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National Presto Industries, Inc. has submitted its 10-Q filing for the quarterly period ended September 29, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $91,823,000 from $83,141,000 in the same quarter the previous year. The increase is attributed to higher shipments in both the Housewares/Small Appliance and Defense segments.
Gross profit for the quarter was $17,223,000, up from $15,399,000 in the previous year, primarily due to increased sales and improved efficiencies in the Defense segment.
Selling and general expenses decreased to $7,621,000 from $7,904,000, with the decrease mainly due to reduced personnel and legal costs in the Safety segment.
Net earnings for the quarter were $8,083,000, up from $7,019,000 in the previous year. The increase was primarily driven by higher sales and improved operating efficiencies.
Cash used in operating activities was $45,793,000 for the first nine months of 2024, compared to $28,790,000 provided in the same period in 2023. The increase in cash used is mainly due to higher inventory levels.
Cash provided by investing activities was $5,981,000, primarily due to net maturities and sales of marketable securities.
Cash used in financing activities was $31,516,000, mainly reflecting dividend payments, with an increase in the extra dividend from $3.00 per share in 2023 to $3.50 per share in 2024.
The company had a working capital of $278,483,000 as of September 29, 2024. The current ratio remained at 5.0 to 1.0, consistent with the end of the previous year.
The filing also discusses potential risks related to health epidemics, market volatility, and changes in government spending that could impact future operations.
National Presto Industries, Inc. continues to evaluate acquisition opportunities and plans to make further capital investments in its business segments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the National Presto Industries Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.