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Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) reported a net loss of $545,356 for the first quarter of fiscal 2022, a decline from net income of $1,036,001 in Q1 2021. Net sales dropped by 8.3% to $20,070,551, primarily due to automotive sector disruptions from supply shortages and inflationary pressures. Automotive sales fell 15% overall, with a significant 16.8% decline in the U.K. operations, which account for nearly half of total sales. Despite these challenges, the industrial sector saw a 3.6% increase, aided by the reopening of various industries.
Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR) has reported a 19.1% increase in net sales for the fiscal year ending January 2, 2022, totaling $71.7 million, compared to $60.2 million the previous year. Despite this growth, the company posted a net loss of $1.7 million, an increase from the prior year's loss of $1.2 million. Operating performance improved, with earnings per share at $0.61 versus a loss of $(1.19) in the previous year. The company anticipates continued pressure from rising raw material costs and supply chain issues, particularly in the automotive sector.
Uniroyal Global Engineered Products (OTCQB:UNIR) reported a third quarter net loss of $823,974 for the period ending October 3, 2021, an improvement from the previous year's loss of $1,013,995. Net sales increased by 8.0% to $16,385,914, although gross profit margin declined to 11.9% from 13.6% due to rising raw material costs. Net income allocable to common shareholders was $4,794,471 ($1.28 per share) compared to a loss of $1,822,633 ($0.49 per share) in the prior year, aided by a non-recurring forgiveness of preferred stock dividends.
Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) reported Q2 2021 financial results, with Net Sales of $17.7 million, a 146% increase compared to the previous year. Net Income reached $196,039, contrasting with a loss of $265,189 in Q2 2020. However, supply disruptions impacted production and sales, leading to a decrease in Gross Profit Margin from 14.8% in Q1 to 10.3%. Automotive sector sales surged by 304.8% but remained below historical averages. The company faced ongoing challenges with high raw material costs and anticipated continued headwinds in the coming months.
Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) reported a strong first quarter of 2021 with net sales reaching $21.9 million, a 31.2% increase compared to the prior quarter and 3.6% year-over-year. Net income improved to $1.0 million or $0.06 per share, up from a loss last year. The company's gross profit margin expanded to 14.8%, aided by efficiencies and pricing adjustments. However, challenges remain, particularly from rising raw material prices and supply chain issues. Despite these hurdles, Uniroyal aims for ongoing improvements in financial performance.
Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) reported a Net Sales decline of 33.9% for Fiscal Year 2020, totaling $60,218,355, largely impacted by COVID-19. The Net Loss for the year was $1,223,626 with a Loss per Common Share of $1.19. Sequential growth was observed in the third and fourth quarters, particularly in the Automotive sector, which saw a 39.3% decline year-over-year. Cost reduction efforts remain a key focus as the company anticipates improved sales as economic conditions normalize.
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