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A-Mark Precious Metals Inc. (AMRK-4.28%) 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.
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.
Interest income increased by 7.7% to $6.8 million, while interest expense rose by 1.9% to $10.4 million.
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.
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.
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.
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.