IEC Electronics building solid manufacturing niche that is exclusively 'US made'
- Provides electronic-manufacturing services to the aerospace, defense, industrial, and medical sectors
- Manufactures 100% of its products in the US, unlike many of its competitors
- 1Q 20201 net income climbed by 29% year-over-year
What IEC Electronics does:
IEC Electronics Inc (NASDAQ:IEC) is a provider of electronic manufacturing services to advanced technology companies that produce life-saving and mission-critical products in the aerospace, defense, industrial, and medical sectors.
Founded in 1966, the Newark, New York-based company breaks its business down into six key areas: full-system assemblies, design & test development, analysis & testing lab, electronics manufacturing, interconnect solutions, and precision metalworking.
The company specializes in delivering technical solutions via the custom manufacture of complex full-system assemblies (such as circuit boards) and by providing on-site analytical testing laboratories, custom-design, and test-engineering services.
IEC manufactures 100% of its products in the US, unlike many of its competitors.
For the medical industry, the company’s products include infusion pumps, resuscitation and imaging systems, and diagnostic equipment. IEC’s BioWaveHome Neuromodulation Pain Therapy System helps manage pain through electrical stimulus. The Veterans Administration and the National Football League have expressed interest in the product which is seen as a viable alternative to using highly addictive opioid drugs to treat pain.
It also makes ruggedized industrial controls, remote-inspection equipment, and weather-detection instruments for the industrial sector.
In the aerospace and defense areas, the company produces encrypted satellite-communication, weapons and flight-control systems as well as handheld tactical radios for US troops in war zones.
How is it doing:
IEC Electronics has made a strong start to 2021.
In its 1Q 2021 financial results, reported on February 2, the company saw its net income climb 29% year-over-year to $1.5 million, or $0.15 per share. The company noted that its top-line revenue also improved to $47.5 million, a 6% increase from the same period last year, while its gross profit margin for the quarter rose 40 basis points to 12.1% of sales.
The company’s fiscal 2020 fourth-quarter numbers, posted at the end of November 2020, saw it produced $46.4 million in revenue, a near 6% year-over-year increase. Higher sales in that quarter ended September 30, helped the company achieve net income of $1.9 million, or $0.18 per basic and diluted share, compared to net income of $1.8 million, or $0.17 per basic and diluted share, in 4Q 2019.
In September 2020, IEC revealed that it had entered into an agreement to purchase an 86,000 square-foot facility in Rochester, New York state. The company said the new facility was expected to provide additional capacity and more importantly, access to a larger pool of qualified resources to support future organic growth.
In March that year, IEC also announced that it had been awarded a Low Rate Initial Production multi-year contract valued at more than $15 million from a top global defense contractor.
Inflection points:
- Further top-line revenue growth
- More contract news
- Future organic growth
What the boss says:
When reporting the firm’s first-quarter 2021 results in February, IEC Electronics CEO Jeffrey Schlarbaum said: “As we move through fiscal 2021, we believe IEC is well-positioned to drive continued organic growth, maintain industry-leading margins and deliver enhanced profitability. Our reputation as a consistent and reliable manufacturing partner for high complexity, life-saving and mission-critical products continues to gain traction with customers in the marketplace.”
“Likewise, as a 100% US-based manufacturer with a full suite of vertically integrated production services, we believe we have a competitive advantage in attracting partners from a variety of regulated industries who are looking for the highest levels of intellectual property protection and supply chain management,” Schlarbaum continued.
“We believe we are competitively positioned to continue to win new customers and programs and look forward to continuing to grow our leadership position as a provider of highly complex manufacturing solutions.”
Contact the author at [email protected]
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/902987/iec-electronics-building-solid-manufacturing-niche-that-is-exclusively--us-made--902987.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
