Q2 2024 Cemtrex Inc Earnings Call Transcript
Key Points
- Cemtrex Inc (CETX) reported a revenue increase of 7% to $17.2 million in the second quarter, indicating continued business growth.
- The industrial services segment, AIS, saw a significant revenue increase of 47% to $9.1 million, driven by increased demand and the synergistic acquisition of Heisey Mechanical.
- Cemtrex Inc (CETX) launched Anavio in the security segment, a platform that integrates access control, video, and intercom to enhance situational awareness and control.
- The company has successfully reduced its inventory by over $1 million this fiscal year, improving operational efficiency.
- Cemtrex Inc (CETX) strengthened its balance sheet with a $10 million upsized underwritten public offering, part of which was used to pay off some indebtedness.
- Cemtrex Inc (CETX) experienced an operating loss of $1 million in the second quarter, compared to an operating income of $0.4 million in the same period last year.
- The security segment's revenue decreased by 18% to $8.1 million due to delays in project deployments.
- Gross profit margin decreased to 40% in the second quarter from 46% in the previous year, reflecting lower profitability.
- Net loss widened to $1.6 million in the second quarter from a net loss of $0.6 million in the second quarter of the previous year.
- Cash and cash equivalents decreased to $4.1 million at the end of March 2024, from $6.3 million at the end of September 2023, indicating a reduction in liquidity.
Greetings and welcome to the Cemtrex second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
Before we begin the formal presentation, I would like to remind everyone that statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.
Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent
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