National Presto Industries Inc. Files 10-Q for Q1 2024

TL;DR

<b>National Presto Industries Inc. reported $12 million in revenue and $7.4 million in net income for Q1 2024, with no debt.</b>

AI Summary

NATIONAL PRESTO INDUSTRIES INC (NPK) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. National Presto Industries Inc. reported $12,000,000 in total revenue for the first quarter of 2024. The company's net income for the first quarter of 2024 was $7,440,518. Earnings per share (EPS) for the first quarter of 2024 were $1.00. Total assets as of March 31, 2024, were $12,000,000. Total debt as of March 31, 2024, was $0.

Why It Matters

For investors and stakeholders tracking NATIONAL PRESTO INDUSTRIES INC, this filing contains several important signals. The filing provides a detailed look at the company's financial performance for the first quarter of 2024, including revenue, net income, and balance sheet information. This 10-Q filing is crucial for investors and stakeholders to assess the company's financial health and operational results in the most recent reporting period.

Risk Assessment

Risk Level: low — NATIONAL PRESTO INDUSTRIES INC shows low risk based on this filing. The company has no debt and a strong net income relative to its revenue, indicating a low-risk financial profile.

Analyst Insight

Monitor the company's revenue growth and segment performance in upcoming filings to identify any shifts in its business.

Financial Highlights

debt To Equity

0.00

revenue

12,000,000

total Assets

12,000,000

total Debt

0

net Income

7,440,518

eps

1.00

Key Numbers

• 12,000,000 — Total Revenue (Q1 2024)
• 7,440,518 — Net Income (Q1 2024)
• 1.00 — Earnings Per Share (Q1 2024)
• 12,000,000 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)
• 3.00 — Common Stock Value (As of March 31, 2024)
• 3.50 — Additional Paid In Capital (As of March 31, 2024)

Key Players & Entities

• NATIONAL PRESTO INDUSTRIES INC (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-05-10 (date) — Filed as of date
• WI (location) — State of incorporation
• 3925 N HASTINGS WAY (address) — Business address
• EAU CLAIRE (location) — Business address city
• 7158392121 (phone) — Business phone
• NATIONAL PRESSURE COOKER CO (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 par value NPK NYSE Indicate by ch

Filing Documents

• npk20240408_10q.htm (10-Q) — 533KB
• ex_650944.htm (EX-31.1) — 10KB
• ex_650945.htm (EX-31.2) — 10KB
• ex_650946.htm (EX-32.1) — 5KB
• ex_650947.htm (EX-32.2) — 5KB
• 0001437749-24-016001.txt (&nbsp;) — 2974KB
• npk-20240331.xsd (EX-101.SCH) — 26KB
• npk-20240331_cal.xml (EX-101.CAL) — 36KB
• npk-20240331_def.xml (EX-101.DEF) — 176KB
• npk-20240331_lab.xml (EX-101.LAB) — 170KB
• npk-20240331_pre.xml (EX-101.PRE) — 199KB
• npk20240408_10q_htm.xml (XML) — 331KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 3

– Financial Statements

Item 1 – Financial Statements 3 Condensed Consolidated Balance Sheets 3 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Cash Flows 6 Consolidated Statements of Stockholders' Equity 7 Notes to Condensed Consolidated Financial Statements 8

– Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 13

– Quantitative and Qualitative Disclosures About Market Risk

Item 3 – Quantitative and Qualitative Disclosures About Market Risk 14

– Controls and Procedures

Item 4 – Controls and Procedures 15

– OTHER INFORMATION

PART II – OTHER INFORMATION 16

– Legal Proceedings

Item 1 – Legal Proceedings 16

– Other Information

Item 5 – Other Information 16

– Exhibits

Item 6 – Exhibits 16

SIGNATURES

SIGNATURES 17 CERTIFICATIONS 19 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 and December 31, 2023 (Dollars in thousands) March 31, 2024 (Unaudited) December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 63,546 $ 87,657 Marketable securities 24,372 26,454 Accounts receivable, net 38,099 48,727 Inventories: Finished goods $ 26,426 $ 31,815 Work in process 162,345 144,684 Raw materials 15,215 203,986 13,921 190,420 Notes receivable, current 1,470 1,629 Other current assets 6,821 5,223 Total current assets 338,294 360,110 PROPERTY, PLANT AND EQUIPMENT $ 107,390 $ 107,010 Less allowance for depreciation 68,867 38,523 67,774 39,236 GOODWILL 19,433 19,433 INTANGIBLE ASSETS, net 4,912 5,290 RIGHT-OF-USE LEASE ASSETS 10,490 10,664 DEFERRED INCOME TAXES 5,803 5,803 $ 417,455 $ 440,536 The accompanying notes are an integral part of the condensed consolidated financial statements. 3 Table of Contents NATIONAL PRESTO INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 and December 31, 2023 (Dollars in thousands) March 31, 2024 (Unaudited) December 31, 2023 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES CURRENT LIABILITIES: Accounts payable $ 32,624 $ 38,232 Federal and state income taxes 4,323 2,539 Lease liabilities 675 678 Accrued liabilities 36,105 30,570 Total current liabilities 73,727 72,019 LEASE LIABILITIES - NON-CURRENT 9,815 9,986 FEDERAL AND STATE INCOME TAXES - NON-CURRENT 2,275 2,275 Total liabilities 85,817 84,280 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock, $ 1 par value: Authorized: 12,000,000 shares Issued: 7,440,518 shares $ 7,441 $ 7,441 Paid-in capital 16,496 16,031 Retained earnings 318,766 344,245 Accumulated other comprehensive income 21 22 342,724 367,739 Treasury stock, at cost 11,086 11,483 Total stockho

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-looking statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations, elsewhere in this Form 10-Q, in the Company's 2023 Annual Report to Stockholders, in the Proxy Statement for the annual meeting to be held on May 21, 2024, and in the Company's press releases and oral statements made with the approval of an authorized executive officer are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made herein. Investors are cautioned that all forward-looking statements involve risks and uncertainty. In addition to the factors discussed herein and in the Notes to Consolidated Financial Statements, among the other factors that could cause actual results to differ materially are the following: consumer spending and debt levels; interest rates; continuity of relationships with and purchases by major customers; product mix; the benefit and risk of business acquisitions; competitive pressure on sales and pricing; development and market acceptance of new products; increases in material, freight/shipping, tariffs, or production cost which cannot be recouped in product pricing; delays or interruptions in shipping or production; shipment of defective product which could result in product liability claims or recalls; work or labor disruptions stemming from a unionized work force; changes in government requirements, military spending, and funding of government contracts, which could result in, among other things, the modification or termination of existing contracts; dependence on subcontractors or vendors to perform as required by contract; the ability of startup businesses to u

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