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) is a leading manufacturer, processor, and distributor of Special Bar Quality (SBQ) steel and steel alloys. Headquartered in Guadalajara, Mexico, the company operates in Mexico, the United States, Brazil, and Canada, producing a wide range of steel products including I-beams, channels, structural and commercial angles, hot rolled bars, flat bars, rebars, cold-finished bars, and wire rods. Additionally, Grupo Simec manufactures semi-finished tube rounds and other related products.
Since its founding in 1969, Grupo Simec has expanded its operations internationally, exporting products to Central and South America as well as Europe. The company's SBQ steel products are integral to various engineering applications such as axles, hubs, and crankshafts for automobiles and light trucks, as well as machine tools and off-highway equipment. Additionally, their structural steel products are widely used in non-residential construction and other infrastructural projects.
Grupo Simec recently announced its financial results for the period ending September 30, 2023. The company reported net sales of Ps. 32,401 million, which marks a decrease from Ps. 44,012 million in the same period of the previous year. Shipments of finished steel products also saw a decline, dropping to 1.64 million tons from 1.72 million tons. Despite these challenges, the company maintains a solid foothold in its core markets.
In recent developments, Grupo Simec has opted to idle its steelmaking operations at its Republic Steel mills in Canton, Ohio, and Lackawanna, New York, due to a challenging market environment in the United States. This move aims to consolidate operations in their state-of-the-art facility in Tlaxcala, Mexico, preserving service quality for U.S. customers while addressing financial and environmental challenges.
Grupo Simec is a subsidiary of Industrias CH, S.A.B. de C.V., and its commitment to quality, innovation, and sustainability continues to drive its operations forward in a competitive global market.
Grupo Simec, S.A.B. de C.V. (NYSE-MKT: SIM) announced it failed to timely file its Annual Report on Form 20-F for the fiscal year ending December 31, 2020. As a result, the NYSE issued a noncompliance notice on May 18, 2021. The company cited delays in preparing financial reports due to COVID-19 impacts and plans to file the Form 20-F by May 24, 2021, although this date is uncertain. Grupo Simec has six months from May 18 to comply with NYSE requirements to maintain listing status.
Grupo Simec reports unusual trading activity in shares under the ticker SIMEC. The company states that they are unaware of any specific causes behind these movements, attributing them to general market conditions. Furthermore, there is no indication that members of the board or executive officers are involved in these unusual operations. The company aims to clarify that this situation does not stem from any internal corporate actions or decisions.
On May 10, 2021, Grupo Simec reported unusual trading activity for its shares identified by the ticker symbol SIM. The company clarified that it is unaware of any specific factors causing these movements, attributing them to market conditions. Furthermore, the organization confirmed that there is no involvement from its board members, executive officers, or repurchase funds concerning these unusual operations.
Grupo Simec reported its operational results for the year ending December 31, 2020. Net sales rose by 5% to Ps. 35,869 million driven by a 4% increase in finished steel shipments. Cost of sales decreased by 3%, leading to a 62% growth in gross profit, totaling Ps. 6,658 million. Operating income soared 123% to Ps. 5,185 million, while EBITDA surged 93% to Ps. 6,637 million. Net income reached Ps. 2,957 million compared to a loss of Ps. 1,636 million in 2019. Comprehensive financial costs improved, and liquidity remained stable.
Grupo Simec (NYSE: SIM) reported strong financial results for Q1 2021, achieving net sales of Ps. 13,355 million, a 57% increase from Ps. 8,500 million in Q1 2020. Steel shipments rose 10%, totaling 682 thousand tons. The average sales price per ton surged 43%. Gross profit soared 114% to Ps. 3,300 million, while operating income increased 132% to Ps. 2,812 million. Net income improved 38% to Ps. 2,644 million, despite a rise in cost of sales to Ps. 10,055 million. Overall, the company demonstrated robust performance amidst rising demand and prices.
Grupo Simec (NYSE: SIM) reported a 5% increase in net sales for the year ending December 31, 2020, reaching Ps. 35,957 million, driven by higher shipments and sales prices. Gross profit jumped 64% to Ps. 6,721 million, increasing its margin to 19%. Operating income surged 134%, totaling Ps. 5,462 million. However, selling, general and administrative expenses rose 11%. The company posted a net income of Ps. 4,180 million, a significant rebound from a loss of Ps. 1,636 million in 2019. Total consolidated debt remained stable at around U.S. $302,000 in both years.
Grupo Simec, S.A.B. de C.V. (NYSE: SIM) announced the filing of an amended Annual Report on Form 20-F for the year ending December 31, 2019, with the U.S. Securities and Exchange Commission. The amended report is available on the Company's investor relations site. Shareholders can request a hard copy of the report, which includes audited financial statements. Grupo Simec is a diversified manufacturer and distributor of SBQ and structural steel products, with operations in the U.S., Mexico, and Brazil.
Grupo Simec reported a 4% decline in net sales to Ps. 25,739 million for the first nine months of 2020 compared to 2019. Despite lower sales, gross profit rose 35% to Ps. 4,884 million due to a 13% reduction in cost of sales. Net income surged 117% to Ps. 3,463 million, bolstered by improved operational efficiency. In Q3 2020, net sales increased 16% year-over-year to Ps. 9,643 million, driven by higher shipment volumes. Cost per ton decreased by 3%.
Grupo Simec reported a significant financial performance for the first half of 2020, with a 206% increase in net income to Ps. 2,460 million, driven by a 28% gross profit increase to Ps. 2,923 million. Despite a 13% drop in net sales to Ps. 16,096 million, cost of sales improved by 19%, resulting in better profit margins.
However, the second quarter showed a 71% decline in net income from the previous quarter, down to Ps. 546 million, alongside 11% lower sales and a 13% drop in shipments. The company's financial costs shifted from income to a net expense, indicating increased market volatility.
Grupo Simec reported no known causes for unusual stock movements related to ticker symbol SIM on July 7, 2020. The company stated that these fluctuations appear to be a result of market conditions and have not involved any changes among board members or executive officers. The firm reassured investors of stability amidst these movements.
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