Ultralife Q3 revenue rises on defense sales
ULBI•Ultralife reported third-quarter revenue of $48.3 million, with Battery & Energy Products sales rising on 56.7% growth in government and defense orders. Commercial sales fell 5.8%, and Communications Systems sales declined 7.1%.
1. Defense orders drive sales
Ultralife's third-quarter revenue rose year over year on higher defense sales. Battery & Energy Products sales benefited from 56.7% growth in government and defense orders, mainly from a large conformal wearable batteries order.
2. Other segments weaken
Commercial sales fell 5.8% due to weaker demand in the global oil and gas market, while Communications Systems sales declined 7.1% from the prior-year period. The company reported adjusted EBITDA of $5.6 million, operating expenses of $10.1 million and operating income of $3.2 million.
3. Acquisition pending
Ultralife previously announced it will be acquired by EnerSys in a $320 million deal. It will not hold a conference call because of the pending acquisition.
