SIFCO INDUSTRIES INC. Files 10-K for Fiscal Year Ended September 30, 2023

TL;DR

<b>SIFCO INDUSTRIES INC. filed its annual 10-K report detailing financial performance and business operations for the fiscal year ending September 30, 2023.</b>

AI Summary

SIFCO INDUSTRIES INC (SIF) filed a Annual Report (10-K) with the SEC on January 2, 2024. SIFCO INDUSTRIES INC. filed its 10-K report for the fiscal year ending September 30, 2023. The company is incorporated in Ohio and operates in the Aircraft Engines & Engine Parts industry (SIC 3724). The filing covers the period from October 1, 2022, to September 30, 2023. Key financial statement items such as Property, Plant, and Equipment, Long-Term Debt (current and noncurrent) are detailed. Customer concentration risk is noted, with specific mention of 'Customer One' and 'Major Customer One/Two/Three' and their subcontractors for sales revenue.

Why It Matters

For investors and stakeholders tracking SIFCO INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SIFCO's financial health, operational performance, and strategic positioning within the aerospace supply chain for the fiscal year 2023. Investors and analysts can use this report to assess the company's revenue streams, debt levels, and customer dependencies, which are crucial for understanding future growth prospects and potential risks.

Risk Assessment

Risk Level: medium — SIFCO INDUSTRIES INC shows moderate risk based on this filing. The company's reliance on a few major customers, as indicated by customer concentration risk disclosures, presents a medium-level risk to its revenue stability.

Analyst Insight

Monitor customer concentration and any changes in relationships with major clients disclosed in future filings to assess revenue stability.

Key Numbers

• 2023-09-30 — Fiscal Year End (Reporting period end date)
• 2024-01-02 — Filed As Of Date (Date the report was filed)
• 3724 — SIC Code (Industry classification for Aircraft Engines & Engine Parts)
• 04 — Manufacturing (Organization name detail)

Key Players & Entities

• SIFCO INDUSTRIES INC. (company) — Filer and company name
• 0000090168 (company) — Central Index Key
• 3724 (industry) — Standard Industrial Classification for Aircraft Engines & Engine Parts
• OH (location) — State of Incorporation and Business Address
• 2023-09-30 (date) — Fiscal Year End
• 2024-01-02 (date) — Filed As Of Date
• Customer One (customer) — Mentioned in customer concentration risk
• Major Customer One and Their Subcontractors (customer) — Mentioned in customer concentration risk

Forward-Looking Statements

• SIFCO's financial health will remain stable in the near term, given the routine nature of this 10-K filing. (SIFCO INDUSTRIES INC) — medium confidence, target: 2024-09-30

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company's sales revenue is subject to concentration risk due to reliance on a limited number of major customers and their subcontractors.

Industry Context

SIFCO INDUSTRIES INC. operates within the Aircraft Engines & Engine Parts industry, a sector critical to the aerospace and defense supply chain.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material financial and operational information annually.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Evaluate the customer concentration risk and its potential impact on future revenue streams.
3. Review any disclosed risk factors and management's discussion and analysis for insights into operational challenges and strategies.

Key Dates

• 2023-09-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-01-02: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis, so no comparison to a previous filing is available.

Key Financial Figures

• $120.1 m — g as of September 30, 2023 increased to $120.1 million, co mpared with $81.9 million as
• $81.9 million — eased to $120.1 million, co mpared with $81.9 million as of September 30, 2022. Orders for de
• $89.6 m — upcoming fiscal year 2024 increased to $89.6 m illion compared with $65.5 million sche
• $65.5 million — creased to $89.6 m illion compared with $65.5 million scheduled in fiscal 2023. Orders may be

