Welcome to our dedicated page for P&F Industries news (Ticker: PFIN), a resource for investors and traders seeking the latest updates and insights on P&F Industries stock.
P&F Industries, Inc. (NASDAQ: PFIN), through its subsidiaries, is a leading designer, importer, and seller of pneumatic hand tools catering primarily to the retail, industrial, automotive, and aerospace markets within the United States. The company markets its products under well-known brand names such as Florida Pneumatic, Universal Tool, Jiffy Air Tool, AIRCAT, and NITROCAT. Additionally, P&F Industries serves retailers, distributors, manufacturers, and private label customers through in-house sales personnel and manufacturers' representatives.
P&F Industries' product portfolio includes sanders, grinders, drills, saws, and impact wrenches. The company is also engaged in the design, manufacture, and distribution of heavy-duty pneumatic impact tools, grinders, air motors, hydro-pneumatic riveters, hydrostatic test plugs, impact sockets, custom gears, accessories, and various replacement parts under the ATP, NUMATX, Thaxton, and Quality Gear brands.
Despite a decline in revenue, the company's financial performance has shown significant improvement. For the three-month period ending June 30, 2023, P&F Industries reported net income before taxes of $356,000, compared to $55,000 for the same period in 2022. The company's consolidated revenue for this quarter decreased by 9.2%, mainly due to a reduction in Florida Pneumatic's stock-keeping units at retail outlets. However, stronger gross margins and lower operating expenses contributed to higher net income, signifying robust operational efficiencies.
On October 13, 2023, P&F Industries entered into a definitive agreement to be acquired by ShoreView Industries for $13.00 per share in an all-cash transaction. This acquisition, expected to close in the fourth quarter of 2023, is anticipated to provide significant premium cash value to shareholders and afford the company enhanced financial and operational flexibility as a private entity.
The company continues to grapple with trends and uncertainties such as international supply chain delays and inflationary pressures but remains optimistic about the future. Notably, P&F Industries has been proactive in addressing these challenges through improved pricing strategies and manufacturing efficiencies.
P&F Industries remains committed to serving its diverse customer base and aims to further develop new technologies, including cordless power tools for the automotive aftermarket and aerospace sectors. The company's recent development of a cordless installation tool for the aerospace market is a testament to its innovation and forward-thinking approach.
P&F Industries Inc. (NASDAQ: PFIN) will release its financial results for the quarter ending March 31, 2023, on May 11, 2023, before market opening. A conference call is scheduled for 11:00 a.m. Eastern Time on the same day. To enhance efficiency, the question-and-answer segment will be limited to 20 minutes per shareholder or caller. Interested participants can dial 866-580-3963 and use the password 'Q1 Earnings Call.' A replay will be available on the company's website approximately 24 hours after the call.
P&F Industries is recognized as a leading manufacturer and importer of air-powered tools and accessories for various markets including aerospace and automotive. Their products are marketed under company brands as well as private labels of major retailers.
P&F Industries reported a net revenue of $59,041,000 for the year ended December 31, 2022, an increase from $53,554,000 in 2021. The company faced a net loss before income taxes of $1,852,000, down from a net income of $2,288,000 the previous year. The operational loss decreased to $1,482,000 in 2022, compared to $2,597,000 in 2021, attributed to improved gross profits from its product lines. Notably, the acquisition of Jackson Gear Company drove revenue growth. P&F's board reinstated a $0.05 quarterly dividend, and its credit facility was extended to February 2027. However, concerns remain regarding inflation and supply chain challenges.
P&F Industries, Inc. (NASDAQ: PFIN) announced a new dividend policy, declaring a cash dividend of $0.20 per share annually, payable quarterly in $0.05 installments. The first payment is set for April 6, 2023, for stockholders of record by March 31, 2023. Future dividends depend on the Board's assessment of their benefit to stockholders and compliance with laws, with the possibility of suspension or cancellation at any time. The company is a manufacturer and importer of air-powered tools and accessories for various markets, signaling a commitment to returning value to shareholders.
P&F Industries Inc. (NASDAQ GM: PFIN) will announce its financial results for the year ending December 31, 2022, before the market opens on Tuesday, March 28, 2023. A conference call is scheduled for 11:00 a.m. Eastern time on the same day, with the dial-in number being 866-580-3963, and the password "2022 Earnings Call". For those unable to attend the live call, a replay will be available on the Company's website approximately 24 hours later.
P&F Industries is a prominent manufacturer and importer of air-powered tools and accessories for various markets including aerospace and automotive.
P&F Industries, Inc. (NASDAQ: PFIN) reported Q3 2022 net revenue of $14.5 million, up 11.8% from Q3 2021. The net loss before taxes was $346,000 compared to $841,000 in Q3 2021. Year-to-date revenue reached $46.3 million, marking a 14.4% increase. A $0.05 special cash dividend was declared, payable on November 30, 2022. The growth was fueled by Hy-Tech's 36.5% revenue increase, aided by the acquisition of Jackson Gear. However, the company faces ongoing supply chain challenges and inflation risks.
P&F Industries, Inc. (NASDAQ: PFIN) will announce its financial results for the three-month period ending September 30, 2022, on November 10, 2022, before market opening. A conference call will follow at 11:00 a.m. Eastern time. New procedures will limit Q&A to 20 minutes per shareholder or caller. Interested parties can join the call at 1-866-580-3963 using the password 'Q3 Earnings Call.' A replay will be available on the company's website approximately 24 hours later. P&F Industries specializes in air-powered tools primarily for aerospace, industrial, automotive, and retail sectors.
P&F Industries, Inc. (NASDAQ: PFIN) reported Q2 2022 net revenue of $17.81 million, up 31.1% from $13.59 million in Q2 2021. However, Q2 2022 net income before income taxes fell to $55,000, a stark decline from $2.33 million in the same quarter last year. Notably, the company declared a special cash dividend of $0.05 per share, payable on August 29, 2022. Key growth drivers included increased sales in Aerospace and retail segments, particularly from The Home Depot rollout, but gross margin decreased by 4.1 percentage points due to rising costs.
P&F Industries, Inc. (NASDAQ GM: PFIN) will announce its financial results for the second quarter ended June 30, 2022, on August 11, 2022, before market opening. A conference call is set for 11:00 a.m. Eastern Time on the same day, following new guidelines that limit the Q&A session to 20 minutes per participant. Interested parties can join the call by dialing 1-888-221-3881, with a replay available on the company's website starting approximately 24 hours post-call. P&F is a leading manufacturer of air-powered tools, serving various markets.
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