Ultralife (NASDAQ:ULBI) Announces Quarterly Earnings Results

Ultralife (NASDAQ:ULBI) released its earnings results on Friday. The technology company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.18), Zacks reports. Ultralife had a negative net margin of 3.09% and a positive return on equity of 3.10%.

Here are the key takeaways from Ultralife’s conference call:

• Q1 revenue was $47.4 million with an operating loss of $0.2 million and a net loss of $0.5 million (?$0.03/sh), attributed to shipment timing, Middle East delivery delays, plant reorganizations, weather-related interruptions, and pre?revenue staffing and consulting costs.
• Consolidated gross margin dropped to 21.3% (down 380 bps) and gross profit fell 20.7% year?over?year, driven largely by lost production days (Newark substation failure and a 16?day equivalent impact at Raynham during ERP/inventory transition), higher energy costs, and unfavorable sales mix/tariffs.
• The company exited Q1 with a record backlog of $115.1 million (up 21% YoY), representing 61% of trailing?12?month sales and including over $12 million of new?product backlog, providing stronger near?term revenue visibility.
• Management is investing in product development and vertical integration (Electrochem), expects to more than double internal cell usage, shipped the first conformal wearable battery order with > $8 million backlog, and won a $4 million multi?year award—actions intended to stabilize Communications Systems revenue and lift gross margins.

Ultralife Trading Down 15.3%

NASDAQ ULBI traded down $1.08 during trading on Friday, hitting $5.97. The stock had a trading volume of 131,366 shares, compared to its average volume of 44,552. The company has a market capitalization of $99.46 million, a PE ratio of -16.58 and a beta of 0.74. The company has a quick ratio of 1.39, a current ratio of 2.83 and a debt-to-equity ratio of 0.35. The firm has a 50 day moving average price of $6.64 and a 200 day moving average price of $6.30. Ultralife has a twelve month low of $4.78 and a twelve month high of $9.52.

Hedge Funds Weigh In On Ultralife

Several institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its position in Ultralife by 6.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 507,800 shares of the technology company’s stock valued at $2,905,000 after acquiring an additional 32,133 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Ultralife by 210.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 219,018 shares of the technology company’s stock valued at $1,494,000 after acquiring an additional 148,542 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of Ultralife by 14.5% during the second quarter. Raymond James Financial Inc. now owns 116,085 shares of the technology company’s stock worth $1,042,000 after buying an additional 14,667 shares in the last quarter. Ancora Advisors LLC grew its position in shares of Ultralife by 24.3% during the third quarter. Ancora Advisors LLC now owns 105,321 shares of the technology company’s stock worth $718,000 after buying an additional 20,562 shares in the last quarter. Finally, Citadel Advisors LLC grew its position in shares of Ultralife by 78.9% during the third quarter. Citadel Advisors LLC now owns 80,921 shares of the technology company’s stock worth $552,000 after buying an additional 35,695 shares in the last quarter. 30.68% of the stock is owned by institutional investors and hedge funds.

Ultralife Company Profile

Ultralife Corporation (NASDAQ: ULBI) develops, manufactures and sells a broad range of energy and communications products for defense, medical, automotive and consumer electronics markets. The company operates through two primary segments: Power Systems and Communications Systems. In its Power Systems segment, Ultralife produces lithium-ion rechargeable cells and battery packs, primary lithium batteries, alkaline and rechargeable battery packs, chargers and battery accessories designed to meet demanding performance and safety requirements.