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Israel's Printed Circuit Board Maker Eltek Returns to Profit in Q1; Stock Rallies 320%

1:52PM ET 5/29/2019 MT Newswires
Eltek (ELTK) shares rallied more than 320% on Wednesday after the Israeli printed circuit boards maker returned to profit in Q1 amid lower revenue, helped by improving operating performance.

"We are glad that this quarter's results reflect the implementation of the first stage of our turnaround plan, which we started during the last quarter of 2018," CEO Eli Yaffe said in a statement.

Net profit was $0.12 per diluted share compared to a net loss of $0.33 per diluted share, in the first quarter of 2018, even as revenues dipped to $8.7 million from $8.9 million over the comparable period. No analysts' estimates were available.

Price: 6.90, Change: +5.26, Percent Change: +320.73