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

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

NAPERVILLE, Ill., Nov. 12, 2024 /PRNewswire/ -- Chicago Rivet & Machine Co. (NYSE American: CVR) today announced results for the third quarter of 2024 as summarized below:

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	$6,969,921	$7,946,172	$22,882,579	$24,726,828
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.

FAQ

What was Chicago Rivet & Machine's (CVR) net sales for Q3 2024?

Chicago Rivet & Machine reported net sales of $6.97 million for Q3 2024, down from $7.95 million in Q3 2023.

How much was CVR's net loss per share in Q3 2024?

CVR reported a net loss per share of $1.50 in Q3 2024, compared to a loss of $1.00 per share in Q3 2023.

What were CVR's year-to-date sales for 2024?

CVR's net sales for the first nine months of 2024 were $22.88 million, compared to $24.73 million in the same period of 2023.