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

Rhea-AI Summary

Chicago Rivet & Machine Co. (NYSE American: CVR) reported its Q1 2022 financial results on May 6, 2022. The company achieved net sales of $9,197,696, a slight decrease from $9,304,949 in Q1 2021. Income before income taxes fell to $570,313 from $690,128 year-over-year. Net income also declined to $447,313, compared to $540,128 in the previous year. Earnings per share decreased from $.56 to $.46.

Positive

• Net sales remained relatively stable despite a slight decline.
• Average common shares outstanding remained unchanged at 966,132.

Negative

• Net sales decreased by 1.15% year-over-year.
• Income before income taxes dropped by 17.3% compared to Q1 2021.
• Net income fell by 17.2%, indicating declining profitability.
• Earnings per share decreased by 17.9%, reflecting reduced shareholder returns.

NAPERVILLE, Ill., May 6, 2022 /PRNewswire/ --L, May 6, 2022.  Chicago Rivet & Machine Co. (NYSE American: CVR) today announced results for the first quarter of 2022 as summarized below:

 

CHICAGO RIVET & MACHINE CO. Summary of Consolidated Results of Operations For the Three Months Ended March 31
	2022	2021
Net sales	$9,197,696	$9,304,949
Income before income taxes	570,313	690,128
Net income	447,313	540,128
Net income per common share	.46	.56
Average common shares outstanding	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-first-quarter-results-of-operations-301541947.html

SOURCE Chicago Rivet & Machine Co.

FAQ

What are the Q1 2022 results for CVR?

In Q1 2022, Chicago Rivet reported net sales of $9,197,696, a decrease from $9,304,949 in Q1 2021.

How did CVR's net income change in Q1 2022?

CVR's net income in Q1 2022 was $447,313, down from $540,128 in the same quarter last year.

What was the decline in earnings per share for CVR in Q1 2022?

Earnings per share for CVR decreased to $.46 in Q1 2022 from $.56 in Q1 2021.

Did CVR maintain the same number of outstanding shares in Q1 2022?

Yes, the average common shares outstanding remained at 966,132 in Q1 2022.