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Servotronics Inc. (SVT0.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $44,917,000 for 2024, a 3% increase from $43,629,000 in 2023. This growth was primarily driven by price increases and a slight increase in volume, offset by an unfavorable product mix.
Cost of goods sold for 2024 was $36,651,000, representing 81.6% of sales, compared to 82.1% in the previous year. The company reported a gross profit of $8,266,000, up from $7,805,000 in 2023, with a gross margin of 18.4% compared to 17.9% in the prior year.
Selling, general, and administrative expenses decreased by 6.5% to $9,275,000 from $9,918,000 in 2023, attributed to lower legal settlement costs.
The company recorded an operating loss of $1,009,000, an improvement from the $2,113,000 loss in 2023. This was due to increased gross profit and reduced SG&A expenses.
Interest expenses increased to $496,000 from $336,000 in 2023, primarily due to higher usage of the asset-based line of credit.
Net loss from continuing operations was $1,512,000, compared to a net loss of $3,547,000 in 2023. The improvement was driven by higher revenue and reduced SG&A expenses.
The company recorded a loss from discontinued operations of $111,000 for 2024, related to the wind-down of The Ontario Knife Company and associated costs.
Servotronics reported a net loss of $1,623,000 for 2024, compared to a net loss of $10,787,000 in 2023. The previous year's loss included significant charges related to the divestiture of the Consumer Products Group.
Cash provided by operating activities was $1,253,000, compared to cash used of $3,815,000 in 2023. This improvement was due to lower net loss and reduced accounts receivable.
As of December 31, 2024, the company had a working capital of $20,924,000 and a line of credit balance of $2,127,000. The company met all financial covenants for its credit facility.
Servotronics continues to focus on its core aerospace business following the divestiture of its Consumer Products Group. The company aims to improve operational efficiencies and capitalize on growth opportunities in the aerospace market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Servotronics Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.