SIFCO Industries, Inc. ("SIFCO") Announces Fourth Quarter and Full Year Fiscal 2024 Financial Results
SIFCO Industries (SIF) reported its Q4 and fiscal 2024 results, showing improved performance despite continued losses. Q4 net sales increased 14% to $21.7 million, with a reduced net loss from continuing operations of $1.9 million ($(0.33) per share). For fiscal 2024, net sales grew 20% to $79.6 million, while net loss from continuing operations improved to $8.6 million ($(1.44) per share).
The company reported positive momentum in commercial space and aerospace markets, with customer backlog reaching $114.4 million at fiscal year-end. EBITDA improved to $0.8 million in Q4 2024 (vs. $(1.5) million in Q4 2023) and $(0.7) million for fiscal 2024 (vs. $(4.4) million in 2023).
SIFCO Industries (SIF) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, evidenziando un miglioramento delle performance nonostante le perdite continue. Le vendite nette del quarto trimestre sono aumentate del 14% a 21,7 milioni di dollari, con una riduzione della perdita netta da operazioni continuative a 1,9 milioni di dollari ($(0,33) per azione). Per l'anno fiscale 2024, le vendite nette sono cresciute del 20% a 79,6 milioni di dollari, mentre la perdita netta da operazioni continuative è migliorata a 8,6 milioni di dollari ($(1,44) per azione).
L'azienda ha segnalato un'inerzia positiva nei settori commerciale e aerospaziale, con un portafoglio ordini che ha raggiunto 114,4 milioni di dollari alla fine dell'anno fiscale. L'EBITDA è migliorato a 0,8 milioni di dollari nel quarto trimestre 2024 (rispetto a $(1,5) milioni nel quarto trimestre 2023) e $(0,7) milioni per l'anno fiscale 2024 (rispetto a $(4,4) milioni nel 2023).
SIFCO Industries (SIF) informó sus resultados del cuarto trimestre y del año fiscal 2024, mostrando un rendimiento mejorado a pesar de las pérdidas continuas. Las ventas netas del cuarto trimestre aumentaron un 14% a 21.7 millones de dólares, con una pérdida neta reducida de las operaciones continuas de 1.9 millones de dólares ($(0.33) por acción). Para el año fiscal 2024, las ventas netas crecieron un 20% a 79.6 millones de dólares, mientras que la pérdida neta de las operaciones continuas se mejoró a 8.6 millones de dólares ($(1.44) por acción).
La compañía reportó un impulso positivo en los mercados comercial y aeroespacial, con un backlog de clientes que alcanzó 114.4 millones de dólares al final del año fiscal. El EBITDA mejoró a 0.8 millones de dólares en el cuarto trimestre de 2024 (frente a $(1.5) millones en el cuarto trimestre de 2023) y $(0.7) millones para el año fiscal 2024 (frente a $(4.4) millones en 2023).
SIFCO Industries (SIF)는 2024 회계연도 4분기 및 연간 실적을 발표하며, 지속적인 손실에도 불구하고 성과가 개선되었음을 보여주었습니다. 4분기 순매출은 14% 증가하여 2170만 달러에 달했으며, 지속적인 운영에서의 순손실은 190만 달러 ($(0.33) 주당)로 줄어들었습니다. 2024 회계연도 동안 순매출은 20% 증가하여 7960만 달러에 달했고, 지속적인 운영에서의 순손실은 860만 달러 ($(1.44) 주당)로 개선되었습니다.
회사는 상업 및 항공 우주 시장에서 긍정적인 모멘텀을 보고했으며, 고객 백로그는 회계연도 말에 1억 1440만 달러에 도달했습니다. EBITDA는 2024년 4분기에 80만 달러로 개선되었으며(2023년 4분기에 비해 $(150만) 달러), 2024 회계연도 동안은 $(70만) 달러로 개선되었습니다(2023년 $(440만) 달러에 비해).
SIFCO Industries (SIF) a publié ses résultats du quatrième trimestre et de l'exercice 2024, montrant une performance améliorée malgré des pertes continues. Les ventes nettes du quatrième trimestre ont augmenté de 14 % pour atteindre 21,7 millions de dollars, avec une perte nette réduite des opérations continues de 1,9 million de dollars ($(0,33) par action). Pour l'exercice 2024, les ventes nettes ont augmenté de 20 % pour atteindre 79,6 millions de dollars, tandis que la perte nette des opérations continues s'est améliorée à 8,6 millions de dollars ($(1,44) par action).
L'entreprise a signalé une dynamique positive sur les marchés commercial et aérospatial, avec un carnet de commandes atteignant 114,4 millions de dollars à la fin de l'exercice. L'EBITDA a augmenté à 0,8 million de dollars au quatrième trimestre 2024 (contre $(1,5) million au quatrième trimestre 2023) et $(0,7) million pour l'exercice 2024 (contre $(4,4) millions en 2023).
