CompX(US:CIX)2024-08-06 20:19Financial Performance - CompX reported net sales of $35.9 million for Q2 2024, a decrease of 1.9% from $36.6 million in Q2 2023[1] - Operating income increased to $5.1 million in Q2 2024, up from $4.4 million in Q2 2023, reflecting improved gross margins from Security Products sales[1][2] - Net income for Q2 2024 was $4.9 million, or $0.39 per diluted share, compared to $4.0 million, or $0.33 per diluted share, in Q2 2023[1][6] - For the first six months of 2024, sales totaled $73.9 million, down from $77.8 million in the same period of 2023[1][6] - Operating income for the first half of 2024 was $8.8 million, a decline from $11.4 million in the first half of 2023[1][6] - CompX's gross margin for Q2 2024 was 11.1%, compared to 10.3% in Q2 2023[6] - Interest income increased to $1.3 million in Q2 2024 from $0.9 million in Q2 2023[6] Sales and Market Dynamics - The decrease in sales was primarily due to lower Marine Components sales, partially offset by higher Security Products sales[2] - CompX operates from three locations in the U.S. and employs approximately 523 people[2] Risks and Challenges - The company faces risks including changes in raw material costs and competition from low-cost manufacturing sources[4]