COMPX REPORTS THIRD QUARTER 2023 RESULTS
November 01 2023 - 4:06PM
CompX International Inc. (NYSE American: CIX) announced today sales
of $40.3 million for the third quarter of 2023 compared to $42.9
million in the same period of 2022. Operating income was $6.6
million in the third quarter of 2023 compared to $6.0 million in
the same period of 2022. Net income was $5.8 million, or $.47 per
basic and diluted common share, for the third quarter of 2023
compared to $4.9 million, or $.40 per basic and diluted common
share, in the same period of 2022.
For the nine months ended September 30, 2023,
sales were $118.1 million compared to $126.6 million in the
previous year. Operating income was $18.0 million for the first
nine months of 2023 compared to $20.0 million for the same period
in 2022. Net income for the nine months ended September 30, 2023,
was $15.9 million or $1.29 per diluted share, compared to $16.1
million, or $1.30 per diluted share, for the same period in
2022.
Third quarter and year-to-date 2023 net sales
decreased over the comparable 2022 periods predominantly due to
lower Marine Components sales primarily to the towboat market,
partially offset by higher Security Products sales in the third
quarter of 2023. Operating income increased in the third quarter of
2023 compared to the same period in 2022 due to higher Security
Products sales and improved gross margin percentages at both
segments, partially offset by lower Marine Components sales.
Operating income decreased in the first nine months of 2023
compared to the same period in 2022 primarily due to lower Marine
Components sales and, to a lesser extent, lower Security Products
sales somewhat offset by an improvement in the Marine Components
gross margin percentage.
CompX is a leading manufacturer of security
products and recreational marine components. It operates from three
locations in the U.S. and employs approximately 560 people.
Forward-Looking Statements
The statements in this press release relating to
matters that are not historical facts are forward-looking
statements that represent management’s belief and assumptions based
on currently available information. Although we believe the
expectations reflected in such forward-looking statements are
reasonable, we cannot give any assurances that these expectations
will be correct. Such statements, by their nature, involve
substantial risks and uncertainties that could significantly impact
expected results, and actual future results could differ materially
from those predicted. While it is not possible to identify all
factors, we continue to face many risks and uncertainties.
The factors that could cause our actual future
results to differ materially include, but are not limited to, the
following:
- Future demand
for our products,
- Changes in our
raw material and other operating costs (such as zinc, brass,
aluminum, steel and energy costs) and our ability to pass those
costs on to our customers or offset them with reductions in other
operating costs,
- Price and
product competition from low-cost manufacturing sources (such as
China),
- The impact of
pricing and production decisions,
- Customer and
competitor strategies including substitute products,
- Uncertainties
associated with the development of new products and product
features,
- Future
litigation,
- Our ability to
protect or defend our intellectual property rights,
- Potential
difficulties in integrating future acquisitions,
- Decisions to
sell operating assets other than in the ordinary course of
business,
- Environmental
matters (such as those requiring emission and discharge standards
for existing and new facilities),
- The ultimate
outcome of income tax audits, tax settlement initiatives or other
tax matters, including future tax reform,
- Government laws
and regulations and possible changes therein including new
environmental health and safety or other regulations,
- General global
economic and political conditions that introduce instability into
our supply chain, impact our customers’ level of demand or our
customers’ perception regarding demand or impair our ability to
operate our facilities (including changes in the level of gross
domestic product in various regions of the world, natural
disasters, terrorist acts, global conflicts and public health
crises such as COVID-19),
- Operating
interruptions (including, but not limited to labor disputes,
hazardous chemical leaks, natural disasters, fires, explosions,
unscheduled or unplanned downtime, transportation interruptions,
cyber-attacks and public health crises such as COVID-19); and
- Possible
disruption of our business or increases in the cost of doing
business resulting from terrorist activities or global
conflicts.
Should one or more of these risks materialize or
if the consequences worsen, or if the underlying assumptions prove
incorrect, actual results could differ materially from those
currently forecasted or expected. CompX disclaims any intention or
obligation to update or revise any forward-looking statement
whether as a result of changes in information, future events or
otherwise.
Investor Relations Contact
Bryan A. HanleySenior Vice President and TreasurerTel.
972-233-1700
* * * * *
COMPX INTERNATIONAL
INC.SUMMARY OF CONSOLIDATED
OPERATIONS(In millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
|
|
September 30, |
|
September 30, |
|
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
|
(unaudited) |
Net sales |
|
$ |
42.9 |
|
$ |
40.3 |
|
$ |
126.6 |
|
$ |
118.1 |
Cost of
sales |
|
|
30.9 |
|
|
27.7 |
|
|
88.9 |
|
|
82.5 |
Gross margin |
|
|
12.0 |
|
|
12.6 |
|
|
37.7 |
|
|
35.6 |
Selling, general
and administrative expense |
|
|
6.0 |
|
|
6.0 |
|
|
17.7 |
|
|
17.6 |
Operating
income |
|
|
6.0 |
|
|
6.6 |
|
|
20.0 |
|
|
18.0 |
Interest
income |
|
|
.5 |
|
|
1.1 |
|
|
1.1 |
|
|
3.0 |
Income before
taxes |
|
|
6.5 |
|
|
7.7 |
|
|
21.1 |
|
|
21.0 |
Provision for
income taxes |
|
|
1.6 |
|
|
1.9 |
|
|
5.0 |
|
|
5.1 |
Net income |
|
$ |
4.9 |
|
$ |
5.8 |
|
$ |
16.1 |
|
$ |
15.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
net income per common share |
|
$ |
.40 |
|
$ |
.47 |
|
$ |
1.30 |
|
$ |
1.29 |
Weighted average
diluted common shares outstanding |
|
|
12.3 |
|
|
12.3 |
|
|
12.4 |
|
|
12.3 |
CompX (AMEX:CIX)
Historical Stock Chart
From Apr 2024 to May 2024
CompX (AMEX:CIX)
Historical Stock Chart
From May 2023 to May 2024