SIFCO Industries Files 2024 10-K

TL;DR

SIFCO's 2024 10-K is in. Check financials for aerospace parts maker.

AI Summary

SIFCO Industries Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting on its operations in the aircraft engines and engine parts sector. The company's headquarters are located at 970 E 64th St, Cleveland, OH. The filing covers the period from October 1, 2023, to September 30, 2024, and includes financial data for the fiscal years 2024, 2023, and 2022.

Why It Matters

This filing provides a comprehensive overview of SIFCO Industries' financial performance and operational status for the past fiscal year, offering insights for investors and stakeholders in the aerospace supply chain.

Risk Assessment

Risk Level: medium — The company operates in the cyclical aerospace industry, which can be subject to fluctuations in demand and regulatory changes.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2023 — Previous Fiscal Year End (Comparative financial data)
• 2022 — Prior Fiscal Year End (Comparative financial data)

Key Players & Entities

• SIFCO INDUSTRIES INC (company) — Filer
• 970 E 64TH ST, CLEVELAND, OH 44103 (location) — Business Address
• 20240930 (date) — Fiscal Year End
• 20241226 (date) — Filing Date
• AIRCRAFT ENGINES & ENGINE PARTS [3724] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $114.4 million — g as of September 30, 2024 increased to $114.4 million , co mpared with $97.4 million as of Se
• $97.4 million — ased to $114.4 million , co mpared with $97.4 million as of September 30, 2023. Orders for de
• $85.0 million — upcoming fiscal year 2025 increased to $85.0 million compared with $70.9 million scheduled a
• $70.9 million — ncreased to $85.0 million compared with $70.9 million scheduled as of the end of the 2023 fis

Filing Documents

• sif-20240930.htm (10-K) — 1762KB
• exhibit32amendedcodeofregu.htm (EX-3.2) — 30KB
• exhibit41descriptionofsecu.htm (EX-4.1) — 14KB
• exhibit191insidertradingpo.htm (EX-19.1) — 35KB
• exhibit21110k2024.htm (EX-21.1) — 5KB
• exhibit23110k2024.htm (EX-23.1) — 3KB
• exhibit31110k2024.htm (EX-31.1) — 11KB
• exhibit31210k2024.htm (EX-31.2) — 11KB
• exhibit32110k2024.htm (EX-32.1) — 6KB
• exhibit32210k2024.htm (EX-32.2) — 6KB
• 0000090168-24-000060.txt ( ) — 11515KB
• sif-20240930.xsd (EX-101.SCH) — 79KB
• sif-20240930_cal.xml (EX-101.CAL) — 139KB
• sif-20240930_def.xml (EX-101.DEF) — 380KB
• sif-20240930_lab.xml (EX-101.LAB) — 1006KB
• sif-20240930_pre.xml (EX-101.PRE) — 716KB
• sif-20240930_htm.xml (XML) — 1798KB

Signatures

Signatures 71 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 Company's 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. In October 2024, the Company sold its European operations in order to streamline operational synergies and refocus on its core aerospace forging business. SIFCO Irish Holdings, Ltd., a wholly owned subsidiary of the Company, entered into a Share Purchase Agreement (the "SPA") pursuant to which it sold 100% of the share capital of C Blade S.p.A. Forging & Manufacturing, an Italian joint stock company located in Maniago, Italy, and wholly-owned subsidiary of the Company ("CBlade"), for cash consideration. As a result of the planned sale transaction, the Company's financial statements have been prepared with the net assets, results of operations, and cash flows of CBlade presented as assets held for sale and discontinued operations, respectively, as of and for the years ended September 30, 2024 and 2023. All historical statements, amounts and related disclosures have been retrospectively adjusted to conform to this presentation. Refer to Note 2 — Assets Held for Sale and Discontinued Operations of the Notes to Consolidated Financial Statements. 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 Dece

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. 7 Table of Contents 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. 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 fluctuating demand for commercial air travel, which could include reduced capacity and shifting route patterns. We continue to experience uncertainty with respect to global trade volumes, which could put negative pressure on cargo traffic levels. Any of these factors would have a significant impact on the demand within the commercial aerospace industry. In addition, a lengthy period of reduced industry-wide demand for commercial aircraft could put additional pressure on our suppliers, resulting in increased procurement costs and/or additional supply chai

View Full Filing

View this 10-K filing on SEC EDGAR