CompX International Q3 sales rise 10% on marine components demand
CIX•CompX International’s third-quarter sales rose 10% to $44 million from $40 million a year earlier, while net income increased to $5.4 million from $4.2 million.
1. Quarterly results
CompX International said third-quarter sales rose to $44 million from $40 million a year earlier, driven by higher demand for Marine Components and Security Products. Net income increased to $5.4 million from $4.2 million, and operating income was $6.4 million.
2. Demand and margins
The company said higher sales to towboat and industrial markets drove Marine Components revenue growth. It attributed higher operating income to improved gross margins at Security Products and Marine Components. CompX provided no specific guidance for future quarters or the full year.
