and segments outside of the semiconductor market which will serve to lessen our dependency on this cyclical industry,” Grant added. “However, at the present time the semi market is a considerable driver of our growth, given the strong industry tailwinds and broad end-market demand for semiconductors, compounded by industry-wide chip shortages.”

During an earnings presentation, inTEST noted that Ambrell achieved its highest bookings quarter in its 30-year history, beating its prior record by 34 percent. Ambrell received a major order for a new electric vehicle manufacturing facility in North America and continues to receive robust orders from other OEMs and EV integrators, according to the presentation.

The Rochester manufacturer has a new product, the Ambrell EKOHEAT Compact Series. The first two units are functional, with positive feedback, officials said. The company has received an order for three additional units from a new OEM in Europe. Ambrell expects to fully release the new product this quarter.

The earnings presentation also noted that Ambrell has added a full-time sales professional in Mexico and has initiated plans to set up an application lab there and add an application engineer to support opportunity development within the region.

Company officials expect inTEST revenues for the second quarter to be in the range of $20 million to $21 million, with earnings per diluted share in the range of 20 to 24 cents. Adjusted earnings are expected to be in the range of 23 to 27 cents per share.

“We are laser-focused on capturing growth and driving investments that will position us well long-term and I am pleased with the progress we are making,” Grant said in the earnings statement. “We are setting the stage for our long-term growth and diversification, in line with our strategic plan.”

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Ambrell Corp. parent inTEST Corp. last week beat Street estimates for revenue and earnings, despite a fourth-quarter decline in both.

For the quarter ended Dec. 31, inTEST reported net revenue of $18.4 million, down from $19.4 million a year ago. Adjusted earnings for the quarter fell to $2.3 million from $3.2 million in the same quarter last year. On a per share basis, earnings were 23 cents.

Analysts had expected earnings of 18 cents on revenue of $18 million.

InTEST’s thermal segment is the combined business of inTEST Thermal Solutions, which serves the test market, and Ambrell, which serves the industrial process markets. During the quarter, Ambrell contributed $6.9 million in revenue, up from $6.7 million in the year ago quarter.

“We continue to make significant progress in broadening our presence within the markets we serve as we diversify the company into a global world-class provider of thermal and ATE interface solutions for industrial manufacturing and electronic test,” inTEST President and CEO James Pelrin said in a statement. “On the heels of a very strong first half of 2018, we delivered solid full year results driven by our diversified customer base of end users and OEMs, further demonstrating our strong execution and operating leverage.”

For the full year, inTEST posted net revenue of $78.6 million, up from $66.8 million in 2017. Net earnings were $3 million for the year, up from $1 million in the previous year, while diluted earnings per share increased to 29 cents from 9 cents in 2017.

For the year, Ambrell contributed $26.5 million, nearly double its revenue of $13.6 million in 2017.

“Our revenue is driven by the semiconductor industry, with end markets in the automotive sensors, internet of things and consumer electronics markets, while our non-semi business is driven by demand in the industrial and defense/aerospace markets,” Pelrin said. “We continue to expand our customer base in the markets we serve, while growing our footprint in additional test and industrial process markets.”

InTEST is projecting revenues for the first quarter of 2019 in the range of $18 million to $19 million, with diluted earnings per share in the range of 13 to 18 cents.

Shares of company stock (NYSE: INTT) have dropped from $7.36 to $7.04 in the week since inTEST reported fourth quarter results.

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Ambrell Corp. parent inTEST Corp. last week reported an increase in third quarter revenues, heavily driven by its thermal segment and Ambrell’s record sales for the quarter.

Revenues for the quarter ended Sept. 30 were up more than 16 percent to $20.16 million. Total bookings for the quarter were $20 million, up from $17.6 million in the year-ago quarter.

Non-GAAP adjusted net income was $2.8 million for the quarter, up from $2.1 million in the third quarter last year, while the company reported a GAAP loss of $600,000, compared with $2 million in the year-ago quarter.

Non-GAAP earnings per diluted share were 27 cents for the quarter, up from 20 cents a year ago. InTEST reported a GAAP loss per diluted share of 5 cents, compared with earnings per share of 19 cents a year ago.

Analysts had expected GAAP earnings per share of 20 cents on income of $19.5 million.

“Both of our segments delivered solid third quarter operating results, driven by our diversified customer base of end users and OEMs,” inTEST President and CEO James Pelrin said in a statement. “The semiconductor industry continues to drive revenue to automotive sensors, Internet of Things and mobile technologies, while non-semi business is driven by demand in the automotive, industrial, telecommunications and defense/aerospace markets.”

InTEST’s thermal segment is the combined business of inTEST Thermal Solutions, which serves the test market, and Ambrell, which serves the industrial process markets. During the quarter, Ambrell achieved record net revenues of $6.8 million, while ITS revenue came in at $7.8 million, the highest in more than 15 years, Pelrin noted.

