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Servotronics, Inc. (NYSE American: SVT) is a leading U.S.-based designer and manufacturer of high-quality components, systems, and sub-systems. Founded in 1959, Servotronics specializes in servo-control valves, torque motors, actuators, check valves, pressure regulators, and metallic seals. These products are essential for applications requiring precise control and reliability, such as commercial and military aircraft, helicopters, ground vehicles, and outer space missions.
Operating from a state-of-the-art 82,000 square foot facility in Elma, New York, Servotronics continues to innovate and produce top-tier components for a diverse range of industries. The company is recognized for its problem-solving capabilities and has earned a strong reputation as a reliable partner in the aerospace sector.
Despite recent challenges, Servotronics remains focused on its core Advanced Technology Group business. The company has shown resilience by divesting the Ontario Knife Company assets and refocusing efforts on aerospace and other high-tech markets. This strategic transformation is expected to drive sustainable growth and improved operating results.
Financially, Servotronics reported significant milestones in 2023, including a 31% increase in third-quarter revenues to $11.6 million, driven by a resurgence in the commercial aviation market. Gross profit also saw a substantial rise, benefiting from increased sales volumes and improved production efficiencies.
Recent leadership changes, such as the appointments of Francisco Tizón as Director of Sales & Marketing and Harrison W. Kelly III as Chief Operating Officer, underscore Servotronics' commitment to growth and operational excellence. These strategic hires aim to strengthen customer relationships, expand market presence, and enhance operational efficiencies.
Looking ahead, Servotronics aims to leverage its strong market position, focusing on operational efficiencies, product quality, and timely delivery to meet growing demand. The company is well-positioned to capitalize on positive trends in the aerospace market and deliver superior returns to its shareholders.
Servotronics, Inc. (NYSE American: SVT) has appointed Robert Fraass as the new Chief Financial Officer, effective May 1, 2023. He replaces Lisa F. Bencel, who will depart later in May. Fraass brings over twenty years of experience from his previous role as Senior VP of Finance at Stark Technologies Group and has held executive positions at PostProcess Technologies, Ivoclar Vivadent, Integer, and Integrys Energy Services. CEO William F. Farrell, Jr. emphasized Fraass's expertise in financial strategies for sustainable growth and timely financial reporting. This management change aims to enhance leadership within the company as it continues to develop its servo-control components and advanced technology products.
Servotronics, Inc. (NYSE American: SVT) has unveiled a strategic vision aimed at enhancing operational effectiveness and long-term shareholder value. Significant changes include the appointment of William F. Farrell, Jr. as CEO, three new independent board directors, and the elimination of the shareholder rights plan. The company is focusing on profitable growth, particularly in the recovering Commercial Aerospace market, with goals of mid-single-digit revenue growth and returning to pre-pandemic gross margins over the next five years. A culture of integrity and accountability is being fostered, supported by a refreshed leadership team.
Servotronics, Inc. (NYSE American – SVT) reported an 8.0% annual sales growth to $43.8 million for 2022, driven by demand in the commercial aerospace market. However, gross profit slightly decreased to $5.9 million (13.6% of revenue) due to staffing investments and supply chain challenges. The operating loss improved by 53.4% to $2.5 million, while the net loss for the year was $2.1 million or ($0.88) per diluted share. Fourth quarter revenue was $10.4 million, down from $10.6 million in 2021, and net loss was $1.3 million for the quarter. CEO William F. Farrell, Jr. expressed optimism for growth in 2023.
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