CompX(US:CIX)2024-11-06 21:27Financial Performance - CompX reported third quarter 2024 sales of $33.6 million, a decrease of 16.7% from $40.3 million in the same period of 2023[1] - Operating income for the third quarter of 2024 was $3.3 million, down 50% from $6.6 million in the third quarter of 2023[1] - Net income for the third quarter of 2024 was $3.5 million, or $0.28 per share, compared to $5.8 million, or $0.47 per share, in the same period of 2023[1] - For the nine months ended September 30, 2024, sales totaled $107.5 million, a decline of 9.5% from $118.1 million in the previous year[2] - Operating income for the first nine months of 2024 was $12.1 million, down 32.8% from $18.0 million for the same period in 2023[2] - Gross margin for the third quarter of 2024 was $9.5 million, compared to $12.6 million in the same period of 2023, reflecting a decline in sales and gross margin[9] Sales and Market Factors - The decrease in net sales for the third quarter was primarily due to lower Security Products sales to a government customer and reduced Marine Components sales to the towboat market[3] Workforce and Operations - The company employs approximately 524 people across three locations in the U.S.[4] Risks and Uncertainties - CompX faces risks including changes in raw material costs, competition from low-cost manufacturers, and uncertainties in new product development[6] - Future results may differ materially due to various risks and uncertainties, including global economic conditions and potential disruptions in operations[7]