Ambrell’s record sales were driven by three semiconductor companies who placed orders valued at more than $2.2 million.

During the fourth quarter, inTEST expects grant funding of $550,000 to offset a portion of the costs of the $2.1 million tenant improvements for Ambrell’s new Lyell Avenue facility, officials said.

Ambrell employs 90 staffers worldwide, including about 80 at its new facility. Ambrell is an induction heating manufacturer that was founded as Ameritherm in 1986.

Shares of inTEST stock (NYSE: INTT) have dropped from $9.10 at the beginning of the year to $6.83 on Wednesday.

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Ambrell Corp. parent company, inTEST Corp., reported an increase in second quarter revenue and earnings, beating Street estimates.

For the quarter ended June 30, inTEST reported net revenues of $21.1 million, up from $15.9 million in the second quarter last year. Net revenues excluding Ambrell were $14.7 million for the quarter, up from $13.9 million a year ago.

InTEST reported adjusted income of $3.5 million, or 34 cents per diluted share. That compares with income of $1.7 million, or 16 cents per diluted share, in the second quarter last year.

Analysts polled by Zacks Investment Research had estimated per-share earnings of 23 cents.

“Second quarter operating results were exceptionally strong, driven by orders for our broad-based solutions across test and industrial manufacturing,” inTEST President and CEO James Pelrin said. “The robust demand associated with the semiconductor industry, with automotive sensors, mobility technologies and Internet of Things (IoT) continues to benefit our semiconductor test business, while non-semi business drivers included solid demand from automotive, industrial and defense/aerospace markets.”

For the six month period, inTEST reported net revenues of $40 million, up from $30.1 million last year. Excluding Ambrell, net revenues were $27.3 million, down from $28.1 million last year. Income for the first six months was $5.9 million, or 57 cents per diluted share.

As part of inTEST’s thermal unit, Ambrell employs more than 90 staffers worldwide, including about 80 at its new facility on Lyell Avenue. Ambrell is an induction heating manufacturer that was founded as Ameritherm in 1986.

“Ambrell’s net revenues for the second quarter were $6.4 million. Excluding Ambrell, our net revenues from markets outside of the semiconductor market were $3.5 million, or 24 percent of net revenues for Q2,” said inTEST CFO Hugh Regan in an earnings call Thursday. “So clearly, Ambrell continues to further diversify our served markets.”

Regan noted that in the third quarter inTEST expects to receive some $550,000 in grant funding to offset the cost of the $2.1 million tenant improvements for Ambrell’s new facility.

A year into inTEST’s acquisition of Ambrell, Pelrin said the subsidiary has been strong.

“Ambrell worked very hard to acquire some OEMs, particularly in the (semiconductor) space because it’s a good fit for their products,” Pelrin said. “And they’ve actually acquired some OEMs and displaced some competition, and that’s driven quite a bit of business to date this year.”

Shares of company stock (NYSE: INTT) closed Thursday, before the company’s earnings release, at $7.43, and have since climbed to $8.45.

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Ambrell Corp. parent company, inTEST Corp., has posted first quarter revenue and earnings increases, beating Street estimates.

The Mt. Laurel, N.J.-based public company—which designs and manufactures engineered solutions for automated test equipment and other electronic test and industrial process applications—posted revenues of $18.87 million in the first quarter ended March 31, up from $14.2 million in the first quarter last year.

Net revenues excluding Ambrell were $12.7 million for the quarter. Adjusted net earnings per diluted share were 22 cents, compared with 21 cents in the year-ago quarter.

Analysts had expected diluted EPS of 17 cents on revenues of $17.8 million.

“The first quarter was fueled across the board by continued demand for our broad-based solutions, a testament to the strength of our customer relationships and the depth of our product suite,” inTEST President and CEO James Perin said in a statement. “We continue to benefit from the robust demand environment associated with the semiconductor industry, with automotive sensors, mobility technologies and Internet of Things leading our semiconductor test business, while non-semi business drivers included solid demand in the automotive, telecom and defense/aerospace markets.

“Our Ambrell business has made significant contributions to inTEST, and its first quarter 2018 record bookings of $7 million increased 14 percent sequentially and 53 percent year-over-year,” Perin added.

As part of inTEST’s thermal unit, Ambrell employs more than 90 staffers worldwide, including about 80 in Scottsville. The company’s planned move to a larger facility on Lyell Avenue will add roughly another nine staffers.

For the second quarter, inTEST expects net revenues to be in the range of $19 million to $20 million, with adjusted earnings per diluted share of 22 cents to 26 cents.

“We are well positioned to capture market share in the markets we serve, while expanding inTEST’s footprint in additional thermal test and industrial markets,” Perin said. “As we continue to execute on our differentiated product strategy, we believe the conditions for our long-term success remain firmly in place and we are solidly on track for a strong 2018.”

After an initial drop, shares of company stock (NYSE: INTT) have increased 10 cents to $7.30 since inTEST reported its quarterly earnings Thursday.

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