SIGMATRON INTERNATIONAL INC [SGMA], a leading electronics manufacturing services company, has announced its financial results for the third quarter of 2023. The company reported a net income of $262 million for the quarter, representing a significant improvement compared to the previous year. The company's quarterly revenue for Q3 2023 was $98.1 million.
Despite a challenging business environment, Sigmatron International Inc achieved solid financial performance in Q3 2023. The company's gross profit for the quarter was $9.7 million, down from $11.6 million in the same period last year. Operating income for the quarter was reported at $2.8 million, compared to $5.0 million in Q3 2022.
The company experienced a slight decline in net sales, with revenues of $98.1 million in Q3 2023, compared to $105.2 million in the same quarter last year. The decrease in revenue can be attributed to lower sales volume and the impact of ongoing supply chain disruptions. However, Sigmatron International Inc remains focused on expanding its customer base and diversifying its product offerings to drive revenue growth in the future.
Sigmatron International Inc maintained a strong financial position during the quarter. The company's total assets stood at $259.8 million, while total liabilities were reported at $191.3 million. The company's current assets outweighed its current liabilities, indicating a healthy liquidity position. Sigmatron International Inc also had a positive stockholders' equity of $68.5 million, reflecting the company's ability to generate value for its shareholders.
The basic earnings per common share for the quarter were $0.04, compared to $0.23 in Q3 2022. The diluted earnings per common share were also $0.04 for the quarter, demonstrating stable earnings despite challenging market conditions. Sigmatron International Inc currently has 6,091,288 shares of common stock outstanding.
Looking ahead, Sigmatron International Inc remains optimistic about its future prospects. The company is continuously investing in research and development to enhance its capabilities and maintain a competitive edge in the electronics manufacturing services industry. Sigmatron International Inc aims to drive revenue growth by leveraging its strong customer relationships and expanding its presence in key markets.
Despite the ongoing challenges in the global supply chain, Sigmatron International Inc delivered a solid performance in the third quarter of 2023. The company's net income of $262 million and quarterly revenue of $98.1 million demonstrate its resilience and ability to adapt to changing market conditions. With a strong financial position and a focus on innovation, Sigmatron International Inc is well-positioned to capitalize on future growth opportunities and deliver value to its shareholders.