Company: SIF
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0000090168-25-000012
Chunk: 13

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 sales increased $2.9 million compared with the same period last year, primarily due to higher demand across most programs. Rotorcraft sales were slightly higher compared with the same period last year. Commercial space products increased by $1.1 million year-over-year due to higher demand for staged-combustion engine components. Net sales for the energy components for power generation units increased by $0.4 million due to growth in the steam turbine markets. Commercial products and other revenue increased $0.8 million compared with the same period last year mostly due to the timing of orders related to munitions programs.

Commercial net sales were 53.4% of total net sales and military net sales were 46.6% of total net sales in the first three months of fiscal 2025, compared with 49.5% and 50.5%, respectively, in the comparable period in fiscal 2024. Commercial net sales increased $3.5 million to $11.2 million in the first three months of fiscal 2025, compared with $7.7 million in the comparable period of fiscal 2024, primarily due to increases in the commercial space and aerospace markets. Military net sales increased by $1.9 million to $9.7 million in the first three months of fiscal 2025, compared with $7.8 million in the comparable period of fiscal 2024, primarily due to increased demand across multiple programs.

Cost of Goods Sold

Cost of goods sold (“ COGS”) increased by $3.9 million, or 24.6%, to $20.0 million, or 95.6% of net sales, during the first three months of fiscal 2025, compared with $16.0 million, or 103.5% of net sales, in the comparable period of fiscal 2024. The increase is primarily due to higher sales volume and favorable mix of products sold.

Gross Profit

Gross profit increased $1.5 million to $0.9 million in the first three months of fiscal 2025, compared with $0.5 million gross loss in the comparable period of fiscal 2024, primarily due to the increases in sales volume and COGS discussed above and the impact of favorable mix of products sold, particularly due to growth in the commercial space market.

Selling, General and Administrative Expenses

Selling, general and administrative (“ SG& A”) expenses were $2.8 million, or 13.6% of net sales, during