Filing Documents

• sif-20230930.htm (10-K) — 1712KB
• exhibit41descriptionofsecu.htm (EX-4.1) — 14KB
• exhibit21110k2023.htm (EX-21.1) — 6KB
• exhibit23110k2023.htm (EX-23.1) — 3KB
• exhibit23210k2023gt.htm (EX-23.2) — 3KB
• exhibit31110k2023.htm (EX-31.1) — 11KB
• exhibit31210k2023.htm (EX-31.2) — 11KB
• exhibit32110k2023.htm (EX-32.1) — 6KB
• exhibit32210k2023.htm (EX-32.2) — 6KB
• ex97policyfortherecoveryof.htm (EX-97.1) — 39KB
• image_0.jpg (GRAPHIC) — 0KB
• 0000090168-23-000083.txt (&nbsp;) — 10631KB
• sif-20230930.xsd (EX-101.SCH) — 77KB
• sif-20230930_cal.xml (EX-101.CAL) — 123KB
• sif-20230930_def.xml (EX-101.DEF) — 331KB
• sif-20230930_lab.xml (EX-101.LAB) — 953KB
• sif-20230930_pre.xml (EX-101.PRE) — 615KB
• sif-20230930_htm.xml (XML) — 1717KB

Signatures

Signatures 75 3 Table of Contents PART I

Business

Item 1. Business A. The Company SIFCO Industries, Inc. ("SIFCO," "Company," "we" or "our"), an Ohio corporation, was incorporated in 1916. The executive offices of the Company are located at 970 East 64th Street, Cleveland, Ohio 44103, and its telephone number is (216) 881-8600. SIFCO is engaged in the production of forgings, sub-assemblies, and machined components primarily for the Aerospace and Energy ("A&E") markets. The processes and services include forging, heat-treating, chemical processing and machining. The Company's operations are conducted in a single business segment. Information relating to the Company's financial results is set forth in the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K. Cybersecurity Incident As reported on Forms 8-K filed January 6, 2023 and February 10, 2023, the Company became aware of unauthorized access to the Company's systems on December 30, 2022. The Company's domestic operations were impacted by this Cybersecurity Incident ("Cyber Incident") which resulted in production delays and delayed shipments due to information access limitations. The Company immediately initiated response protocols and an investigation, engaging cyber security experts to assist with the assessment of the incident and to help determine what data was impacted. The Company has since completed data recovery and restoration from the cyber incident. See Note 11 , Commitments and Contingencies. B. Principal Products and Services Operations SIFCO is a manufacturer of forgings and machined components for the Aerospace and Defense, Energy and Commercial Space markets. We provide our customers with envelope and precision forgings, rough and finished machined components, as well as sub-assemblies. SIFCO services both original equipment manufacturers ("OEM"), Tier 1 and Tier 2 suppliers, and aftermarket service providers with products that range in size from approximately 2 to 1,200 pounds. The Company's strategic

Risk Factors

Item 1A. Risk Factors Set forth below are material risks and uncertainties that could negatively affect our business and financial condition and could cause our actual results to differ materially from those expressed in forward-looking statements contained in this report. Additional risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations and financial condition. Risks Related to Our Business and Operations We are subject to the cyclical nature of the A&E industries and the continuing or further downturn in these industries could adversely impact the demand for our products. The commerc ial aerospace industry is historically driven by the demand from commercial airlines for new aircraft. Demand for commercial aircraft is influenced by airline industry profitability, trends in airline passenger traffic, the state of U.S. and world economies, the ability of aircraft purchasers to obtain required financing and numerous other factors including the effects of terrorism, health and safety concerns and environmental constraints imposed upon aircraft operators. Residual negative impacts of the COVID-19 pandemic on the commercial aerospace industry may continue for a prolonged period of time. We continue to experience changes in demand from our customers in this market and a reduction in demand for commercial aircraft will adversely impact our net sales and operating results. There is risk that the industry reintroduces mitigation strategies in response to residual impacts from COVID-19, which could include reduced capacity and shifting route patterns. Furthermore, airlines may experience reduced demand due to reluctance by the flying public to travel due to travel restrictions and/or social distancing requirements. The residual impacts from the COVID-19 pandemic also has increased uncertainty with respect to global trade volumes, which could put negative pressure on cargo traffic levels. Any of th

View Full Filing

View this 10-K filing on SEC EDGAR