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Steel Partners Holdings LP (SPLP-1.46%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements showing an increase in revenue to $520,423,000 from $492,254,000 in the same quarter the previous year. This increase was driven by higher sales in the Diversified Industrial and Supply Chain segments.
Cost of goods sold for the quarter was $295,577,000, compared to $283,285,000 in the same quarter of the previous year. The increase is attributed to higher sales volumes.
The company reported a net income of $36,873,000 for the quarter, up from $27,887,000 in the previous year, with the increase attributed to improved sales and lower interest expenses.
Selling, general, and administrative expenses increased to $137,310,000 from $124,934,000, primarily due to higher expenses in the Financial Services and Supply Chain segments.
Interest expense decreased to $1,993,000 from $4,115,000, reflecting lower average debt outstanding.
The company recorded a provision for credit losses of $7,085,000, down from $36,969,000 in the previous year, due to improved credit performance.
Steel Partners had a working capital of $497,364,000 as of September 30, 2024. The company continues to focus on enhancing liquidity through operational improvements and strategic initiatives.
The filing also details various financial agreements, including a senior credit facility with a revolving credit limit of $600,000,000.
Steel Partners does not anticipate cash dividend payments to common unitholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting.
Steel Partners continues to focus on strategic acquisitions and operational efficiencies to drive growth and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Steel Partners Holdings LP LTD PARTNERSHIP UNIT quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.