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LGL Group (LGL) provides precision engineering solutions and strategic investments across critical industries. This news hub offers investors and industry professionals centralized access to official updates and market-relevant developments.
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Discover real-time updates on frequency control technologies serving aerospace and telecommunications sectors, alongside strategic financial moves shaping LGL's diversified portfolio. Bookmark this page for streamlined monitoring of operational milestones and industry positioning.
The LGL Group, Inc. (NYSE American: LGL) reported improved financial results for Q2 2024. Total revenues increased by $347,000 to $1,068,000, up from $721,000 in Q2 2023. Income from continuing operations before taxes rose to $213,000, compared to a loss of $132,000 in the same period last year. Net income per diluted share improved to $0.02, up from a loss of $0.02 in Q2 2023.
For the first half of 2024, total revenues reached $1,956,000, with net income per diluted share at $0.03. The company's gross margin improved to 59.7% in Q2 2024, up from 48.4% in Q2 2023. As of June 30, 2024, LGL Group had $41,092,000 in cash, cash equivalents, and marketable securities. The order backlog increased to $737,000, showing significant growth from both year-end 2023 and June 30, 2023 levels.
The LGL Group (NYSE American: LGL) released its financial results for Q1 2024, ending March 31, 2024. During this period, total revenues fell by $96,000 to $888,000 compared to Q1 2023. Income from continuing operations before taxes decreased by $193,000 to $57,000. Net income per diluted share dropped by $0.03 to $0.00. Cash and marketable securities stood at $40.89 million.
Tim Foufas, Co-CEO, noted a revenue decline in the Electronics Instruments segment but pointed out an improved order backlog. The order backlog rose to $341,000, an increase of $198,000 from December 31, 2023.
Gross margin fell to 48.0% from 56.5% in Q1 2023, attributed to a lower margin product mix and higher labor costs. Working capital was $41.17 million, and investments in U.S. Treasury money market funds provided higher net investment income.
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