SIFCO Industries, Inc. (SIF) saw its loss almost stable for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.60 million, or $0.48 a share.
Revenue during the quarter grew 15.88 percent to $31.47 million from $27.16 million in the previous year period. Gross margin for the quarter expanded 548 basis points over the previous year period to 13.24 percent. Operating margin for the quarter stood at negative 5.47 percent as compared to a negative 15.57 percent for the previous year period.
Operating loss for the quarter was $1.72 million, compared with an operating loss of $4.23 million in the previous year period.
President and CEO Peter W. Knapper stated, "In the first quarter, we nearly doubled gross profit as compared to Q1 of 2016, while increasing revenue. We will continue to focus on operations excellence as we size our business model to meet and exceed our customer’s expectations. We have implemented the new Sales Organization structure as announced on November 30, 2016 with the goal of reaching our target markets as effectively as possible. We will continue to make the organization and operational changes needed in order to move forward to improve profitability."
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