Q3 2024 Cemtrex Inc Earnings Call Transcript
Key Points
- Revenue for the third quarter remained steady year-over-year at $14.7 million.
- The industrial services segment saw a significant 49% increase in revenue to $8.5 million.
- The company successfully reduced its inventory by over $1 million this fiscal year.
- A $10 million upsized underwritten public offering improved the balance sheet and allowed for debt reduction.
- Cemtrex Inc (CETX) is well-positioned for additional growth and aims to achieve positive operating income in the future.
- Operating loss for the third quarter was $3.2 million, compared to an operating income of $0.1 million a year ago.
- The security segment revenues decreased by 31% to $6.2 million due to project delays and economic conditions.
- Total operating expenses for the quarter increased to $9.1 million from $6.4 million in the prior year's quarter.
- Net loss for the third quarter was $9.1 million, compared to a net loss of $1.2 million in the third quarter of 2023.
- Gross profit margin decreased to 40% of revenues from 44% in the same quarter last year.
Greetings. And welcome to the Cemtrex's third 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.
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