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LGL Group Inc. (LGL+11.37%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes the financial results for the year, showing total revenues of $4,292,000, an increase from $3,678,000 in the previous year. The increase was driven by higher net sales and net investment income.
Net sales for the year increased to $2,226,000 from $1,728,000, primarily due to additional contracts won within the Electronic Instruments segment.
Net investment income rose to $2,071,000 from $1,566,000, primarily due to higher balances invested in United States Treasury money market funds.
The company reported a gross margin of 53.0%, slightly down from 53.9% in the previous year, due to several contracts with lower margin products.
Total expenses increased to $3,593,000 from $3,032,000, driven by higher manufacturing costs and increased engineering, selling, and administrative expenses.
Net income from continuing operations was $522,000, up from $345,000 in the previous year. After accounting for non-controlling interests, net income attributable to LGL Group common stockholders was $432,000, compared to $269,000 in the previous year.
The company had cash and cash equivalents of $41,585,000 as of December 31, 2024, compared to $40,711,000 at the end of 2023.
LGL Group's order backlog increased to $336,000 as of December 31, 2024, compared to $143,000 at the end of 2023, reflecting the timing and size of orders.
The company continues to focus on its Electronic Instruments and Merchant Investment segments, with the latter including investments in money market funds and marketable securities.
The filing also discusses the company's tax position, noting a total income tax expense of $177,000 for the year, down from $301,000 in the previous year.
LGL Group maintains a policy of not paying cash dividends, focusing instead on long-term growth and capital appreciation.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the LGL Group Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.