SIFCO Industries (SIF) berichtete über seine Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 und zeigt eine verbesserte Leistung trotz fortlaufender Verluste. Die Nettoumsätze im 4. Quartal stiegen um 14% auf 21,7 Millionen Dollar, mit einem reduzierten Nettverlust aus fortgeführten Betrieben von 1,9 Millionen Dollar ($(0,33) pro Aktie). Für das Geschäftsjahr 2024 wuchsen die Nettoumsätze um 20% auf 79,6 Millionen Dollar, während der Nettoverlust aus fortgeführten Betrieben auf 8,6 Millionen Dollar ($(1,44) pro Aktie) verbessert wurde.
Das Unternehmen berichtete von positivem Schwung in den kommerziellen und Luftfahrtmärkten, mit einem Kundenauftragsbestand von 114,4 Millionen Dollar zum Ende des Geschäftsjahres. Das EBITDA verbesserte sich im 4. Quartal 2024 auf 0,8 Millionen Dollar (im Vergleich zu $(1,5) Millionen im 4. Quartal 2023) und $(0,7) Millionen für das Geschäftsjahr 2024 (im Vergleich zu $(4,4) Millionen im Jahr 2023).
- Net sales increased 20% YoY to $79.6 million in fiscal 2024
- Q4 net sales grew 14% YoY to $21.7 million
- Customer backlog reached $114.4 million at fiscal year-end
- EBITDA improved from $(4.4) million to $(0.7) million year-over-year
- Net loss from continuing operations reduced from $(1.77) to $(1.44) per share
- Continued net loss from continuing operations of $8.6 million in fiscal 2024
- Negative EBITDA of $(0.7) million for fiscal 2024
- Q4 2024 net loss from continuing operations of $1.9 million
Insights
SIFCO Industries shows mixed financial performance with notable improvements in key metrics. Net sales grew by
The substantial customer backlog of
The commercial space and aerospace market strength provides tailwinds, but the persistent operating losses warrant caution. The company's market cap of
The growth in SIFCO's commercial space and aerospace segments reflects broader industry trends. The robust backlog indicates strong positioning within the aerospace supply chain during a period of increased commercial aircraft production rates and space sector expansion. The
The company's increased production capacity investment aligns with major aerospace OEM production ramp-ups, particularly in narrow-body commercial aircraft. However, operational efficiency remains important as aerospace suppliers face margin pressures from inflation and supply chain constraints. The transition to positive Adjusted EBITDA suggests improving ability to manage these industry-wide challenges.
Fourth Quarter and Fiscal 2024 Highlights
Results for the Fourth Quarter
-
Net sales in the fourth quarter of fiscal 2024 increased
14% to$21.7 million $19.0 million -
Net loss from continuing operations for the fourth quarter of fiscal 2024 was
$1.9 million $(0.33) $3.2 million $(0.53) $1.4 million $0.25 $0.1 million $0.01 -
EBITDA was
$0.8 million $(1.5) million -
Adjusted EBITDA in the fourth quarter of fiscal 2024 was
$0.8 million $(1.3) million
Results for the Fiscal Year 2024
-
Net sales in fiscal 2024 increased
20% to$79.6 million $66.1 million -
Net loss from continuing operations in fiscal 2024 was
$8.6 million $(1.44) $10.5 million $(1.77) $3.2 million $0.54 $1.8 million $0.30 -
EBITDA was
$(0.7) million $(4.4) million -
Adjusted EBITDA in fiscal 2024 was
$0.8 million $(2.6) million
Other Highlights
The Company informed shareholders that it has sought to capitalize on the current market opportunities by increasing market penetration and diversifying while maintaining a conservative financial approach. To highlight this point, CEO George Scherff stated, “We continued to experience sales growth in both the fourth quarter and full year of 2024. Strong demand in the commercial space and aerospace markets served contributed to these top-line improvements during the fiscal year. Looking ahead, we are encouraged by the continued demand for our solutions, as evidenced by the growth in our customer backlog to
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP measures in this release. EBITDA and Adjusted EBITDA are non-GAAP financial measures and are intended to serve as supplements to results provided in accordance with accounting principles generally accepted in
Forward-Looking Language
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, concerns with or threats of, or the consequences of, pandemics, contagious diseases or health epidemics, competition and other uncertainties the Company, its customers, and the industry in which they operate have experienced and continue to experience, detailed from time to time in the Company’s Securities and Exchange Commission filings. For a discussion of such risk factors and uncertainties, see Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports filed by the Company with the Securities & Exchange Commission.
