Q3 2024 A-Mark Precious Metals Inc Earnings Call Transcript
Key Points
- A-Mark Precious Metals Inc (AMRK) reported a revenue increase of 13% to $2.611 billion in fiscal Q3 2024 compared to the previous year.
- The company successfully completed the acquisition of LPM Group Limited, enhancing its product offerings and market reach, particularly in Asia.
- A-Mark Precious Metals Inc (AMRK) has made significant technology upgrades to improve logistics and operational efficiency.
- The company repurchased 204,396 shares for $5 million, demonstrating confidence in its stock value.
- Interest income for fiscal Q3 2024 increased by 10% due to higher earnings in the Secured Lending segment.
- Net income and EBITDA significantly decreased in Q3 2024 compared to the previous year, with net income at $5 million versus $35.9 million in Q3 of the prior year.
- Gross profit for fiscal Q3 2024 decreased by 54% due to lower profits from wholesale sales and the direct-to-consumer (DTC) segment.
- The company experienced a decrease in the number of gold and silver ounces sold, with a 32% decrease in gold ounces and a 30% decrease in silver ounces sold compared to last year.
- Interest expenses increased by 7% in Q3 2024 due to higher rates and increased borrowings.
- The number of new customers in the DTC segment decreased by 13% compared to the same quarter last year.
Good afternoon, and welcome to A-Mark's Precision Metals conference call for the fiscal third quarter ended March 31st, 2020. For my name is Matthew, and I'll be your operator this afternoon before this call, A-Mark issued its results for the fiscal third quarter 2024 in a press release, which is available in the Investor Relations section of the company's website at www.a-mark.com. You can find the link to the Investor Relations section at the top of the homepage.
Joining us for today's call are A-Mark's CEO, Greg Roberts, President, Thor Gjerdrum, and CFO, Kathleen Simpson-Taylor. Following their remarks, we will open the call for your questions.
Then before we conclude the call, I'll provide the necessary cautions regarding the forward-looking statements made by management during the call, I'd like to remind everyone that this call is being recorded and will be made available for replay via link available in the Investor Relations section of A-Mark's website.
Now I'd like to turn the call over to A-Mark's CEO, Mr
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