Chicago Rivet & Machine Co. Announces Third Quarter Results of Operations
Chicago Rivet & Machine (NYSE American: CVR) reported its Q3 2024 financial results.
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Rhea-AI Summary
Chicago Rivet & Machine (NYSE American: CVR) reported its Q3 2024 financial results. Net sales decreased to $6.97 million from $7.95 million in Q3 2023. The company's loss before income taxes improved to $795,425 compared to a loss of $1.22 million in the same period last year. However, net loss widened to $1.45 million ($1.50 per share) from $964,042 ($1.00 per share) in Q3 2023. For the first nine months of 2024, net sales were $22.88 million, down from $24.73 million, while net loss improved to $2.00 million from $2.86 million year-over-year.
Positive
- Reduced loss before income taxes by 34.5% in Q3 2024 compared to Q3 2023
- Improved nine-month net loss by 30% compared to the same period in 2023
Negative
- 12.3% decline in Q3 2024 net sales compared to Q3 2023
- Net loss increased by 50% in Q3 2024 compared to Q3 2023
- 7.5% decrease in nine-month net sales compared to 2023
- Continued operating losses for both quarterly and year-to-date periods
Details
News Market Reaction – CVR
The recorded move for CVR in the trading session of this news was -1.95%.
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CHICAGO RIVET & MACHINE CO. Summary of Consolidated Results of Operations For the Three and Nine Months Ended September 30 | ||||
Third Quarter | First Nine Months | |||
2024 | 2023 | 2024 | 2023 | |
Net sales | ||||
Income (loss) before income taxes | (795,425) | (1,215,042) | (1,516,745) | (3,617,685) |
Net income (loss) | (1,446,621) | (964,042) | (2,002,484) | (2,858,685) |
Net income (loss) per common share | (1.50) | (1.00) | (2.07) | (2.96) |
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-third-quarter-results-of-operations-302303286.html
SOURCE Chicago Rivet & Machine Co.
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