Welcome to our dedicated page for Grupo Simec news (Ticker: SIM), a resource for investors and traders seeking the latest updates and insights on Grupo Simec stock.
Grupo Simec (SIM) delivers engineered steel solutions to global automotive, construction, and industrial markets through its SBQ and structural steel products. This news hub provides investors and industry professionals with verified updates about the company's operational developments and market position.
Access official press releases, financial disclosures, and strategic announcements in one centralized location. Our curated collection includes earnings reports, production milestones, partnership agreements, and market expansion updates, all essential for understanding the steel manufacturer's trajectory.
Stay informed about developments in key operational areas including manufacturing innovations, quality control enhancements, and export market activities. Regular updates cover the company's progress in Mexico, Brazil, and United States markets while tracking international steel industry trends.
Bookmark this page for streamlined access to Grupo Simec's latest communications. Combine our news feed with the company's SEC filings and investor materials for comprehensive analysis of this NYSE-listed steel producer.
Grupo Simec (NYSE: SIM) reported its first half of 2024 financial results. Net sales plummeted 29% year-over-year to Ps. 16,279 million, driven by a 22% drop in average sales price and an 8% decrease in shipment volumes. Sales outside Mexico fell 24%, while Mexican sales dropped 32%. Cost of sales fell 29%, aligning with the decline in net sales. Gross profit decreased 30% to Ps. 4,047 million. Operating income fell 40% to Ps. 2,916 million. EBITDA dropped 37% to Ps. 3,413 million.
However, net income surged 169% year-over-year to Ps. 5,435 million, primarily due to an increase in comprehensive financial income. On a quarterly basis, net sales grew 6% in Q2 2024 vs. Q1 2024, with a 12% increase in shipment volumes. Despite a 15% rise in domestic sales, sales outside Mexico decreased 3%. Net income increased 173% quarter-over-quarter to Ps. 3,979 million.
Grupo Simec, S.A.B. de C.V. (NYSE: SIM) reported a 24% decrease in net sales in the twelve-month period ending December 31, 2023, compared to the previous year. The cost of sales decreased by 22%, resulting in a 31% drop in gross profit. Operating income decreased by 37%, and EBITDA saw a 35% decline. Net income dropped by 44%. The company's debt remained constant.
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