SigmaTron International Inc (SGMA) Reports Q2 2023 Net Income of $262,099 and $98.1M in Revenue
SigmaTron International Inc (SGMA) has announced its financial results for the second quarter of 2023, reporting a net income of $262,099 and total revenue of $98.1 million
SigmaTron International Inc (SGMA), a leading provider of electronic m anufacturing services, has released its condensed consolidated financial results for the second quarter ended July 31, 2023. The report reveals both net income and revenue figures for the period.
Net Income and Revenue
In the second quarter of 2023, SigmaTron International reported net sales of $98,130,356, representing a slight decrease compared to the same period in 2022 when they reported $105,189,979 in net sales. The company's gross profit for Q2 2023 stood at $9,651,220, compared to $11,577,220 in the prior-year period. This decline in gross profit can be attributed to increased cost of products sold, which amounted to $88,479,136 in Q2 2023, as opposed to $93,612,759 in Q2 2022.
Operating Income and Other Expenses
SigmaTron's operating income for the second quarter of 2023 was $2,808,415, significantly lower than the $5,047,378 reported for the same period in 2022. The company also incurred other expenses of $2,700,451 in Q2 2023, compared to $917,742 in the previous year's second quarter.
Income Tax and Net Income
Income before income tax for Q2 2023 amounted to $107,964, a substantial decrease from the $4,129,636 reported in Q2 2022. SigmaTron International reported an income tax benefit of $154,135 in the second quarter of 2023, in contrast to an income tax expense of $1,008,296 in the same period last year. Consequently, the net income from continuing operations for Q2 2023 was $262,099, compared to $3,121,340 in the second quarter of 2022.
Discontinued Operations
The report also includes information on discontinued operations. In the second quarter of 2022, SigmaTron reported a loss before tax from discontinued operations of $2,223,561, with a tax benefit of $478,896. As a result, the net loss from discontinued operations in Q2 2022 was $1,744,665.
Overall Net Income
Taking into account both continuing and discontinued operations, SigmaTron International reported a net income of $262,099 for the second quarter of 2023, compared to $1,376,675 for the same period in 2022.
Balance Sheet Highlights
As of July 31, 2023, SigmaTron International's total assets amounted to $259,835,108. This figure represents a decrease from the total assets of $268,627,199 reported as of April 30, 2023.
Current assets stood at $212,583,718, which included machinery and equipment-net valued at $35,903,317. Additionally, the company had deferred income taxes of $2,460,689 and intangibles worth $1,227,615 among other assets.
SigmaTron International's current liabilities as of July 31, 2023, were $143,460,398, while long-term obligations amounted to $47,836,767. The company's stockholders' equity was reported at $68,537,943.
SigmaTron International Inc (SGMA) has reported its financial results for the second quarter of 2023, with a net income of $262,099 and total revenue of $98.1 million. The company has faced challenges in its operating income and other expenses but continues to navigate the evolving landscape of electronic manufacturing services.
