Rhea-AI Summary
Servotronics, Inc. (NYSE American – SVT) announced its second-quarter results for 2020, reporting a net income of $965,000 or $0.41 per share, up from $714,000 or $0.31 per share in Q2 2019. Revenue decreased by approximately 4.0% to $13,504,000, primarily due to reduced shipments at the ATG segment, partially offset by increased shipments at the CPG segment. Selling, general, and administrative expenses dropped by 26.4% to $627,000, improving the expense ratio. The CEO expressed confidence amid ongoing economic uncertainty related to COVID-19.
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