SIFCO Industries Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>SIFCO Industries Inc. has submitted its quarterly 10-Q filing for the period ending March 31, 2024, providing financial and operational updates.</b>

AI Summary

SIFCO INDUSTRIES INC (SIF) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. SIFCO Industries Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the quarterly period from January 1, 2024, to March 31, 2024. It also includes comparative data for prior periods, such as the quarter ended March 31, 2023, and the fiscal year ended September 30, 2023. The company's fiscal year ends on September 30. SIFCO Industries Inc. is classified under SIC code 3724 for Aircraft Engines & Engine Parts.

Why It Matters

For investors and stakeholders tracking SIFCO INDUSTRIES INC, this filing contains several important signals. This 10-Q filing provides stakeholders with the latest financial performance and operational status of SIFCO Industries Inc. for the first quarter of 2024. Understanding the details within this report is crucial for investors and analysts to assess the company's financial health, identify trends, and make informed investment decisions regarding SIFCO Industries Inc.

Risk Assessment

Risk Level: medium — SIFCO INDUSTRIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial information and does not indicate any immediate, significant positive or negative events, but requires careful review for specific financial details and potential risks.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-09 — Filing Date (Filed as of date)
• 3724 — SIC Code (Standard Industrial Classification)
• 0930 — Fiscal Year End (Company's fiscal year end)

Key Players & Entities

• SIFCO INDUSTRIES INC (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• 3724 (industry_code) — Standard Industrial Classification
• OH (location) — State of incorporation and business address
• 2024-01-01 (date) — Start of current quarter
• 2023-01-01 (date) — Start of prior year quarter
• 2022-10-01 (date) — Start of prior year six-month period

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End date for the reported financial period in the 10-Q.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2023-09-30: Fiscal Year End — Indicates the end of the company's annual fiscal cycle.

Key Financial Figures

• $1 — e Registrant's Common Shares, par value $1.00, outstanding at March 31, 2024 was 6

Filing Documents

• sif-20240331.htm (10-Q) — 949KB
• exhibit3112024q2.htm (EX-31.1) — 11KB
• exhibit3122024q2.htm (EX-31.2) — 11KB
• exhibit3212024q2.htm (EX-32.1) — 6KB
• exhibit3222024q2.htm (EX-32.2) — 6KB
• 0000090168-24-000014.txt (&nbsp;) — 5467KB
• sif-20240331.xsd (EX-101.SCH) — 39KB
• sif-20240331_cal.xml (EX-101.CAL) — 77KB
• sif-20240331_def.xml (EX-101.DEF) — 140KB
• sif-20240331_lab.xml (EX-101.LAB) — 475KB
• sif-20240331_pre.xml (EX-101.PRE) — 320KB
• sif-20240331_htm.xml (XML) — 779KB

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 March 31, Six Months Ended March 31, 2024 2023 2024 2023 Net sales $ 26,543 $ 19,242 $ 47,595 $ 40,541 Cost of goods sold 23,816 17,522 44,132 37,560 Gross profit 2,727 1,720 3,463 2,981 Selling, general and administrative expenses 3,208 3,849 6,789 7,129 Amortization of intangible assets 41 63 81 124 Loss on disposal of operating assets 3 14 3 3 Operating loss ( 525 ) ( 2,206 ) ( 3,410 ) ( 4,275 ) Interest expense, net 963 339 1,393 614 Foreign currency exchange loss, net 3 12 7 9 Other expense (income), net 52 ( 218 ) 105 ( 35 ) Loss before income tax expense ( 1,543 ) ( 2,339 ) ( 4,915 ) ( 4,863 ) Income tax expense 47 28 98 93 Net loss $ ( 1,590 ) $ ( 2,367 ) $ ( 5,013 ) $ ( 4,956 ) Net loss per share Basic $ ( 0.26 ) $ ( 0.40 ) $ ( 0.84 ) $ ( 0.84 ) Diluted $ ( 0.26 ) $ ( 0.40 ) $ ( 0.84 ) $ ( 0.84 ) Weighted-average number of common shares (basic) 6,009 5,940 5,983 5,918 Weighted-average number of common shares (diluted) 6,009 5,940 5,983 5,918 See notes to unaudited consolidated condensed financial statements. 2 SIFCO Industries, Inc. and Subsidiaries Consolidated Condensed Statements of Comprehensive Loss (Unaudited) (Amounts in thousands) Three Months Ended March 31, Six Months Ended March 31, 2024 2023 2024 2023 Net loss $ ( 1,590 ) $ ( 2,367 ) $ ( 5,013 ) $ ( 4,956 ) Other comprehensive loss: Foreign currency translation (loss) gain, net of tax ( 128 ) 74 125 416 Retirement plan liability adjustment, net of tax 43 74 86 152 Other — — 1 1 Comprehensive loss $ ( 1,675 ) $ ( 2,219 ) $ ( 4,801 ) $ ( 4,387 ) 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) March 31, 202

View Full Filing

View this 10-Q filing on SEC EDGAR