SIFCO Industries, Inc. (SIF), a company specializing in forgings and machined components, reported a reduced net loss for the fourth quarter, supported by an increase in sales.
For the quarter, SIFCO recorded a net loss of $0.44 million, translating to $0.08 per share, significantly improving from last year's loss of $3.10 million, or $0.52 per share. The net loss from continuing operations also improved, coming in at $1.88 million or $0.33 per share, compared to a loss of $3.22 million or $0.53 per share the previous year.
The company's adjusted EBITDA showed a positive shift, reaching $0.786 million, a substantial turnaround from a $1.27 million loss in the prior year. Net sales saw a 14% increase, rising to $21.66 million from $19.02 million a year earlier.
Looking ahead, CEO George Scherff expressed optimism, stating, "We are encouraged by the ongoing demand for our solutions, as reflected in the growth of our customer backlog, which reached $114.4 million by the end of fiscal 2024. Consequently, we have ramped up production to meet our customers' requirements for the coming year and beyond."
On Monday, SIFCO shares closed 18.75% lower at $3.25 on the NYSE American. In after-hours trading, the stock dipped further by 0.62% to $3.23.
