TORONTO, Oct. 09, 2024 (GLOBE NEWSWIRE) -- Firan Technology Group Corporation (TSX:FTG) today announced financial results for the third quarter of 2024.
Third quarter bookings of $45.9M were up 29% over Q3 2023.
Third quarter revenues of $43.1M were up 18% over Q3 2023.
FTG achieved Adjusted EBITDA in Q3 2024 of $7.2M, which was up 45% over Q3 2023.
FTG achieved Net Earnings in Q3 2024 of $2.8M, which was up 109% over Q3 2023.
Business Highlights
In Q3 2024, FTG once again had strong bookings because of increasing demand from all segments of the Aerospace and Defence market. This, combined with strong operating performance and continued progress in integrating last year's acquisitions, resulted in the Corporation achieving its best-ever quarterly financial results for revenue, Adjusted EBITDA and Adjusted Net Earnings, and also strong cash flow from operating activities.
During Q3 2024, the Corporation has continued to invest in technology in existing sites, grow the business organically, and integrate the two acquisitions completed last year. FTG is strategically deploying its capital in ways that will drive increased shareholder returns for the future in both the near term and long term. Specifically, FTG accomplished the following in Q3 2024, which continues to improve the Company and position it for the future:
Integration activities in Circuits Minnetonka progressed well in the quarter with continued improvements in throughput and shipments. Demand remained strong across its customer base and new customer activity progressed well. The site is fully operational in the FTG standard ERP system they transitioned to in Q2 of this year. As the quarter ended, a new General Manager was hired to lead this site into 2025 and beyond.
Integration activities in Circuits Haverhill advanced with the installation of new drills and electrical test equipment. The expansion of the customer base continued in the quarter. The implementation of the FTG ERP system also progressed in the quarter.
Customer orders received in Q3 2024 totaled $45.9M, resulting in a book-to-bill ratio of 1.07:1, and over the trailing 12 months period ended Q3 2024, FTG has achieved a book-to-bill ratio of 1.15:1.
As of August 30, 2024, FTG had total backlog of $121.4M, which is a 24% increase over the Q3 2023 backlog of $98.0M.
Table 1 / Key Financial Metrics
Three months ended
Nine months ended
August 30,
September 1,
August 30,
September 1,
2024
2023
2024
2023
Sales
$43,088
$36,611
$116,852
$95,209
Gross Margin
11,623
8,776
31,360
28,546
Gross Margin (%)
27.0
%
24.0
%
26.8
%
30.0
%
Net Earnings to FTG Equity Holders
$2,764
$1,320
$6,367
$7,795
Adjustments
Government assistance, net of tax
-
-
-
(3,758
)
