A-Mark Precious Metals Inc. (AMRK) reports earnings

The report was filed on February 10, 2025

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A-Mark Precious Metals Inc. (AMRK+0.26%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.

The filing reports a revenue increase to $2.742 billion, up 31.9% from $2.079 billion in the same quarter of the previous year. This increase was driven by higher average selling prices of gold and silver, despite a decrease in silver ounces sold.

Gross profit for the quarter was $44.8 million, a slight decrease from $46.0 million in the previous year, attributed to lower premium spreads and trading profits.

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Selling, general, and administrative expenses rose to $25.8 million, up 15.0% from $22.4 million, primarily due to increased consulting fees and advertising costs.

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Interest income increased by 7.7% to $6.8 million, while interest expense rose by 1.9% to $10.4 million.

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The company reported a net income of $5.974 million, down from $13.961 million in the previous year, with an effective tax rate of 25.5%.

The Wholesale Sales & Ancillary Services segment saw revenues increase by 27.2% to $2.173 billion, with gross profit decreasing by 17.4% to $19.7 million.

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The Direct-to-Consumer segment's revenues increased by 53.5% to $569.0 million, with gross profit rising by 13.0% to $25.0 million.

The Secured Lending segment reported a decrease in interest income to $2.6 million from $2.7 million, with a net income before taxes of $1.326 million.

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The company highlighted a decrease in the number of secured loans, from 715 to 518, and an increase in inventory turnover ratio to 2.2 from 1.9 in the previous year.

A-Mark's filing also includes a discussion of its acquisition of LPM and a controlling interest in Silver Gold Bull, Inc., which have contributed to the company's expanded global reach.

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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 February 10, 2025. To report an error, please email earnings@qz.com.