COMPX REPORTS FOURTH QUARTER 2024 RESULTS
CompX International (NYSE American: CIX) reported its Q4 2024 financial results, showing a decline in performance compared to the previous year. Q4 net sales decreased to $38.4 million from $43.2 million in Q4 2023, while operating income fell to $4.9 million from $7.4 million.
Net income for Q4 2024 was $4.5 million ($0.37 per share), down from $6.7 million ($0.54 per share) in Q4 2023. For the full year 2024, net sales were $145.9 million compared to $161.3 million in 2023, with net income of $16.6 million ($1.35 per share) versus $22.6 million ($1.84 per share).
The decline was primarily attributed to lower Security Products sales to a government security customer related to a discontinued pilot project, partially offset by higher Marine Components sales to towboat and government markets.
CompX International (NYSE American: CIX) ha riportato i risultati finanziari del quarto trimestre 2024, evidenziando un calo delle performance rispetto all'anno precedente. Le vendite nette del quarto trimestre sono diminuite a 38,4 milioni di dollari rispetto ai 43,2 milioni di dollari del quarto trimestre 2023, mentre il reddito operativo è sceso a 4,9 milioni di dollari dai 7,4 milioni di dollari.
Il reddito netto per il quarto trimestre 2024 è stato di 4,5 milioni di dollari (0,37 dollari per azione), in calo rispetto ai 6,7 milioni di dollari (0,54 dollari per azione) del quarto trimestre 2023. Per l'intero anno 2024, le vendite nette sono state di 145,9 milioni di dollari rispetto ai 161,3 milioni di dollari del 2023, con un reddito netto di 16,6 milioni di dollari (1,35 dollari per azione) rispetto ai 22,6 milioni di dollari (1,84 dollari per azione).
Il calo è stato principalmente attribuito a minori vendite di Prodotti di Sicurezza a un cliente governativo legato a un progetto pilota interrotto, parzialmente compensato da un aumento delle vendite di Componenti Marini ai mercati delle rimorchiatrici e governativi.
CompX International (NYSE American: CIX) informó sus resultados financieros del cuarto trimestre de 2024, mostrando una disminución en el rendimiento en comparación con el año anterior. Las ventas netas del cuarto trimestre cayeron a 38,4 millones de dólares desde 43,2 millones de dólares en el cuarto trimestre de 2023, mientras que el ingreso operativo disminuyó a 4,9 millones de dólares desde 7,4 millones de dólares.
El ingreso neto para el cuarto trimestre de 2024 fue de 4,5 millones de dólares (0,37 dólares por acción), en comparación con 6,7 millones de dólares (0,54 dólares por acción) en el cuarto trimestre de 2023. Para todo el año 2024, las ventas netas fueron de 145,9 millones de dólares en comparación con 161,3 millones de dólares en 2023, con un ingreso neto de 16,6 millones de dólares (1,35 dólares por acción) frente a 22,6 millones de dólares (1,84 dólares por acción).
La disminución se atribuyó principalmente a menores ventas de Productos de Seguridad a un cliente gubernamental relacionado con un proyecto piloto discontinuado, compensado parcialmente por un aumento en las ventas de Componentes Marinos a los mercados de remolcadores y gubernamentales.
CompX International (NYSE American: CIX)는 2024년 4분기 재무 결과를 발표하며 지난해 대비 실적이 감소했음을 보여주었습니다. 4분기 순매출은 2023년 4분기의 4320만 달러에서 3840만 달러로 감소하였고, 운영 소득은 740만 달러에서 490만 달러로 떨어졌습니다.
2024년 4분기 순이익은 450만 달러 (주당 0.37 달러)로, 2023년 4분기의 670만 달러 (주당 0.54 달러)에서 감소했습니다. 2024년 전체 연도의 순매출은 2023년의 1억6130만 달러에 비해 1억4590만 달러였으며, 순이익은 1660만 달러 (주당 1.35 달러)로, 2260만 달러 (주당 1.84 달러)에서 감소했습니다.
이번 감소는 중단된 파일럿 프로젝트와 관련된 정부 보안 고객에게 판매된 보안 제품의 감소에 주로 기인하며, 부분적으로는 견인선 및 정부 시장에 대한 해양 부품 판매 증가로 상쇄되었습니다.
CompX International (NYSE American: CIX) a publié ses résultats financiers pour le quatrième trimestre 2024, montrant un déclin de performance par rapport à l'année précédente. Les ventes nettes du quatrième trimestre ont diminué à 38,4 millions de dollars contre 43,2 millions de dollars au quatrième trimestre 2023, tandis que le revenu opérationnel a chuté à 4,9 millions de dollars contre 7,4 millions de dollars.
Le revenu net pour le quatrième trimestre 2024 s'élevait à 4,5 millions de dollars (0,37 dollar par action), en baisse par rapport à 6,7 millions de dollars (0,54 dollar par action) au quatrième trimestre 2023. Pour l'année entière 2024, les ventes nettes étaient de 145,9 millions de dollars par rapport à 161,3 millions de dollars en 2023, avec un revenu net de 16,6 millions de dollars (1,35 dollar par action) contre 22,6 millions de dollars (1,84 dollar par action).
Le déclin a été principalement attribué à une baisse des ventes de Produits de Sécurité à un client gouvernemental lié à un projet pilote interrompu, partiellement compensé par une augmentation des ventes de Composants Marins aux marchés des remorqueurs et gouvernementaux.
