inTEST Corporation (INTT) has reported a 2,465.43 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.08 million, or $0.20 a share in the quarter, compared with $0.08 million, or $0.01 a share for the same period last year.

Revenue during the quarter surged 63.99 percent to $14.18 million from $8.65 million in the previous year period. Gross margin for the quarter expanded 747 basis points over the previous year period to 54.50 percent. Total expenses were 77.92 percent of quarterly revenues, down from 98.89 percent for the same period last year. This has led to an improvement of 2097 basis points in operating margin to 22.08 percent.

Operating income for the quarter was $3.13 million, compared with $0.10 million in the previous year period.

"Demand for our broad-based solutions was unexpectedly strong in the first quarter, resulting in solid financial results," commented Robert E. Matthiessen, president and chief executive officer. "Bookings increased 30% sequentially and 53% year-over-year, net revenues grew 38% sequentially and 64% year-over-year, and we delivered our 30th consecutive quarter of profitability. Our Thermal Solutions division was fueled by strong orders from telecom, semiconductor and defense-aerospace customers in both North America and Asia; while solid advances in the automotive industry, as well as demand for the Internet of Things (IoT), industrial products, and consumer electronics drove the EMS business. We are on track to significantly exceed the first half performance of last year. Looking forward, we continue to see significant opportunities and a strong 2017."

For the second-quarter 2017, inTEST Corporation projects revenue to be in the range of $13 million to $14 million. The company forecasts diluted earnings per share to be in the range of $0.13 to $0.18.