DMC (US:BOOM)2024-02-21 16:00Sales Performance - NobelClad reported fourth quarter sales of $30.8 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 $30.772 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 $67.958 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 $654.086 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 $315,026 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 $19.589 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 $5.533 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 $13.475 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 $2,764 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 $61,177 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, 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 $34,759 million, a 151% increase compared to $13,833 million in the previous year[77]. - Adjusted EBITDA for the same period was $115,908 million, reflecting a 25% year-on-year growth from $92,967 million[77]. - Operating income reported was $21,407 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 $3,251 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 $9,516 million compared to $6,187 million in the previous year[77]. - The company incurred CEO transition expenses of $4,343 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 $23,179 million, slightly down from $24,204 million in the previous year[76]. - The company reported a net cash used in investing activities of $13,130 million, an increase from $7,435 million in the previous year[76]. - Cash and cash equivalents increased to $31,040 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 $31,040 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 $300 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].