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WKN: 856647 | ISIN: US8177321002 | Ticker-Symbol: SVX
Frankfurt
22.11.24
08:47 Uhr
10,700 Euro
+0,100
+0,94 %
Branche
Elektrotechnologie
Aktienmarkt
Sonstige
1-Jahres-Chart
SERVOTRONICS INC Chart 1 Jahr
5-Tage-Chart
SERVOTRONICS INC 5-Tage-Chart
PR Newswire
313 Leser
Artikel bewerten:
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Servotronics, Inc.: Servotronics Announces Second Quarter 2024 Financial Results

Finanznachrichten News

-- Continued market demand and operating performance results in year-over-year revenue and profit growth --

ELMA, N.Y., Aug. 8, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American - SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the second quarter ended June 30, 2024.

Highlights for the second quarter financial results include the following:

  • Consolidated revenues were $12.3 million, up 15.3% from $10.7 million in the second quarter of 2023. Revenue growth resulted from higher volumes driven by strong customer demand and improved pricing, partially offset by unfavorable sales mix.
  • Gross profit increased to $3.1 million or 25.0% of revenue in the second quarter, up from $1.6 million, or 14.6% of revenue in the second quarter of 2023. The improvement in gross profit was driven primarily by increased volume and operational efficiencies.
  • Selling, general and administrative (SG&A) expenses decreased $0.9 million to $2.4 million in the second quarter of 2024 compared to $3.3 million in the second quarter of 2023. The decrease in SG&A was primarily driven by lower professional and legal costs resulting from elevated non-recurring costs in the prior year related to bank refinancing, proxy contest and corporate restructuring.
  • Operating income for the quarter was $0.7 million or 5.4% of revenue compared to an operating loss of $1.7 million in the second quarter of 2023, resulted from the gross profit growth driven by volume and operational improvements combined with lower SG&A costs.
  • Net income from continuing operations was $0.6 million, or $0.22 per diluted share in the second quarter of 2024, compared to a net loss from continuing operations of ($3.3) million, or ($1.33) per diluted share in the second quarter of 2023.

"I am very pleased with our second quarter results and our rebound from the slow start to the year. I am particularly proud of our continuous improvement efforts that have directly impacted our strong top-line growth, accelerated margins, and favorable operating income as we continue to properly manage our operating costs," said Chief Executive Officer William F. Farrell, Jr.

Second Quarter Business Results



Three Months Ended June 30,





(dollars in thousands)


2024


2023


2024 vs 2023





%




%


$


%



Dollars


Sales


Dollars


Sales


Change


Change

Revenues


$ 12,273


100.0 %


$ 10,649


100.0 %


$ 1,624


15.3 %

Cost of goods sold


9,210


75.0 %


9,092


85.4 %


118


1.3 %

Gross Profit


3,063


25.0 %


1,557


14.6 %


1,506


96.7 %














Selling, general and administrative


2,397


19.5 %


3,269


30.7 %


(872)


(26.7) %

Operating income (loss)


666


5.4 %


(1,712)


(16.1) %


2,378


138.9 %














Other expenses


98


0.8 %


89


0.8 %


9


10.1 %














Income (loss) before income taxes


568


4.6 %


(1,801)


(16.9) %


2,369


131.5 %














Income (loss) from continuing operations


-


0.0 %


1,479


13.9 %


(1,479)


(100.0) %



$ 568


4.6 %


$ (3,280)


(30.8) %


$ 3,848


117.3 %

Servotronics' Chief Financial Officer Robert A. Fraass commented, "The growth in revenues and profitability combined with our effective working capital management resulted in a dramatic improvement in cash flow from operations in the first six months of the year. Increased cash flow and debt reduction provide us the liquidity to continue investing in our growth. As we evaluate our strategic initiatives, we will continue to invest capital where it has the greatest impact for our customers and shareholders."

The Company's operating cash flows increased by approximately $6.6 million compared to the same period in 2023 primarily driven by an increase in net income and reductions in accounts receivable, partially offset by increases in inventory to support volume growth.

Mr. Farrell concluded, "The work we have done to position Servotronics for long-term, sustainable growth is now showing the results we anticipated. Looking at the remainder of the year, we expect strong demand in our key end markets. As we continue to execute on our long-term strategic goals, we believe that our commitment to meeting the needs of customers will result in enhanced shareholder value."

ABOUT SERVOTRONICS

Servotronics designs, develops and manufactures servo controls and other components for various commercial and government applications including aircraft, jet engines, missiles, manufacturing equipment and other aerospace applications at its operating facilities in Elma and Franklinville, New York.

FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this report, the words "project," "believe," "plan," "anticipate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve numerous risks and uncertainties which may cause the actual results of the Company to be materially different from future results expressed or implied by such forward-looking statements. There are a number of factors that will influence the Company's future operations, including: uncertainties in today's global economy, including political risks, adverse changes in legal and regulatory environments, and difficulty in predicting defense appropriations, the introduction of new technologies and the impact of competitive products, the vitality of the commercial aviation industry and its ability to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components, the Company's ability to accurately align capacity with demand, the availability of financing and changes in interest rates, the outcome of pending and potential litigation, and on commercial activity and demand across our and our customers' businesses, and on global supply chains, the ability of the Company to obtain and retain key executives and employees and the additional risks discussed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE America

SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($000's omitted except share and per share data)




June 30,



December 31,




2024



2023




(Unaudited)



(Audited)


Current assets:









Cash


$

119



$

95


Cash, restricted



150




150


Accounts receivable, net



10,706




12,065


Inventories, net



15,830




14,198


Prepaid and other current assets



945




1,507


Assets related to discontinued operation



1,480




1,552


Total current assets



29,230




29,567











Property, plant and equipment, net



7,082




6,978


Other non-current assets



42




42


Total Assets


$

36,354



$

36,587











Liabilities and Shareholders' Equity









Current liabilities:









Line of credit


$

1,473



$

2,103


Current portion of post retirement obligation



97




97


Accounts payable



2,432




2,061


Accrued employee compensation and benefits costs



989




1,003


Accrued warranty



449




542


Other accrued liabilities



1,827




1,909


Liabilities related to discontinued operation



24




213


Total current liabilities



7,291




7,928











Post retirement obligation



4,202




4,165











Shareholders' equity:









Common stock, par value $0.20; authorized 4,000,000 shares; issued 2,629,052
shares; outstanding 2,531,175 (2,514,775 - 2023) shares



525




525


Capital in excess of par value



14,762




14,617


Retained earnings



13,127




12,954


Accumulated other comprehensive loss



(2,350)




(2,389)


Employee stock ownership trust commitment



(56)




(56)


Treasury stock, at cost 71,125 (87,525 - 2023) shares



(1,147)




(1,157)


Total shareholders' equity



24,861




24,494











Total Liabilities and Shareholders' Equity


$

36,354



$

36,587


SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
($000's omitted except per share data)










Three Months Ended



Six Months Ended




June 30,



June 30,




2024



2023



2024



2023



















Revenue


$

12,273



$

10,649



$

22,719



$

19,709



















Costs of goods sold, inclusive of depreciation and amortization



9,210




9,092




17,921




17,168


Gross profit



3,063




1,557




4,798




2,541



















Operating expenses

















Selling, general and administrative



2,397




3,269




4,415




5,444


Operating income (loss)



666




(1,712)




383




(2,903)



















Other expense

















Interest & other expense, net



98




89




181




142


Total other expense



98




89




181




142



















Income (loss) from continuing operations before income taxes



568




(1,801)




202




(3,045)


Income taxes



-




1,479




-




1,063


Income (loss) from continuing operations, net of tax



568




(3,280)




202




(4,108)



















Loss from discontinued operation before income taxes



(12)




(6,220)




(29)




(6,940)


Income taxes



-




-




-




-


Loss from discontinued operation, net of tax (Note 2)



(12)




(6,220)




(29)




(6,940)



















Net income (loss)


$

556



$

(9,500)



$

173



$

(11,048)



















Basic earnings (loss) per share:

















Continuing operations


$

0.23



$

(1.33)



$

0.08



$

(1.67)


Discontinued operation



-




(2.53)




(0.01)




(2.82)


Basic earnings (loss) per share


$

0.23



$

(3.86)



$

0.07



$

(4.49)



















Diluted earnings (loss) per share:

















Continuing operations


$

0.22



$

(1.33)



$

0.08



$

(1.67)


Discontinued operation



-




(2.53)




(0.01)




(2.82)


Diluted earnings (loss) per share


$

0.22



$

(3.86)



$

0.07



$

(4.49)


SERVOTRONICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
($000's omitted)




Six Months Ended




June 30,




2024



2023


Cash flows related to operating activities:









Income (loss) from continuing operations


$

202



$

(4,108)


Adjustments to reconcile income (loss) from continuing operations to net cash provided
(used) by operating activities:









Depreciation and amortization



543




517


Stock based compensation



176




74


Allowance for credit losses



(18)




(25)


Inventory reserve



139




14


Warranty reserve



(93)




(2)


Deferred income taxes



-




1,072


Changes in assets and liabilities providing (using) cash:









Accounts receivable



1,377




(2,663)


Inventories



(1,771)




(826)


Prepaid and other current assets



562




(520)


Accounts payable



371




1,064


Accrued employee compensation and benefit costs



25




301


Post retirement obligations



37




66


Other accrued liabilities



(82)




(105)


Net cash provided (used) by operating activities from continuing operations



1,468




(5,141)











Cash flows related to investing activities:









Purchase of property, plant and equipment



(647)




(403)


Net cash used by investing activities from continuing operations



(647)




(403)











Cash flows related to financing activities:









(Payments on) proceeds from line of credit



(630)




3,697


Purchase of treasury shares



(21)




-


Principal payments on finance lease obligations



-




(501)


Net cash (used) provided by financing activities from continuing operations



(651)




3,196











Discontinued Operation









Cash used by operating activities



(146)




(568)


Net cash used by operating activities from discontinued operation



(146)




(568)


Net increase (decrease) in cash and restricted cash



24




(2,916)


Cash and restricted cash at beginning of period



245




3,812


Cash and restricted cash at end of period


$

269



$

896


SOURCE Servotronics, Inc.

© 2024 PR Newswire
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