SCI Engineered Materials reported a 4% YoY revenue increase to $13.9M in H1 2024, despite a 26% Q2 revenue drop and lower raw material costs.

SCI Engineered Materials posted record first-half 2024 revenue of $13.9M, a 4% increase YoY, with $13.25M reported in the same period in 2023. The company's Q2 revenue was $5.5M, a 26% decrease from the previous year. Gross profits rose 8% to $2.8M, and net income reached a record $1.1M for the first half of the year. SCI attributes the revenue drop to lower raw material costs and signs of slower economic activity. The company is focused on maintaining a strong balance sheet with $6.1M in cash and cash equivalents.

August 02, 2024
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