P&F Industries reported a 4.5% increase in net revenue for Q1 2021, totaling $13,945,000, compared to $13,350,000 in Q1 2020. The loss before income taxes decreased from $1,263,000 to $377,000. Florida Pneumatic saw an 8.7% revenue growth, while Hy-Tech's revenue declined by 8.3%. Overall, selling, general, and administrative expenses dropped by approximately $700,000. Due to ongoing pandemic effects, the Board suspended cash dividends but is optimistic about future growth as conditions improve.
P&F Industries plans to release its financial results for the three months ending March 31, 2021, before market opening on May 13, 2021. A conference call is scheduled for the same day at 11:00 a.m. Eastern time, with a dial-in number of 800-353-6461. A replay will be available on the company's website approximately 24 hours later. P&F Industries is a leading manufacturer and importer of air-powered tools, serving the aerospace, industrial, automotive, and retail markets, and offers products under its trademarks and private labels.
P&F Industries reported a 2020 net revenue of $49.1 million, down 16.3% from $58.7 million in 2019, reflecting the adverse effects of the COVID-19 pandemic. The company experienced a net loss of $4.95 million compared to a net income of $4.91 million in 2019. A key factor was a significant reduction in aerospace revenue due to Boeing's production cuts. However, early 2021 showed signs of recovery, with increases in customer orders and the restart of Boeing's 737 MAX production.
P&F Industries, Inc. (NASDAQ GM: PFIN) will release its 2020 financial results on March 25, 2021, before the market opens. A conference call is scheduled for 11:00 a.m. Eastern time the same day, with dial-in at 866-337-5532. A replay will be available on the company's website approximately 24 hours after the call. P&F Industries is a leading manufacturer and importer of air-powered tools and accessories, servicing the aerospace, industrial, automotive, and retail sectors.
P&F Industries reported third quarter 2020 net revenues of $12.4 million, down 16% year-over-year due to the COVID-19 pandemic, aerospace sector weakness, and a depressed oil and gas market. Net losses before income taxes were $1.19 million for the quarter, compared to a net income of $128,000 in Q3 2019. The aerospace sector suffered a 57.4% revenue decline, while retail and automotive segments showed signs of recovery. SG&A expenses decreased by 10.3% and the company remains optimistic about future growth despite ongoing challenges.
P&F Industries, Inc. (NASDAQ GM: PFIN) will announce its financial results for the three and nine-month periods ending September 30, 2020, on November 12, 2020, before the market opens. A conference call is scheduled for 11:00 a.m. Eastern time on the same day, with a dial-in number of 800-353-6461. A replay of the call will be available on the company's website approximately twenty-four hours later. P&F Industries specializes in manufacturing and importing air-powered tools and accessories for various markets.
P&F Industries reported a net revenue decline to $11.52 million and $24.87 million for Q2 and H1 2020, down 22.2% and 14.6% year-over-year, significantly impacted by the COVID-19 pandemic, weakened oil and gas markets, and Boeing's production halt. The company faced net losses before taxes of $3.19 million and $4.45 million for the respective periods. Despite cost reductions in SG&A expenses, P&F continues to see adverse effects on its gross margin. However, there are signs of recovery in Retail and Automotive orders as operations adapt to the ongoing challenges.