Stock Alert: Eltek Shares Up 20% On Q4 Results

(RTTNews) - Shares of Eltek Ltd. (ELTK) are rising over 20% in pre-market today, after the company reported stellar Q4 results.

The company's Q4 net income was $370 thousand or $0.08 per share compared to a loss of $631 thousand or $0.31 per share last year.

Revenues for the quarter increased to $8.6 million from $7.8 million generated a year ago.

Eli Yaffe, Chief Executive Officer, said: "We are pleased with the growth in our revenues and profitability in the fourth quarter and the significant change in our full year results. The improved results reflect the implementation of our previously announced turnaround plan."

The stock has been trading between $1.28 and $11.56 in the past one year, and closed Friday's trade at $4.32, up 27 cents or 6.67%. ELTK is currently trading at $5.10, up $0.87 or 20.57% in the pre-market trading session.