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SIFCO Industries Inc. (SIF-6.54%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $20.9 million from $15.5 million in the same quarter the previous year. This increase is attributed to higher demand across most programs, particularly in commercial space and aerospace markets.
Cost of goods sold for the quarter was $20.0 million, representing 95.6% of sales, compared to 103.5% in the same quarter of the previous year. The decrease in cost ratio is due to higher sales volume and favorable product mix.
The company reported a gross profit of $0.9 million for the quarter, compared to a gross loss of $0.5 million in the previous year, with the improvement attributed to increased sales volume and favorable product mix.
Selling, general, and administrative expenses decreased to $2.8 million from $3.1 million, primarily due to lower general operating expenses and employee-related costs.
Loss from continuing operations was $2.4 million, down from $4.1 million in the previous year. The improvement is due to higher sales volumes and gross margin improvements coupled with lower SG&A expenses.
Cash used for operating activities was $3.8 million, while cash used in investing activities was $0.1 million, primarily for capital expenditures.
Cash provided by financing activities was $9.2 million, mainly related to debt refinancing during the quarter.
SIFCO's total backlog as of December 31, 2024, was $121.9 million, with $90.1 million anticipated to be completed within the next 12 months.
The filing also details the sale of the company's European operations, which were completed in October 2024, resulting in cash consideration of approximately $14.6 million.
SIFCO does not anticipate any significant continuing involvement with the sold operations and plans to focus on domestic growth opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SIFCO Industries Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.