Grupo Simec - SIM STOCK NEWS

Grupo Simec has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC. The report is available on the SEC website and the company's investor relations page. Shareholders can request free hard copies of the Form 20-F, including complete audited financial statements, by contacting Mario Moreno Cortez via email.

The company operates as a diversified manufacturer, processor, and distributor of SBQ steel and structural steel products in the United States, Mexico, and Brazil. Their SBQ products serve engineered applications in the automotive industry, while their structural steel products primarily target the non-residential construction market.

Grupo Simec (NYSE: SIM) reported a serious accident at its steel complex in Apizaco, Tlaxcala on October 30, 2024. A liquid steel spill resulted in fatalities among employees and has temporarily halted operations at plant one of the facility. The company expressed regret for the loss of life and stated it is investigating the causes of the accident.

Grupo Simec reported financial results for the first nine months of 2024, showing mixed performance. Net sales decreased 23% to Ps. 24,828 million compared to Ps. 32,401 million in 2023, with shipments down 6%. The company's gross profit declined 23% to Ps. 6,203 million, while EBITDA decreased 31% to Ps. 5,189 million. Despite lower operational metrics, net income increased 125% to Ps. 8,587 million, largely due to comprehensive financial gains including exchange rate benefits. The average selling price decreased 18% compared to 2023, affecting both domestic and international sales.

Grupo Simec (NYSE: SIM) reported its first half of 2024 financial results. Net sales plummeted 29% year-over-year to Ps. 16,279 million, driven by a 22% drop in average sales price and an 8% decrease in shipment volumes. Sales outside Mexico fell 24%, while Mexican sales dropped 32%. Cost of sales fell 29%, aligning with the decline in net sales. Gross profit decreased 30% to Ps. 4,047 million. Operating income fell 40% to Ps. 2,916 million. EBITDA dropped 37% to Ps. 3,413 million.

However, net income surged 169% year-over-year to Ps. 5,435 million, primarily due to an increase in comprehensive financial income. On a quarterly basis, net sales grew 6% in Q2 2024 vs. Q1 2024, with a 12% increase in shipment volumes. Despite a 15% rise in domestic sales, sales outside Mexico decreased 3%. Net income increased 173% quarter-over-quarter to Ps. 3,979 million.

Grupo Simec, S.A.B. de C.V. (NYSE: SIM) reported a 24% decrease in net sales in the twelve-month period ending December 31, 2023, compared to the previous year. The cost of sales decreased by 22%, resulting in a 31% drop in gross profit. Operating income decreased by 37%, and EBITDA saw a 35% decline. Net income dropped by 44%. The company's debt remained constant.

Grupo Simec, S.A.B. de C.V. (NYSE: SIM) announced its first-quarter 2024 financial results, showing a decrease in net sales, gross profit, and operating income compared to the same period in 2023. The company's sales outside of Mexico decreased by 29%, while Mexican sales dropped by 45%. Despite the decrease in sales, the company managed to maintain a gross profit margin of 25%. EBITDA decreased by 44% to Ps. 1,668 million. The net income for the first quarter of 2024 increased by 41% compared to the same period in 2023.

Grupo Simec, S.A.B. de C.V. (NYSE: SIM) reported a decrease in net sales by 24% and a decrease in gross profit by 27% for the twelve-month period ended December 31, 2023 compared to the same period in 2022. Operating income decreased by 31%, and EBITDA decreased by 29%. The company's net income also decreased by 33% year-over-year. Sales outside Mexico decreased by 31%, while sales in Mexico decreased by 18%. The company's total debt remained stable. In the fourth quarter of 2023, net sales decreased by 7%, and gross profit decreased by 6% compared to the fourth quarter of 2022.

Grupo Simec (NYSE: SIM) announces financial results for the twelve-month period ended December 31, 2023, showing a decrease in net sales, cost of sales, and gross profit compared to 2022. Operating income, EBITDA, and net income also declined. Sales outside Mexico dropped by 31%, while sales in Mexico decreased by 18%. The company experienced a 33% decrease in net income. However, other income increased by 44%. The fourth quarter of 2023 saw a decrease in net sales and gross profit, with an increase in operating expenses. EBITDA and net income also decreased compared to the previous quarter. The company faced challenges in sales and costs, impacting its financial performance.

Grupo Simec (NYSE: SIM) reports unusual movements in the negotiation of its series B shares, attributing them to market conditions and denying involvement of its board members or executives.