Fri, Aug 2, 12:06 PM (88 days ago)
For the quarter ended June 30, 2024, SCI Engineered Materials, Inc. reported a revenue of $5,532,710, down from $7,457,690 in the same period in 2023, primarily due to lower raw material costs and product mix. Despite the revenue drop, gross profit increased to $1,378,939 from $1,253,610, driven by a favorable product mix and lower material costs, resulting in a gross margin of 24.9%, up from 16.8%. Operating expenses rose to $793,741 from $661,819, leading to a slight decline in income from operations to $585,198 from $591,791. Net income was $526,506, up from $511,359, due to higher interest income. Cash and cash equivalents increased to $6,192,476, up from $5,673,994 at year-end 2023. The company continues to face inflation, supply chain disruptions, and political uncertainties, impacting costs and operations.