The Company’s Form 10-K for the year ended September 30, 2024 and other reports filed with the Securities & Exchange Commission can be accessed through the Company’s website: www.sifco.com, or on the Securities and Exchange Commission’s website: www.sec.gov.
SIFCO Industries, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, coating, and machining.
Fiscal Year Ended September 30, (Amounts in thousands, except per share data) |
||||||||
|
|
Years Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
79,633 |
|
|
$ |
66,067 |
|
Cost of goods sold |
|
|
73,651 |
|
|
|
62,722 |
|
Gross profit |
|
|
5,982 |
|
|
|
3,345 |
|
Selling, general and administrative expenses |
|
|
11,128 |
|
|
|
12,276 |
|
Amortization of intangible assets |
|
|
— |
|
|
|
73 |
|
Loss (gain) on disposal of operating assets |
|
|
4 |
|
|
|
(1 |
) |
Operating loss |
|
|
(5,150 |
) |
|
|
(9,003 |
) |
Interest expense, net |
|
|
3,080 |
|
|
|
997 |
|
Foreign currency exchange (gain) loss, net |
|
|
(3 |
) |
|
|
3 |
|
Other expense, net |
|
|
362 |
|
|
|
500 |
|
Loss from continuing operations before income tax expense |
|
|
(8,589 |
) |
|
|
(10,503 |
) |
Income tax expense |
|
|
37 |
|
|
|
16 |
|
Loss from continuing operations |
|
|
(8,626 |
) |
|
|
(10,519 |
) |
Income from discontinued operations, net of tax |
|
|
3,243 |
|
|
|
1,827 |
|
Net loss |
|
$ |
(5,383 |
) |
|
$ |
(8,692 |
) |
|
|
|
|
|
||||
Basic earnings (loss) per share: |
|
|
|
|
||||
Basic loss per share from continuing operations |
|
$ |
(1.44 |
) |
|
$ |
(1.77 |
) |
Basic earnings per share from discontinued operations |
|
|
0.54 |
|
|
|
0.30 |
|
Basic loss per share |
|
$ |
(0.90 |
) |
|
$ |
(1.47 |
) |
Diluted earnings (loss) per share: |
|
|
|
|
||||
Diluted loss per share from continuing operations |
|
$ |
(1.44 |
) |
|
$ |
(1.77 |
) |
Diluted earnings per share from discontinued operations |
|
|
0.54 |
|
|
|
0.30 |
|
Diluted loss per share |
|
$ |
(0.90 |
) |
|
$ |
(1.47 |
) |
|
|
|
|
|
||||
Weighted-average number of common shares (basic) |
|
|
5,996 |
|
|
|
5,929 |
|
Weighted-average number of common shares (diluted) |
|
|
5,996 |
|
|
|
5,929 |
|
Quarter Ended September 30, (Amounts in thousands, except per share data) |
||||||||
|
|
Three Months Ended September 30, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Net sales |
|
$ |
21,658 |
|
|
$ |
19,029 |
|
Gross profit |
|
|
2,321 |
|
|
|
163 |
|
|
|
|
|
|
||||
Loss from continuing operations |
|
$ |
(1,878 |
) |
|
$ |
(3,218 |
) |
Income from discontinued operations, net of tax |
|
|
1,435 |
|
|
|
116 |
|
Net loss |
|
$ |
(443 |
) |
|
$ |
(3,102 |
) |
|
|
|
|
|
||||
Basic earnings (loss) per share: |
|
|
|
|
||||
Basic loss per share from continuing operations |
|
$ |
(0.33 |
) |
|
$ |
(0.53 |
) |
Basic earnings per share from discontinued operations |
|
|
0.25 |
|
|
|
0.01 |
|
Basic loss per share |
|
$ |
(0.08 |
) |
|
$ |
(0.52 |
) |
Diluted earnings (loss) per share: |
|
|
|
|
||||
Diluted loss per share from continuing operations |
|
$ |
(0.33 |
) |
|
$ |
(0.53 |
) |
Diluted earnings per share from discontinued operations |
|
|
0.25 |
|
|
|
0.01 |
|
Diluted loss per share |
|
$ |
(0.08 |
) |
|
$ |
(0.52 |
) |
Non-GAAP Financial Measures
Presented below is certain financial information based on the Company’s EBITDA and Adjusted EBITDA. References to “EBITDA” mean earnings (losses) from continuing operations before interest, taxes, depreciation and amortization, and references to “Adjusted EBITDA” mean EBITDA plus, as applicable for each relevant period, certain adjustments as set forth in the reconciliations of net income to EBITDA and Adjusted EBITDA.
Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under generally accepted accounting principles in
- Neither EBITDA nor Adjusted EBITDA reflects the interest expense or the cash requirements necessary to service interest payments on indebtedness;
- Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and neither EBITDA nor Adjusted EBITDA reflects any cash requirements for such replacements;
- The omission of the amortization expense associated with the Company’s intangible assets further limits the usefulness of EBITDA and Adjusted EBITDA; and
- Neither EBITDA nor Adjusted EBITDA includes the payment of taxes, which is a necessary element of operations.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to the Company to invest in the growth of its businesses. Management compensates for these limitations by not viewing EBITDA or Adjusted EBITDA in isolation and specifically by using other GAAP measures, such as net income (loss), net sales, and operating income (loss), to measure operating performance. Neither EBITDA nor Adjusted EBITDA is a measurement of financial performance under GAAP, and neither should be considered as an alternative to net loss or cash flow from operations determined in accordance with GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may not be comparable to the calculation of similarly titled measures reported by other companies.
The following table sets forth a reconciliation of net loss to EBITDA and Adjusted EBITDA:
(Dollars in thousands) |
Three Months Ended
|
|
Years Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(443 |
) |
|
$ |
(3,102 |
) |
|
$ |
(5,383 |
) |
|
$ |
(8,692 |
) |
Less: Income from discontinued operations, net of tax |
|
1,435 |
|
|
|
116 |
|
|
|
3,243 |
|
|
|
1,827 |
|
Loss from continuing operations |
|
(1,878 |
) |
|
|
(3,218 |
) |
|
|
(8,626 |
) |
|
|
(10,519 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Depreciation and amortization expense |
|
1,178 |
|
|
|
1,247 |
|
|
|
4,784 |
|
|
|
5,071 |
|
Interest expense, net |
|
1,015 |
|
|
|
319 |
|
|
|
3,080 |
|
|
|
997 |
|
Income tax expense |
|
497 |
|
|
|
148 |
|
|
|
37 |
|
|
|
16 |
|
EBITDA |
|
812 |
|
|
|
(1,504 |
) |
|
|
(725 |
) |
|
|
(4,435 |
) |
Adjustments: |
|
|
|
|
|
|
|
||||||||
Foreign currency exchange (gain) loss, net (1) |
|
(3 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
3 |
|
Other expense, net (2) |
|
50 |
|
|
|
124 |
|
|
|
302 |
|
|
|
361 |
|
Loss (gain) on disposal of assets (3) |
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
(1 |
) |
Non-recurring severance expense (4) |
|
— |
|
|
|
— |
|
|
|
435 |
|
|
|
— |
|
Equity compensation expense (4) |
|
7 |
|
|
|
83 |
|
|
|
250 |
|
|
|
375 |
|
Pension settlement/curtailment benefit (5) |
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
78 |
|
LIFO impact (6) |
|
36 |
|
|
|
(33 |
) |
|
|
862 |
|
|
|
(305 |
) |
IT incident (benefit) expense, net (7) |
|
10 |
|
|
|
6 |
|
|
|
(594 |
) |
|
|
1,275 |
|
Strategic alternative (benefit) expense (8) |
|
(126 |
) |
|
|
56 |
|
|
|
237 |
|
|
|
85 |
|
Adjusted EBITDA |
$ |
786 |
|
|
$ |
(1,270 |
) |
|
$ |
828 |
|
|
$ |
(2,564 |
) |
(1) |
Represents the gain or loss from changes in the exchange rates between the functional currency and the foreign currency in which the transaction is denominated. |
(2) |
Represents miscellaneous non-operating income or expense, such as pension costs or grant income. |
(3) |
Represents the difference between the proceeds from the sale of operating equipment and the carrying value shown on the Company’s books. |
(4) |
Represents the equity-based compensation expense recognized by the Company under the 2016 Plan due to granting of awards, awards not vesting and/or forfeitures and executive severance. |
(5) |
Represents expense incurred by its defined benefit pension plans related to settlement of pension obligations. |
(6) |
Represents the change in the reserve for inventories for which cost is determined using the last-in, first-out (“LIFO”) method. |
(7) |
Represents incremental information technology costs (and credits) as it relates to the cybersecurity incident and loss on insurance recovery. |
(8) |
Represents expense related to evaluation of strategic alternatives. |
Reference to the above activities can be found in the consolidated financial statements included in Item 8 of the Annual Report on Form 10-K.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241223084126/en/
SIFCO Industries, Inc.
Jennifer Wilson, 216-881-8600
www.sifco.com
Source: SIFCO Industries, Inc.
FAQ
What was SIFCO Industries (SIF) revenue growth in fiscal 2024?
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What was SIFCO's (SIF) EBITDA performance in fiscal 2024?
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