Surge Components Inc N Y - SPRS STOCK NEWS

Surge Components (OTC Pink: SPRS) reported Q2 2024 financial results, showing resilience amid challenging market conditions. Net sales reached $7.3 million, up 4% from Q1, with positive net income of $197,940 and EPS of $0.03. While these figures represent a decrease from the prior-year period, the company maintained gross margins above 28% for the first half of 2024.

Surge continues to invest in growth, hiring new sales talent in Europe and Asia. The company is positioning itself to capitalize on an expected industry rebound, maintaining superior lead times and focusing on customized product designs. Management anticipates industry challenges to persist through 2024, with a potential turnaround beginning in late 2024 or early 2025.

Surge Components, Inc. (OTC Pink: SPRS) reported its financial results for the first quarter ending February 28, 2023. The company achieved $9.2 million in net sales, a decline of 12.6% compared to $10.5 million a year earlier. Net income was $392,660, translating to an EPS of $0.07, down from $669,253 and $0.12 respectively in the prior-year period. However, gross profit margins improved to 28.8%, up 60 basis points from 28.2% despite a gross profit decrease to $2.6 million. The company cited a tough macroeconomic environment affecting customer orders and highlighted its operational management as a driver for cashflow generation. Surge also noted growing interest in its offerings in Asian and European markets, leveraging the reopening of China.

Surge Components reported a record net sales of $51.9 million for the fiscal year ended November 30, 2022, reflecting a 30.3% year-over-year increase. This growth was complemented by a gross profit rise of 31.5% to $14.3 million and a net income increase of 49% to $3.7 million, leading to a diluted EPS of $0.65. The company's operational highlights include significant demand growth across divisions and successful market expansion in Europe and Asia. Surge emphasized its commitment to enhancing stakeholder value while navigating challenges posed by the global economy.

Surge Components, Inc. (OTC Pink: SPRS) reported a strong Q3 2022, achieving net sales of $14.0 million, a 31.3% increase from the prior year. Their gross profit rose 17.6% to $3.6 million, with a gross margin of 26%. The net income for this quarter was $1,232,923 or $0.22 per share, up from $878,740 or $0.15 per share in Q3 2021. Despite a positive sales outlook, the company acknowledged potential impacts from a global economic slowdown and rising operational costs.

Surge Components, Inc. (OTC Pink: SPRS) reported a strong Q2 performance, with net sales rising by $15.9 million, a 65.8% increase year-over-year. The gross profit reached $4.4 million, marking a 70.9% growth, resulting in a gross profit margin of 27.5%. Net income available to common shareholders totaled $862,411, translating to an EPS of $0.15, up from $704,108 and $0.12 in the prior year. Management acknowledges ongoing supply chain challenges but remains confident in meeting customer demand and enhancing profitability.