SOUTHAMPTON, PA — Environmental Tectonics Corporation (ETC) has reported a robust financial performance for the third quarter of fiscal 2024. After an apparent turnaround, ETC marks a whopping 58% increase in sales compared to the previous year. The stellar growth, marked by a net income of $0.5 million, indicates a solid recovery from a loss of $0.8 million during the same period of the prior year.
The corporation’s backlog has also witnessed a significant surge, with an increase of 383% to reach $114.5 million.
Third Quarter Financials: A Closer Look
- ETC records a net income of $0.5 million
- Net sales catapults 58.3% to $10.2 million
- Gross profit registers a 61.6% boost with $2.8 million
- Operating expenses decrease by 12.5% to $2.0 million
Fiscal 2024: The First Three Quarters
- ETC posts a net loss of $1.0 million
- Net sales rise by 53.1% to $26.9 million
- Gross profit grows by 49.7% to $7.0 million
- Operating expenses mark a 6.9% increase to $7.0 million
The ETC Story
Environmental Tectonics Corporation, based in Pennsylvania, operates in the aerospace and commercial/industrial systems sectors. With a diverse portfolio that includes aircrew training systems, altitude chambers, hyperbaric chambers, and advanced disaster management simulators, ETC has carved out a strong presence in the Aerospace Solutions sector. Meanwhile, its Commercial/Industrial Systems portfolio focuses on sterilizer systems and environmental testing and simulation systems.
Primarily securing its net sales from long-term contracts with government entities and civil aviation organizations, ETC’s prosperous resurgence can be traced back to an upsurge in sales within the aerospace and sterilizer systems sectors.
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