Bk Technologies, Inc. ( (BKTI) ) has released its Q3 earnings. Here is a breakdown of the information Bk Technologies, Inc. presented to its investors.
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BK Technologies Corporation is a company that manufactures high-specification communications equipment for public safety professionals and government agencies, operating primarily in the communications technology sector with a focus on innovative public safety smartphone services.
In its third quarter of 2024, BK Technologies reported a GAAP earnings per share of $0.63 and raised its full-year earnings guidance. The company maintained consistent revenue compared to the same quarter last year, continuing to see strong demand for its products, particularly the new BKR 9000 multiband radio.
Key financial highlights for the third quarter include a revenue of $20.2 million and a significant improvement in gross margin from 31.9% to 38.8% year-over-year. The company also reported a backlog of $27.0 million, reflecting strong order activity and demand. Furthermore, BK Technologies achieved an operating income of $2.6 million, a substantial increase from the $594,000 reported in the same quarter of the previous year.
The company has successfully completed its outsourcing program with East West Manufacturing, which has contributed to improved production costs and gross margin performance. Looking ahead, BK Technologies expects its full-year GAAP earnings per share to exceed $1.65, up from the previous target, and non-GAAP earnings per share to reach $1.92.
BK Technologies remains focused on enhancing the adoption rate of its BKR 9000 radio, expanding its customer base, and increasing market share as it moves through the final quarter of 2024.
