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Chicago Rivet & Machine Co. (CVR), founded in 1920 and headquartered in Naperville, Illinois, is a prominent player in the North American fastener industry.
Operating through two core segments—fasteners and assembly equipment—the company has built a strong reputation for manufacturing and selling high-quality products. The fastener segment specializes in rivets, cold-formed fasteners, parts, and screw machine products. These products are essential components in various manufacturing processes, particularly in the automobile and automotive component sectors. The assembly equipment segment focuses on producing automatic rivet setting machines and assembly equipment, along with the necessary parts and tools for these machines.
Chicago Rivet & Machine Co. sells its products primarily to automobile and automotive component manufacturers through independent sales representatives, ensuring a widespread reach across the industry. The company’s commitment to innovation and quality has cemented its position as a reliable supplier in the market.
Recent achievements underscore Chicago Rivet & Machine Co.'s financial vitality and ongoing projects. For instance, the company announced its second quarter results for 2023 on August 7, 2023, indicating steady performance. Similarly, updates for the third quarter of 2023 were shared on November 7, 2023, and the first quarter results for 2024 were disclosed on May 10, 2024.
With a focus on both product segments, the fastener segment remains the primary revenue generator, contributing significantly to the company’s overall earnings. Geographically, most of the revenue is derived from within the United States, highlighting the company’s strong domestic presence.
Chicago Rivet & Machine Co. continues to be an essential player in the fastener and assembly equipment industry, leveraging its decades of experience and technical expertise to serve a diverse customer base effectively.
Chicago Rivet & Machine (NYSE American: CVR) has announced a quarterly cash dividend reduction to $0.03 per share from the previous $0.10, payable December 20, 2024, to shareholders of record on December 5, 2024. Despite maintaining a sound financial position, the company cited recent operating performance as the reason for the dividend cut. The company faces significant challenges, particularly reduced demand from automotive customers, expected to continue into 2025. While implementing performance improvement initiatives including price adjustments and operational consolidation, the company is actively pursuing new customer relationships across its markets.
Chicago Rivet & Machine (NYSE American: CVR) reported its Q3 2024 financial results. Net sales decreased to $6.97 million from $7.95 million in Q3 2023. The company's loss before income taxes improved to $795,425 compared to a loss of $1.22 million in the same period last year. However, net loss widened to $1.45 million ($1.50 per share) from $964,042 ($1.00 per share) in Q3 2023. For the first nine months of 2024, net sales were $22.88 million, down from $24.73 million, while net loss improved to $2.00 million from $2.86 million year-over-year.
Chicago Rivet & Machine Co. (NYSE American: CVR) has announced a regular quarterly dividend of $0.10 per share. The dividend was declared by the Board of Directors on August 19, 2024. Shareholders of record at the close of business on September 5, 2024 will be eligible to receive the dividend, which is payable on September 20, 2024. This announcement demonstrates the company's commitment to providing consistent returns to its shareholders, maintaining its dividend policy despite current market conditions.
Chicago Rivet & Machine Co. (NYSE American: CVR) has released its financial results for the second quarter of 2024. The company reported net sales of $8,059,477 for Q2 2024, slightly up from $8,050,931 in Q2 2023. Notably, CVR achieved an income before taxes of $153,514 in Q2 2024, a significant improvement from a loss of $1,665,506 in the same period last year. The company's net income for Q2 2024 was $142,141, translating to earnings per share of $0.15. This marks a substantial turnaround from the net loss of $1,311,506 and loss per share of $1.36 in Q2 2023. However, for the first six months of 2024, CVR still reported a net loss of $555,863, though this represents an improvement from the $1,894,643 loss in the first half of 2023.
On May 14, 2024, the Board of Directors of Chicago Rivet & Machine Co. (NYSE American: CVR) declared a regular quarterly dividend of ten cents per share.
This dividend is payable on June 20, 2024, to shareholders who are recorded by the close of business on June 5, 2024.
More details can be found in the original content available on PR Newswire.
Chicago Rivet & Machine Co. reported their first quarter 2024 results, showing a decrease in net sales, income before taxes, and net income compared to the same period in 2023. The company also experienced a decline in net income per common share. These results indicate a challenging quarter for the company.
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