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Eltek Sags on Q1 Results

Eltek Ltd. (NASDAQ: ELTK) shares retreated Tuesday, as the global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) announced its financial results for the quarter ended March 31, 2024.

According to CEO Eli Yaffe, "We have ended another successful quarter with net income of $1.74 million, compared to $1.56 million in the first quarter of 2023, an increase of 11%. Revenues reached $11.8 million, marking a 3% rise compared to the same period last year. These results are the outcome of our continuous investment in increasing efficiency and quality. We have seen a consistent uptrend in both product orders and requests for quotations during the quarter.

“Recently, we secured a repeat order worth $1.6 million from a defense client for PCB supply, with $1 million due by the end of 2024 and the remainder by the end of 2025. We anticipate sustained high demand in the defense sector, for the next 2-3 years. Our current principal production constraint lies in manpower and not in machine capacity. To manage this increased demand for our products, we're actively seeking to boost our workforce by 15% in the short term and an additional 10% thereafter.”

Shares in ELTK dropped 37 cents, or 3.4%, to $10.50.