inTEST Corporation announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported net revenues of $21,097,000 against $15,888,000 a year ago. Operating income was $4,517,000 against $2,282,000 a year ago. Earnings before income tax expense were $4,396,000 against $2,336,000 a year ago. Net earnings were $4,014,000 against $1,445,000 a year ago. Basic and diluted net earnings per share were $0.39 against $0.14 a year ago. On a non-GAAP basis, adjusted net earnings were $3.549 million or $0.34 per diluted share, compared with $1.689 million or $0.14 per diluted share a year ago. Adjusted EBITDA was $4.121 million against $2.709 million a year ago.

For the six months, the company reported net revenues of $39,968,000 against $30,068,000 a year ago. Operating income was $5,424,000 against $5,413,000 a year ago. Earnings before income tax expense were $5,378,000 against $5,508,000 a year ago. Net earnings were $4,395,000 against $3,523,000 a year ago. Diluted net earnings per share were $0.42 against $0.34 a year ago. On a non-GAAP basis, adjusted net earnings were $5.861 million or $0.57 per diluted share, compared with $3.814 million or $0.37 per diluted share a year ago. Adjusted EBITDA was $7.234 million against $6.031 million a year ago.

The company expects that net revenues for the quarter ended September 30, 2018, will be in the range of $19.0 million to $20.0 million and that on a GAAP basis, net earnings per diluted share will range from $0.19 to $0.23.  On a non-GAAP basis, adjusted net earnings per diluted share is expected to be in the range of $0.21 to $0.25. The company currently expects that product mix will be less favorable as compared with the second quarter of 2018, and as the third quarter gross margin will range from 49% to 50%.

For the year 2018, the company expects effective tax rate for the balance of the 2018 to be in the range of 22% to 24%.