SIFCO INDUSTRIES INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>SIFCO INDUSTRIES INC filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing its financial performance and position.</b>

AI Summary

SIFCO INDUSTRIES INC (SIF) filed a Quarterly Report (10-Q) with the SEC on February 14, 2024. SIFCO INDUSTRIES INC filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. SIFCO INDUSTRIES INC is in the Aircraft Engines & Engine Parts industry (SIC 3724). The company is incorporated in Ohio.

Why It Matters

For investors and stakeholders tracking SIFCO INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides investors with an update on SIFCO INDUSTRIES INC's financial health and operational performance during the first quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the aerospace manufacturing sector.

Risk Assessment

Risk Level: low — SIFCO INDUSTRIES INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments based on the header information alone.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue, expenses, and any significant changes from the prior period.

Key Numbers

• 2023-12-31 — Period End Date (Conformed period of report)
• 2024-02-14 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Company's fiscal year end)
• 3724 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• SIFCO INDUSTRIES INC (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-02-14 (date) — Filed as of date
• 0000090168 (company) — Central Index Key
• 3724 (industry) — Standard Industrial Classification
• OH (location) — State of incorporation
• 001-05978 (filing) — SEC file number
• 24637556 (filing) — Film number

FAQ

Industry Context

SIFCO INDUSTRIES INC operates in the Aircraft Engines & Engine Parts sector, a segment of the broader aerospace manufacturing industry.

Regulatory Implications

As a publicly traded company in the US, SIFCO INDUSTRIES INC is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the revenue and net income figures for the quarter ended December 31, 2023.
2. Examine the balance sheet for changes in assets, liabilities, and equity compared to the previous fiscal year.
3. Review any disclosures regarding debt, credit facilities, or other financial instruments.

Key Dates

• 2023-12-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-02-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 31, 2023. Comparative data from the prior year's quarter will be available within the detailed financial statements.

Key Financial Figures

• $1 — e Registrant's Common Shares, par value $1.00, outstanding at December 31, 2023 wa

Filing Documents

• sif-20231231.htm (10-Q) — 724KB
• exhibit3112024q1.htm (EX-31.1) — 11KB
• exhibit3122024q1.htm (EX-31.2) — 11KB
• exhibit3212024q1.htm (EX-32.1) — 6KB
• exhibit3222024q1.htm (EX-32.2) — 6KB
• 0000090168-24-000007.txt (&nbsp;) — 4877KB
• sif-20231231.xsd (EX-101.SCH) — 38KB
• sif-20231231_cal.xml (EX-101.CAL) — 76KB
• sif-20231231_def.xml (EX-101.DEF) — 130KB
• sif-20231231_lab.xml (EX-101.LAB) — 500KB
• sif-20231231_pre.xml (EX-101.PRE) — 305KB
• sif-20231231_htm.xml (XML) — 629KB

Financial Information

Part I. Financial Information

Financial Statements

Item 1. Financial Statements SIFCO Industries, Inc. and Subsidiaries Consolidated Condensed Statements of Operations (Unaudited) (Amounts in thousands, except per share data) Three Months Ended December 31, 2023 2022 Net sales $ 21,052 $ 21,299 Cost of goods sold 20,316 20,038 Gross profit 736 1,261 Selling, general and administrative expenses 3,581 3,280 Amortization of intangible assets 40 61 Gain on disposal of operating assets — ( 11 ) Operating loss ( 2,885 ) ( 2,069 ) Interest expense, net 430 275 Foreign currency exchange loss (gain), net 4 ( 3 ) Other expense, net 53 182 Loss before income tax expense ( 3,372 ) ( 2,523 ) Income tax expense 50 66 Net loss $ ( 3,422 ) $ ( 2,589 ) Net loss per share Basic $ ( 0.57 ) $ ( 0.44 ) Diluted $ ( 0.57 ) $ ( 0.44 ) Weighted-average number of common shares (basic) 5,956 5,896 Weighted-average number of common shares (diluted) 5,956 5,896 See notes to unaudited consolidated condensed financial statements. 2 SIFCO Industries, Inc. and Subsidiaries Consolidated Condensed Statements of Comprehensive (Loss) Income (Unaudited) (Amounts in thousands) Three Months Ended December 31, 2023 2022 Net loss $ ( 3,422 ) $ ( 2,589 ) Other comprehensive loss: Foreign currency translation adjustment, net of tax 253 342 Retirement plan liability adjustment, net of tax 43 78 Other — 1 Comprehensive loss $ ( 3,126 ) $ ( 2,168 ) See notes to unaudited consolidated condensed financial statements. 3 SIFCO Industries, Inc. and Subsidiaries Consolidated Condensed Balance Sheets (Amounts in thousands, except per share data) December 31, 2023 September 30, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 3,236 $ 368 Receivables, net of allowance for doubtful accounts of $ 121 and $ 242 , respectively 18,184 20,196 Contract assets 10,949 10,091 Inventories, net 12,430 8,853 Refundable income taxes 84 84 Prepaid expenses and other current assets 2,692 1,882 T

View Full Filing

View this 10-Q filing on SEC EDGAR