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Servotronics, Inc. (NYSE American – SVT) reported a 12% revenue growth in Q2 2022, reaching $11.2 million, supported by a recovery in the commercial aircraft market. However, the company faced a net loss of $(810,000), or $(0.33) per diluted share, compared to a profit of $1.2 million in the same quarter last year. Gross margin fell to 10.4% from 18.7%. Despite challenges, growth is anticipated to continue in Q3 driven by rising order volumes. The operational focus remains on enhancing growth and exploring new opportunities.
Servotronics, Inc. (NYSE American – SVT) reported a strong performance for Q1 2022, achieving consolidated revenues of $11.2 million, a 23.3% increase from $9.1 million in Q1 2021. Net income was $325,000, or $0.13 per diluted share, while gross margin improved to 23.6% of revenue, up from 11.0% a year earlier. Revenue growth was primarily driven by the Advanced Technology Group, which saw a 26.9% increase to $9.2 million. Growth is expected to continue into Q2 2022, attributed to increasing order volumes and efficiencies in operations.
The Board of Servotronics, Inc. (NYSE American – SVT) has appointed two new independent directors, Evan Wax and Karen L. Howard, and named Christopher M. Marks as the new non-executive Chairman. These changes, effective April 25, 2022, come alongside the resignation of Jason T. Bear as a director. The Board also terminated its shareholder rights plan, previously set to expire on October 15, 2022, triggering the acceleration of its expiration to April 26, 2022. The appointments aim to enhance governance and prepare the company for future growth and shareholder value.
Servotronics, Inc. (NYSE American – SVT) has appointed William F. Farrell, Jr. as its new Chief Executive Officer, effective April 25, 2022. Farrell, who also joins the company's Board of Directors, brings over 30 years of experience from Moog Inc., where he managed businesses with revenues up to $600 million. The Board emphasizes Farrell's integrity and experience in driving growth in advanced manufacturing. Servotronics' previous CEO responsibilities were held by COO James C. Takacs since June 2021. The company aims to strengthen its market position and explore new opportunities under Farrell's leadership.
Servotronics, Inc. (NYSE American - SVT) announced it received a shareholder nomination for board director candidates for its 2022 annual meeting. The company is reviewing the communication from Star Equity Fund, LP, an affiliate of Star Equity Holdings. Shareholders are advised to wait for definitive proxy materials before making voting decisions. A proxy statement will be filed with the SEC, including essential information. Servotronics operates through two groups: ATG, focusing on servo controls, and CPG, specializing in cutlery and edged products.
Servotronics, Inc. (NYSE American - SVT) reported net income of $3,238,000 or $1.34 per share for Q3 2021, contrasting with a net loss of $1,782,000 in Q3 2020. Revenue increased by 6.0% to $10,915,000, driven by higher sales volume and prices. Gross margin rose to $1,772,000 from a negative $165,000. However, SG&A expenses surged by 29.8% to $2,724,000, largely due to legal fees, including $1,890,000 for litigation. The company anticipates future growth despite the ongoing impacts of COVID-19 on operations.
Servotronics, Inc. (NYSE American – SVT) reported its Q2 2021 results, posting a net income of $1,186,000 ($0.49 per share) compared to $965,000 ($0.41 per share) in Q2 2020. Revenues fell by 25.7% to $10,028,000, primarily due to lower sales volume affected by COVID-19. Gross margin decreased to (38.0)% versus 23.9% in the previous year. Selling expenses rose by 26.4%, significantly impacting operations. The company also recognized a $1,914,000 employee retention credit. A PPP loan forgiveness application was submitted but remains under review.
Servotronics, Inc. (NYSE American – SVT) announced its financial results for the first quarter ended March 31, 2021, reporting net income of $541,000, a significant decline from $1,898,000 in the same period of 2020. Revenues fell to $9,060,000 from $15,448,000, primarily due to reduced customer orders in the aviation sector influenced by COVID-19. The ATG division experienced a revenue drop of approximately $7,055,000, while the CPG saw modest increases. The company utilized a $1,730,000 employee retention credit to mitigate losses, adjusting operations to maintain key personnel amid ongoing uncertainty.
Servotronics, Inc. (NYSE American – SVT) announced its recognition as 2020 Supplier of the Year by Collins Aerospace for operational excellence and support. Additionally, it received the 2020 Most Improved Supplier of the Year Award for repair and overhaul. President Kenneth D. Trbovich expressed gratitude towards Collins for the awards and reaffirmed commitment to high-quality service. Servotronics operates through two groups: ATG, focusing on servo controls for various applications, and CPG, which manufactures edged products for commercial and government use.
Servotronics, Inc. (NYSE American – SVT) reported a significant decline in financial performance for the year ended December 31, 2020. Net income fell to $100,000 ($0.04 per share) from $2,447,000 ($1.05 per share) in 2019. Revenues decreased from $55,272,000 to $49,844,000. Gross margin also dropped to 16.5%, a decrease from 21.9% the previous year. The pandemic significantly impacted operations, leading to lower shipments and increased operational costs. The company received a $4 million Paycheck Protection Program loan, with uncertainty surrounding its forgiveness.
