Welcome to our dedicated page for Grupo Simec news (Ticker: SIM), a resource for investors and traders seeking the latest updates and insights on Grupo Simec stock.
Grupo Simec, S.A.B. de C.V. (NYSE: SIM) regularly publishes detailed financial and operational updates that are made available to investors through press releases and SEC filings. This news page aggregates those communications so readers can review how the company’s business as a manufacturer, processor and distributor of SBQ steel and structural steel products is evolving over time in Mexico, Brazil and in its commercial activities in the United States.
The company’s news flow frequently includes reports on quarterly and annual results, such as net sales, shipments of finished steel products, cost of sales, gross profit, operating income, EBITDA, comprehensive financial cost or income, income taxes and net income. These releases often distinguish between sales in Mexico and sales outside Mexico, and discuss trends in average sales prices and average cost per ton of steel products, including the impact of input costs like steel scrap.
Investors can also find announcements related to Form 20‑F filings and amendments, where Grupo Simec explains updates to disclosures on controls and procedures and internal control over financial reporting. In addition, the company has used news releases to report significant operational events, such as the spill of liquid steel at a plant in Apizaco, Tlaxcala, which resulted in loss of life and temporarily halted operations at that facility.
By following this news page, readers can monitor how shipment volumes, pricing, input costs, financial results and notable incidents are described by the company in its own communications. The articles collected here provide a chronological view of Grupo Simec’s publicly reported performance and key events affecting SIM stock.
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.
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