COMPX REPORTS THIRD QUARTER 2024 RESULTS

Core Insights - CompX International Inc. reported a decline in sales and net income for the third quarter and the first nine months of 2024 compared to the same periods in 2023, primarily due to lower sales in Security Products and Marine Components [1][2][3] Financial Performance - Third quarter 2024 sales were $33.6 million, down from$40.3 million in Q3 2023, representing a decrease of approximately 16.7% [1] - Operating income for Q3 2024 was $3.3 million, a decline from$6.6 million in Q3 2023, indicating a decrease of about 50% [1] - Net income for Q3 2024 was $3.5 million, or$0.28 per share, compared to $5.8 million, or$0.47 per share, in Q3 2023, reflecting a decrease of approximately 39.7% in net income [1] - For the nine months ended September 30, 2024, sales totaled $107.5 million, down from$118.1 million in the same period of 2023, a decrease of about 9.7% [2] - Operating income for the first nine months of 2024 was $12.1 million, down from$18.0 million in 2023, a decline of approximately 32.8% [2] - Net income for the nine months ended September 30, 2024 was $12.1 million, or$0.98 per share, compared to $15.9 million, or$1.29 per share, in 2023, indicating a decrease of about 23.9% [2] Sales Performance - The decrease in third quarter net sales was primarily attributed to lower Security Products sales to a government security customer and reduced Marine Components sales to the towboat market [3] - The decline in sales for the first nine months of 2024 was mainly due to lower Marine Components sales to the towboat market [3] Company Overview - CompX International Inc. is a leading manufacturer of security products and recreational marine components, operating from three locations in the U.S. and employing approximately 524 people [4]