CompX International (NYSE American: CIX) hat seine finanziellen Ergebnisse für das 4. Quartal 2024 veröffentlicht, die einen Rückgang der Leistung im Vergleich zum Vorjahr zeigen. Die Nettoumsätze im 4. Quartal sanken auf 38,4 Millionen Dollar von 43,2 Millionen Dollar im 4. Quartal 2023, während das Betriebsgewinn auf 4,9 Millionen Dollar von 7,4 Millionen Dollar fiel.
Der Nettogewinn für das 4. Quartal 2024 betrug 4,5 Millionen Dollar (0,37 Dollar pro Aktie), ein Rückgang von 6,7 Millionen Dollar (0,54 Dollar pro Aktie) im 4. Quartal 2023. Für das gesamte Jahr 2024 betrugen die Nettoumsätze 145,9 Millionen Dollar im Vergleich zu 161,3 Millionen Dollar im Jahr 2023, mit einem Nettogewinn von 16,6 Millionen Dollar (1,35 Dollar pro Aktie) gegenüber 22,6 Millionen Dollar (1,84 Dollar pro Aktie).
Der Rückgang wurde hauptsächlich auf niedrigere Verkaufszahlen von Sicherheitsprodukten an einen staatlichen Sicherheitskunden zurückgeführt, die mit einem eingestellten Pilotprojekt verbunden sind, teilweise ausgeglichen durch höhere Verkaufszahlen von Marinekomponenten an die Schlepper- und Regierungsmärkte.
- Higher Marine Components sales in towboat and government markets
- Improved Marine Components gross margin percentage
- Q4 net sales declined 11.1% to $38.4M
- Q4 operating income dropped 33.8% to $4.9M
- Q4 EPS decreased 31.5% to $0.37
- Full-year net sales fell 9.5% to $145.9M
- Full-year net income declined 26.5% to $16.6M
- Lower gross margins in Security Products segment
Insights
CompX International's Q4 and full-year 2024 results show significant financial deterioration across all metrics. Fourth quarter
The annual performance reveals similar weakness: 2024 sales of
Particularly concerning is the operating margin compression - from
The primary driver behind the decline was the non-continuation of a government security customer pilot project that boosted 2023 results. This reveals a troubling customer concentration risk and difficulties converting temporary projects into sustainable revenue streams. While Marine Components showed modest strength in Q4 in towboat and government markets, it proved insufficient to offset broader weaknesses.
With 510 employees across three U.S. locations and no mentioned cost-reduction strategies despite revenue decline, CompX may be carrying excess operational capacity relative to current demand levels, further pressuring margins.
Dallas, Texas, March 05, 2025 (GLOBE NEWSWIRE) -- CompX International Inc. (NYSE American: CIX) announced today net sales of
Net sales for the year ended December 31, 2024 were
Fourth quarter 2024 net sales decreased over the comparable 2023 period predominantly due to lower Security Products sales to a government security customer, partially offset by higher Marine Components sales to the towboat and government markets. Security Products fourth quarter 2023 net sales include sales to a government security customer for a pilot project that did not continue in 2024. Operating income decreased in the fourth quarter of 2024 compared to the same period in 2023 due to lower sales and a lower gross margin percentage at Security Products, partially offset by higher Marine Components sales and gross margin percentage.
Net sales decreased for the full year of 2024 compared to the same period in 2023 primarily due to lower Marine Components sales to the towboat market and lower Security Products sales in the third and fourth quarters to a government security customer related to the pilot project noted above. Operating income for the full year of 2024 decreased compared to 2023 primarily due to lower sales and gross margin at both Security Products and Marine Components.
CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 510 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 supply and demand for our products;
- Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs) or the implementation of tariffs on imported raw materials 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 new product development and the development of new product features;
- Pending or possible future litigation (such as litigation related to our use of certain permitted chemicals in our production process) or other actions;
- 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, sustainability or other regulations;
- General global economic and political conditions that disrupt our supply chain, reduce demand or perceived demand for component products 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);
- Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);
- The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes (including tariffs imposed by the U.S. government on imports from China or Mexico);
- Technology related disruptions (including, but not limited to, cyber attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; 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 the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim 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. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700
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COMPX INTERNATIONAL INC.
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share amounts)
| Three months ended | Year ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||
| (Unaudited) | ||||||||||||
| Net sales | $ | 43.2 | $ | 38.4 | $ | 161.3 | $ | 145.9 | ||||
| Cost of sales | 29.6 | 27.4 | 112.1 | 104.6 | ||||||||
| Gross margin | 13.6 | 11.0 | 49.2 | 41.3 | ||||||||
| Selling, general and administrative expense | 6.2 | 6.1 | 23.8 | 24.3 | ||||||||
| Operating income | 7.4 | 4.9 | 25.4 | 17.0 | ||||||||
| Interest income | 1.2 | .9 | 4.2 | 4.7 | ||||||||
| Income before taxes | 8.6 | 5.8 | 29.6 | 21.7 | ||||||||
| Income tax expense | 1.9 | 1.3 | 7.0 | 5.1 | ||||||||
| Net income | $ | 6.7 | $ | 4.5 | $ | 22.6 | $ | 16.6 | ||||
| Basic and diluted net income per common share | $ | .54 | $ | .37 | $ | 1.84 | $ | 1.35 | ||||
| Weighted average diluted common shares outstanding | 12.3 | 12.3 | 12.3 | 12.3 | ||||||||
FAQ
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