CompX International Inc. Reports Fourth Quarter and Annual Financial Results for 2024

CompX International reports decreased net sales and income for Q4 2024 and the full year compared to 2023.

Quiver AI Summary

CompX International Inc. reported a decline in both net sales and income for the fourth quarter and full year of 2024 compared to the previous year. For the fourth quarter, net sales were $38.4 million, down from $43.2 million in 2023, with operating income falling from $7.4 million to $4.9 million and net income decreasing from $6.7 million to $4.5 million. For the year ended December 31, 2024, total net sales reached $145.9 million, a decrease from $161.3 million in 2023, while operating income fell from $25.4 million to $17.0 million and net income from $22.6 million to $16.6 million. The declines were primarily attributed to reduced sales of Security Products and Marine Components. The press release also highlighted various risks and uncertainties that could impact future results, including supply chain issues, raw material costs, and market competition.

Potential Positives

• CompX International Inc. maintains a consistent net income per share of $1.35 for the full year 2024, highlighting profitability despite a decrease in overall sales.
• The company was able to achieve a gross margin in the fourth quarter of 2024, reflecting effective management in cost of sales despite lower overall sales figures.
• Increased Marine Components sales to the towboat and government markets partially offset declines in Security Products, indicating diversification in product offerings and market resilience.

Potential Negatives

• Net sales for the fourth quarter of 2024 decreased by over 11% compared to the same period in 2023, indicating a significant decline in revenue.
• Operating income dropped by approximately 34% in the fourth quarter of 2024 compared to the same period in 2023, reflecting reduced profitability.
• Net income for the fourth quarter of 2024 fell by about 33% compared to the same period in 2023, which may raise concerns among investors regarding the company's financial health.

FAQ

What were CompX International's net sales for Q4 2024?

CompX International reported net sales of $38.4 million for the fourth quarter of 2024.

How did operating income change from Q4 2023 to Q4 2024?

Operating income decreased from $7.4 million in Q4 2023 to $4.9 million in Q4 2024.

What contributed to the decline in net income for 2024?

The decline in net income was primarily due to lower sales and reduced gross margin at Security Products and Marine Components.

How did CompX's full-year sales for 2024 compare to 2023?

Net sales for the full year 2024 were $145.9 million, down from $161.3 million in 2023.

What factors influenced the decrease in sales?

Sales decreased primarily due to lower Marine Components sales to the towboat market and reduced Security Products sales to a government customer.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CIX Insider Trading Activity

$CIX insiders have traded $CIX stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $CIX stock by insiders over the last 6 months:

• MARY A. TIDLUND has made 0 purchases and 2 sales selling 3,000 shares for an estimated $86,181.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$CIX Hedge Fund Activity

We have seen 19 institutional investors add shares of $CIX stock to their portfolio, and 15 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• BANK OF NEW YORK MELLON CORP added 62,802 shares (+inf%) to their portfolio in Q4 2024, for an estimated $1,642,272
• BAILARD, INC. removed 7,100 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $185,665
• RHUMBLINE ADVISERS added 6,862 shares (+476.5%) to their portfolio in Q4 2024, for an estimated $179,441
• BLACKROCK, INC. added 5,984 shares (+6.0%) to their portfolio in Q4 2024, for an estimated $156,481
• RENAISSANCE TECHNOLOGIES LLC removed 5,495 shares (-4.2%) from their portfolio in Q4 2024, for an estimated $143,694
• JPMORGAN CHASE & CO added 2,638 shares (+40.8%) to their portfolio in Q4 2024, for an estimated $68,983
• OSAIC HOLDINGS, INC. removed 2,237 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $65,342

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

Dallas, Texas, March 05, 2025 (GLOBE NEWSWIRE) -- CompX International Inc. (NYSE American: CIX) announced today net sales of $38.4 million for the fourth quarter of 2024 compared to $43.2 million in the same period of 2023. Operating income was $4.9 million in the fourth quarter of 2024 compared to $7.4 million in the same period of 2023. Net income was $4.5 million, or $.37 per basic and diluted common share, for the fourth quarter of 2024 compared to $6.7 million, or $.54 per basic and diluted common share, in the same period of 2023.

Net sales for the year ended December 31, 2024 were $145.9 million compared to $161.3 million in the previous year. Operating income was $17.0 million for the year ended December 31, 2024 compared to $25.4 million in 2023. Net income for the year ended December 31, 2024 was $16.6 million, or $1.35 per basic and diluted common share, compared to $22.6 million, or $1.84 per basic and diluted common share, for the same period in 2023.

Fourth quarter 2024 net sales decreased over the comparable 2023 period predominantly due to lower Security Products sales to a government security customer, partially offset by higher Marine Components sales to the towboat and government markets. Security Products fourth quarter 2023 net sales include sales to a government security customer for a pilot project that did not continue in 2024. Operating income decreased in the fourth quarter of 2024 compared to the same period in 2023 due to lower sales and a lower gross margin percentage at Security Products, partially offset by higher Marine Components sales and gross margin percentage.

Net sales decreased for the full year of 2024 compared to the same period in 2023 primarily due to lower Marine Components sales to the towboat market and lower Security Products sales in the third and fourth quarters to a government security customer related to the pilot project noted above. Operating income for the full year of 2024 decreased compared to 2023 primarily due to lower sales and gross margin at both Security Products and Marine Components.

CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 510 people.

Forward-Looking Statements

The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management’s belief and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will be correct. Such statements, by their nature, involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not possible to identify all factors, we continue to face many risks and uncertainties.

The factors that could cause our actual future results to differ materially include, but are not limited to, the following:

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  Future supply and demand for our products;
  


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  Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs) or the implementation of tariffs on imported raw materials and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;
  


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  Price and product competition from low-cost manufacturing sources (such as China);
  


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  The impact of pricing and production decisions;
  


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  Customer and competitor strategies including substitute products;
  


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  Uncertainties associated with new product development and the development of new product features;
  


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  Pending or possible future litigation (such as litigation related to our use of certain permitted chemicals in our production process) or other actions;
  


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  Our ability to protect or defend our intellectual property rights;
  


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  Potential difficulties in integrating future acquisitions;
  


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  Decisions to sell operating assets other than in the ordinary course of business;
  


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  Environmental matters (such as those requiring emission and discharge standards for existing and new facilities);
  


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  The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;
  


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  Government laws and regulations and possible changes therein including new environmental, health and safety, sustainability or other regulations;
  


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  General global economic and political conditions that disrupt our supply chain, reduce demand or perceived demand for component products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts and public health crises);
  


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  Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);
  


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  The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes (including tariffs imposed by the U.S. government on imports from China or Mexico);
  


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  Technology related disruptions (including, but not limited to, cyber attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; and
  


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  Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts.
  

Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

Investor Relations Contact

Bryan A. Hanley


Senior Vice President and Treasurer


Tel. 972-233-1700

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  COMPX INTERNATIONAL INC.
  
  
  
  
  SUMMARY OF CONSOLIDATED OPERATIONS
  
  
  
  
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.