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DMC (BOOM) - 2023 Q4 - Annual Results
BOOMDMC (BOOM)2024-02-21 16:00

Sales Performance - NobelClad reported fourth quarter sales of 30.8million,a3330.8 million, a 33% increase year-over-year, with adjusted EBITDA margins rising to 24.7% from 14.8% in Q4 2022[2]. - DMC Global's net sales for Q4 2023 were 174.036 million, a 1% sequential decrease and a 1% year-over-year decrease[4]. - DynaEnergetics achieved net sales of 30.772millioninQ42023,an1130.772 million in Q4 2023, an 11% sequential increase and a 33% year-over-year increase[6]. - Arcadia's fourth quarter sales were 68.0 million, down 9% from Q4 2022, but adjusted EBITDA margin improved to 13.6% from 9.6%[20]. - Fourth quarter 2023 net sales were 67.958million,asequentialdecreaseof567.958 million, a sequential decrease of 5% and a year-on-year decrease of 9%[23]. - Full-year 2023 net sales reached 719.188 million, representing a 10% year-on-year increase from 654.086million[25].−DynaEnergeticsreportedQ42023salesof654.086 million[25]. - DynaEnergetics reported Q4 2023 sales of 75.3 million, down 3% year-on-year but up 3% sequentially[60]. - Net sales for the twelve months ended December 31, 2023, were 315,026million,reflectingayear−on−yearincreaseof19315,026 million, reflecting a year-on-year increase of 19%[74]. Income and Profitability - Adjusted net income attributable to DMC was 5.179 million, down 47% sequentially and up 22% year-over-year[4]. - Adjusted EBITDA attributable to DMC for Q4 2023 was 19.589million,a2019.589 million, a 20% decrease sequentially[4]. - The gross profit percentage for DMC Global was 26.1% in Q4 2023, down from 30.6% in Q3 2023[4]. - DMC Global's diluted net income per share attributable to DMC was 0.01, a 97% decrease sequentially and a 98% decrease year-over-year[4]. - Adjusted EBITDA attributable to DMC for Q4 2023 was 5.533million,down315.533 million, down 31% sequentially and up 29% year-on-year[23]. - Adjusted net income attributable to DMC for the full year 2023 was 35.316 million, a 162% increase from 13.475millionin2022[25].−Operatingincomedecreasedby4813.475 million in 2022[25]. - Operating income decreased by 48% sequentially to 9,258 million, and by 12% year-on-year[71]. - Net income attributable to DMC Global Inc. stockholders for the three months ended December 31, 2023, was 2,764million,a692,764 million, a 69% decrease sequentially[71]. - The gross profit for the twelve months was 212,052 million, with a gross profit percentage of 29.5%, up from 28.4% year-on-year[72]. - Operating income for the twelve months increased by 104% year-on-year to 61,177million[72].−NetincomeattributabletoDMCGlobalInc.stockholdersforthetwelvemonthswas61,177 million[72]. - Net income attributable to DMC Global Inc. stockholders for the twelve months was 26,259 million, a 114% increase year-on-year[72]. - Basic and diluted net income per share for the twelve months was 1.08,reflectinga501.08, reflecting a 50% increase year-on-year[72]. - Adjusted EBITDA for the twelve months was 56,270 million, a 20% increase compared to the previous year[74]. - Net income for the twelve months ended December 31, 2023, was 34,759million,a15134,759 million, a 151% increase compared to 13,833 million in the previous year[77]. - Adjusted EBITDA for the same period was 115,908million,reflectinga25115,908 million, reflecting a 25% year-on-year growth from 92,967 million[77]. - Operating income reported was 21,407million,asignificantincreaseof44021,407 million, a significant increase of 440% from 3,962 million year-on-year[81]. Expenses and Liabilities - Restructuring expenses for the three months ended December 31, 2023, were 3,251million,asignificantincreaseof5313,251 million, a significant increase of 531% sequentially and 2,420% year-on-year[71]. - General and administrative expenses decreased by 19% year-on-year to 15,806 million[74]. - The company experienced a 54% rise in net interest expense, totaling 9,516millioncomparedto9,516 million compared to 6,187 million in the previous year[77]. - The company incurred CEO transition expenses of 4,343million,markinganewexpensecategoryfortheyear[77].−Restructuringexpensesandassetimpairmentswerereportedat4,343 million, marking a new expense category for the year[77]. - Restructuring expenses and asset impairments were reported at 3,011 million for the twelve months ended December 31, 2023, indicating a 100% increase from the previous year[88]. Cash Flow and Assets - Cash flows from operating activities amounted to 23,179million,slightlydownfrom23,179 million, slightly down from 24,204 million in the previous year[76]. - The company reported a net cash used in investing activities of 13,130million,anincreasefrom13,130 million, an increase from 7,435 million in the previous year[76]. - Cash and cash equivalents increased to 31,040million,up1131,040 million, up 11% sequentially and 23% year-on-year[75]. - Total current assets as of December 31, 2023, were 326,812 million, a decrease of 3% from the previous quarter but an increase of 14% year-on-year[75]. - The cash and cash equivalents at the end of the period were 31,040million,upfrom31,040 million, up from 28,060 million at the beginning of the period[76]. Strategic Initiatives - DMC Global is exploring strategic alternatives for NobelClad and DynaEnergetics to maximize long-term growth opportunities[3]. - The company anticipates strong demand for the new Gravity 2.0 self-orienting perforating system in 2024, contributing to margin improvements[21]. - DMC's new 300millionseniorsecuredcreditfacilityenhancesfinancialflexibilityandsupportsgrowthprograms[42].−Full−year2024salesguidanceforDMCisprojectedbetween300 million senior secured credit facility enhances financial flexibility and supports growth programs[42]. - Full-year 2024 sales guidance for DMC is projected between 168 million and $178 million[45].