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 audited operational results for the twelve-month period ending December 31, 2022. Net sales decreased by 3%, from Ps. 55,620 million in 2021 to Ps. 54,159 million in 2022, primarily due to a 10% drop in shipments of finished steel products. Sales outside Mexico fell by 11% to Ps. 24,515 million, while sales within Mexico increased by 6% to Ps. 29,644 million. Gross profit decreased from Ps. 15,652 million to Ps. 14,475 million, representing a gross margin of 27%. Operating income declined by 11% to Ps. 12,091 million, and net income dropped 18% from Ps. 9,444 million to Ps. 7,703 million. The company’s EBITDA also fell by 10%, totaling Ps. 13,207 million. Despite increased operating expenses (up 20%), the overall financial outlook remains cautious amid decreasing revenues and profits.
Grupo Simec (NYSE American: SIM) filed an Amendment No. 1 to its Annual Report on Form 20-F, related to the financial year ending December 31, 2021. This amendment corrects a risk factor concerning weaknesses in internal controls, specifically by removing an inadvertent reference to a material weakness from 2019 and adds a cross-reference to legal proceedings. The filing dated March 17, 2023, is available on the investor relations section of the company's website and can be requested in hard copy by shareholders.
Grupo Simec (NYSE: SIM) reported its 2022 financial results, showing a 1% decline in net sales, totaling Ps. 55,112 million compared to Ps. 55,620 million in 2021. This decrease was driven by a 10% drop in finished steel shipments, totaling 2.25 million tons. Sales within Mexico increased by 6% to Ps. 29,644 million, while international sales fell by 8%. The cost of sales rose 2%, impacting gross profit, which decreased 8% to Ps. 14,359 million. Net income dropped 9% to Ps. 8,639 million. Operating income and EBITDA declined by 11% each, indicating challenges in maintaining profitability amidst rising costs.
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