inTEST Corporation (NYSE:INTT) Issues Financial Results for Third Quarter –

Mt. Laurel, New Jersey – inTEST Corporation recently released its financial results for the third quarter ending September 30, 2024. The company issued a detailed press release on November 1, 2024, highlighting its operational performance during this period.

The company reported that their operating income for the third quarter was $210 million, showing a considerable decrease from the $392 million reported in the preceding quarter. The decline was primarily attributed to lower volumes due to planned and unplanned downtime, as well as lower export margins. Additionally, their EBITDA for the same period came in at $317 million, reflecting a significant drop from the $794 million reported for the previous quarter.

Moreover, the company explained that this decrease was largely due to a gain on the sale of their Ethylene Oxide and Derivatives business worth $293 million, which inflated the figures for the second quarter. Excluding this identified item, the EBITDA for the third quarter was $501 million, still lower than the previous quarter.

Looking at the year-on-year comparison, inTEST Corporation’s third-quarter results for 2024 highlighted a decline in EBITDA by $391 million compared to the third quarter of 2023. This reduction was mainly driven by lower derivatives and export margins in their Propylene Oxide & Derivatives segment.

The company’s financial statement also detailed its capital expenditures during the quarter, amounting to $368 million. Cash and liquid investment balances stood at $2.6 billion by the end of the quarter, incorporating cash and cash equivalents, restricted cash, and short-term investments. The outstanding common shares were reported to be 325 million as of September 30, 2024. During the third quarter, inTEST Corporation paid dividends totaling $437 million and repurchased around 438 million shares.

Additionally, the financial report segmented the company’s operations across various sectors, including Olefins & Polyolefins, Intermediates & Derivatives, Advanced Polymer Solutions, Refining, and Technology. Each segment was analyzed in detail, showcasing both positive and negative trends affecting their financial performance.

Investors and stakeholders will be closely monitoring inTEST Corporation’s strategies to address the challenges they faced in the last quarter and how they plan to optimize their operations moving forward.

This news piece is based on the recent 8-K SEC filing provided by inTEST Corporation on November 1, 2024. The company’s share price and market response following this update will be essential to watch as the financial community digests this information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read inTEST’s 8K filing here.

inTEST Company Profile

inTEST Corporation provides test and process technology solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide. The company operates through three segments: Electronic Test, Environmental Technologies, and Process Technologies.