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SIFCO Industries, Inc. reports company developments for an operating manufacturer of engineered forgings, sub-assemblies and machined components serving aerospace, defense, energy and commercial space markets. Its business includes forging, heat treating, machining, surface treatment, non-destructive testing and sub-assembly work using steel, high-temperature alloys, nickel alloys, titanium and aluminum.
Recurring news for SIF covers fiscal quarter and annual financial results, GAAP and non-GAAP measures such as EBITDA and Adjusted EBITDA, continuing and discontinued operations, customer demand, backlog, production throughput, cost reduction and pricing actions. Company updates also include governance and leadership changes tied to finance and reporting roles.
SIFCO Industries (NYSE American: SIF), a key supplier of forged products to the aerospace, energy, and defense markets, has appointed George Scherff as its new CEO, effective July 8, 2024. Scherff replaces Peter Knapper, who has served as President and CEO since 2016 and is retiring. Alayne Reitman, Chair of SIFCO’s Board, praised Knapper’s leadership during challenging times, including the global pandemic and supply chain issues. Scherff brings extensive experience from leadership roles in Thermal Systems Manufacturing, Paradigm Packaging, and others. He holds degrees from The Ohio State University and the University of Toledo.
Scherff expressed excitement about guiding SIFCO through new growth opportunities in its industries. SIFCO supplies critical components for commercial and military aircraft, turbines, and oil production equipment.
SIFCO Industries, Inc. announced its financial results for the second quarter of fiscal 2024, showing a 37.9% increase in net sales to $26.5 million. The net loss was $(1.6) million, with EBITDA at $0.9 million. Year to date, net sales increased by 17.4% to $47.6 million, with a net loss of $(5.0) million. CEO Peter W. Knapper highlighted positive EBITDA and a growing backlog at $137.8 million.
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SIFCO Industries, Inc. (AMEX: SIF) received a notice from NYSE American on February 22, 2023, for noncompliance due to a delay in filing its Quarterly Report on Form 10-Q for the period ending December 31, 2022. This delay is attributed to challenges faced in compiling required financial information following a cyber incident on December 30, 2022. As a result, SIFCO's stock will be listed with an '.LF' indicator until compliance is regained. The company has six months to address this issue and will be monitored for compliance. SIFCO aims to file the necessary documents within the stipulated timeframe to avoid delisting.