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A-Mark Precious Metals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $2,715,096,000 from $2,484,618,000 in the same quarter the previous year. The increase is attributed to higher average selling prices of gold and silver, despite a decrease in ounces sold.
Gold ounces sold decreased to 398,000 from 495,000, and silver ounces sold decreased to 20,449,000 from 30,378,000. The average selling prices for gold increased by 26.5% and for silver by 24.5% compared to the prior year.
Gross profit for the quarter was $43,443,000, down from $49,405,000 in the previous year, with the decline attributed to lower premium spreads and lower trading profits.
Selling, general, and administrative expenses increased to $26,617,000 from $21,845,000, primarily due to higher compensation expenses and increased advertising costs.
Net income for the quarter was $8,418,000, down from $18,983,000 in the previous year. After accounting for noncontrolling interests, net income attributable to the company was $8,984,000, compared to $18,827,000 in the previous year.
Interest income increased to $7,087,000 from $6,102,000, due to higher finance product income and interest income from the secured lending segment.
Interest expense was $9,987,000, slightly up from $9,823,000, primarily due to increased borrowings and higher interest rates on the Trading Credit Facility.
The company had a working capital of $655,926,000 as of September 30, 2024. A-Mark continues to rely on its Trading Credit Facility and product financing arrangements for liquidity.
The filing also details various financial agreements, including the Trading Credit Facility, which provides the company with access to $422.5 million and has a maturity date of September 30, 2026.
A-Mark does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its Direct-to-Consumer segment and enhancing its e-commerce capabilities to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the A-Mark Precious Metals Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.