Compx International Inc (CIX) Reports Q3 2023 Earnings: Sales Down, Net Income Up
Compx International Inc (CIX) reports Q3 2023 sales of $40.3 million, down from $42.9 million in Q3 2022.
Operating income for Q3 2023 was $6.6 million, up from $6.0 million in the same period of 2022.
Net income for Q3 2023 was $5.8 million, up from $4.9 million in Q3 2022.
For the first nine months of 2023, sales were $118.1 million, down from $126.6 million in the same period of 2022.
On November 1, 2023, Compx International Inc (CIX) released its third quarter 2023 earnings report. The company reported a decrease in sales but an increase in operating and net income compared to the same period in 2022.
Financial Performance
Compx International Inc (CIX) reported sales of $40.3 million for Q3 2023, a decrease from $42.9 million in Q3 2022. Despite the decrease in sales, the company's operating income rose to $6.6 million in Q3 2023, up from $6.0 million in the same period of 2022. Furthermore, net income also increased to $5.8 million, or $.47 per basic and diluted common share, in Q3 2023, up from $4.9 million, or $.40 per basic and diluted common share, in Q3 2022.
Year-to-Date Performance
For the first nine months of 2023, Compx International Inc (CIX) reported sales of $118.1 million, a decrease from $126.6 million in the same period of 2022. Operating income for the first nine months of 2023 was $18.0 million, down from $20.0 million in the same period of 2022. Net income for the nine months ended September 30, 2023, was $15.9 million or $1.29 per diluted share, slightly down from $16.1 million, or $1.30 per diluted share, for the same period in 2022.
Factors Influencing Performance
The decrease in net sales for both the third quarter and year-to-date 2023 was primarily due to lower Marine Components sales, particularly to the towboat market. This was partially offset by higher Security Products sales in Q3 2023. The increase in operating income in Q3 2023 compared to the same period in 2022 was due to higher Security Products sales and improved gross margin percentages at both segments, partially offset by lower Marine Components sales. The decrease in operating income for the first nine months of 2023 was primarily due to lower Marine Components sales and, to a lesser extent, lower Security Products sales, somewhat offset by an improvement in the Marine Components gross margin percentage.
About Compx International Inc (CIX)
Compx International Inc (CIX) is a leading manufacturer of security products and recreational marine components. The company operates from three locations in the U.S. and employs approximately 560 people.
Explore the complete 8-K earnings release (here) from Compx International Inc for further details.
This article first appeared on GuruFocus.
