Chicago Rivet & Machine Co. Announces Second Quarter Results of Operations

Rhea-AI Summary

Chicago Rivet & Machine Co. (NYSE American: CVR) has released its financial results for the second quarter of 2024. The company reported net sales of $8,059,477 for Q2 2024, slightly up from $8,050,931 in Q2 2023. Notably, CVR achieved an income before taxes of $153,514 in Q2 2024, a significant improvement from a loss of $1,665,506 in the same period last year. The company's net income for Q2 2024 was $142,141, translating to earnings per share of $0.15. This marks a substantial turnaround from the net loss of $1,311,506 and loss per share of $1.36 in Q2 2023. However, for the first six months of 2024, CVR still reported a net loss of $555,863, though this represents an improvement from the $1,894,643 loss in the first half of 2023.

Positive

• Net sales increased slightly to $8,059,477 in Q2 2024 from $8,050,931 in Q2 2023
• Q2 2024 income before taxes of $153,514, compared to a loss of $1,665,506 in Q2 2023
• Q2 2024 net income of $142,141, a significant improvement from a net loss of $1,311,506 in Q2 2023
• Earnings per share of $0.15 in Q2 2024, up from a loss per share of $1.36 in Q2 2023
• Reduced net loss for the first six months of 2024 compared to the same period in 2023

Negative

• Net loss of $555,863 for the first six months of 2024, despite improvement from previous year
• Decrease in net sales for the first six months of 2024 ($15,912,658) compared to 2023 ($16,780,656)

News Market Reaction

+4.28%

1 alert

+4.28% News Effect

On the day this news was published, CVR gained 4.28%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

NAPERVILLE, Ill., Aug. 13, 2024 /PRNewswire/ -- Chicago Rivet & Machine Co. (NYSE American: CVR) today announced results for the second quarter of 2024 as summarized below:

CHICAGO RIVET & MACHINE CO. Summary of Consolidated Results of Operations For the Three and Six Months Ended June 30
	Second Quarter		First Six Months
	2024	2023	2024	2023
Net sales	$8,059,477	$8,050,931	$15,912,658	$16,780,656
Income (loss) before income taxes	153,514	(1,665,506)	(721,320)	(2,402,643)
Net income (loss)	142,141	(1,311,506)	(555,863)	(1,894,643)
Net income (loss) per common share	0.15	(1.36)	(0.58)	(1.96)
Average common shares outstanding	966,132	966,132	966,132	966,132

(All figures subject to year-end audit)

View original content:https://www.prnewswire.com/news-releases/chicago-rivet--machine-co-announces-second-quarter-results-of-operations-302220136.html

SOURCE Chicago Rivet & Machine Co.

FAQ

What was Chicago Rivet & Machine Co.'s (CVR) net income for Q2 2024?

Chicago Rivet & Machine Co. (CVR) reported a net income of $142,141 for the second quarter of 2024.

How did CVR's Q2 2024 earnings compare to Q2 2023?

CVR's Q2 2024 earnings showed significant improvement, with a net income of $142,141 compared to a net loss of $1,311,506 in Q2 2023.

What was Chicago Rivet & Machine Co.'s earnings per share for Q2 2024?

Chicago Rivet & Machine Co.'s earnings per share for Q2 2024 was $0.15.

How did CVR's net sales in Q2 2024 compare to Q2 2023?

CVR's net sales in Q2 2024 were $8,059,477, slightly higher than the $8,050,931 reported in Q2 2023.

What was Chicago Rivet & Machine Co.'s financial performance for the first six months of 2024?

For the first six months of 2024, Chicago Rivet & Machine Co. reported a net loss of $555,863, an improvement from the $1,894,643 loss in the same period of 2023.