Servotronics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 10, 2023 at 03:13 am IST
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Servotronics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 11.58 million compared to USD 8.82 million a year ago. Net loss was USD 0.204 million compared to USD 0.316 million a year ago. Basic earnings per share from continuing operations was USD 0.07 compared to basic loss per share from continuing operations of USD 0.24 a year ago. Diluted earnings per share from continuing operations was USD 0.07 compared to diluted loss per share from continuing operations of USD 0.24 a year ago. Basic loss per share was USD 0.09 compared to USD 0.13 a year ago. Diluted loss per share was USD 0.09 compared to USD 0.13 a year ago.
For the nine months, sales was USD 31.29 million compared to USD 26.74 million a year ago. Net loss was USD 11.25 million compared to USD 0.801 million a year ago. Basic loss per share from continuing operations was USD 1.59 compared to USD 0.38 a year ago. Diluted loss per share from continuing operations was USD 1.59 compared to USD 0.38 a year ago. Basic loss per share was USD 4.56 compared to USD 0.33 a year ago. Diluted loss per share was USD 4.56 compared to USD 0.33 a year ago.
Servotronics, Inc. develops and manufactures servo controls and other components for various commercial and government applications, including aircraft, jet engines, missiles, manufacturing equipment and other aerospace applications. The Company's Advanced Technology Group (ATG) segment designs, manufactures, and markets a variety of servo-control components, which convert an electrical current into a mechanical force or movement and other related products. Its servo-control components produced include torque motors, electromagnetic actuators, hydraulic valves, pneumatic valves, and similar devices. Its operating facilities are located in Elma and Franklinville, New York. The Companyâs products are marketed and sold throughout the United States and in selected foreign markets.