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Stock impact report

ELTK: Eltek reported strong 2nd quarter financial results which supports our price target of $11.00. [Yahoo! Finance]

Eltek Ltd. - Ordinary Shares (ELTK) 
US:NASDAQ Investor Relations: eleceltek.com/en/financial.php?tid=5
Company Research Source: Yahoo! Finance
Eltek Ltd. (NASDAQ:ELTK) reported strong 2nd quarter 2023 financial results on August 21st, 2023. Revenues increased 20.9% to $11.0 million from $9.1 million in the 1st quarter of 2022. As customers continue to move PCB manufacturing needs from Asian markets to Western markets, primarily for security considerations, the aerospace and defense markets continue to be one of the key drivers of revenue growth. In the 2nd quarter, approximately 57% of revenues were derived from Israel with North America as the second largest market generating 16.5% of total revenues. Gross profit was $2.95 million ( 26.7% gross margin ) compared to $1.7 million ( 18.5% gross margin ) in the prior year period. Operating profit for the 2nd quarter of 2023 was $1.4 million compared to operating profit of $0.3 million in the 2nd quarter of 2022. Net income for the 2nd quarter of 2023 was $1.3 million or $0.22 per fully diluted share which was a substantial increase from net income of $0.75 million or $0.13 p Show less Read more
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