-- Continued Focus on Core Business to Drive
Long-term Profitable Growth; Targets
growth at or above
Industry rate and gross margins approaching pre-pandemic levels for
FY24 --
ELMA,
N.Y., Dec. 18, 2023 /PRNewswire/ --
Servotronics, Inc. (NYSE American – SVT) a designer and
manufacturer of servo-control components and other advanced
technology products today released a revised investor update
highlighting its progress in achieving its long-term strategic
vision along with initial 2024 financial outlook.
Within the last twelve months the Company made considerable
progress in its planned transformation including:
- Divesting the CPG segment to increase focus on
higher-margin core servo valve business
- Enhancement of management team with hiring of Chief Financial
Officer and Director of Sales and Marketing
- Leverage of exceptional team members and manufacturing
expertise to drive sales growth and operating efficiencies
- Corporate rebrand with upgraded website to communicate the
Company's value proposition to customers and investors
"I'm proud of our team's efforts to make Servotronics a
profitable market leader," said CEO William F Farrell, Jr. "We will
keep focusing on growth in key markets, and developing new business
for long-term profitability. As we execute our strategic plan, we
anticipate the market will recognize our results, delivering
increased shareholder value through higher share prices."
With the progress made on the Company's long-term strategic
vision, the Leadership Team has offered the following outlook for
the fiscal 2024 year:
- Revenue growth at or above industry growth rates
- Gross margins approaching pre-pandemic levels
Servotronics has provided an updated investor presentation that
includes detailed information regarding the strategic plan,
business performance and long-term outlook. The presentation is
available on the investor relations section of the Company's
website: https://www.servotronics.com/investor-relations and has
been filed with the SEC.
ABOUT SERVOTRONICS
Servotronics designs, develops and manufactures servo controls
and other components for various commercial and government
applications including aircraft, jet engines, missiles,
manufacturing equipment and other aerospace applications at its
operating facilities in Elma and
Franklinville, New York.
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used in this report, the words "project," "believe,"
"plan," "anticipate," "expect" and similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements involve numerous risks and uncertainties
which may cause the actual results of the Company to be materially
different from future results expressed or implied by such
forward-looking statements. There are a number of factors that will
influence the Company's future operations, including: uncertainties
in today's global economy, including political risks, adverse
changes in legal and regulatory environments, and difficulty in
predicting defense appropriations, the introduction of new
technologies and the impact of competitive products, the vitality
of the commercial aviation industry and its ability to purchase new
aircraft, the willingness and ability of the Company's customers to
fund long-term purchase programs, and market demand and acceptance
both for the Company's products and its customers' products which
incorporate Company-made components, the Company's ability to
accurately align capacity with demand, the availability of
financing and changes in interest rates, the outcome of pending and
potential litigation, the severity, magnitude and duration of the
COVID-19 pandemic, including impacts of the pandemic and of
businesses' and governments' responses to the pandemic on our
operations and personnel, and on commercial activity and demand
across our and our customers' businesses, and on global supply
chains, the ability of the Company to obtain and retain key
executives and employees and the additional risks discussed
elsewhere in the most recent quarterly report filed on Form 10-Q
and in the Company's other filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. The Company assumes no obligation to
update forward-looking statements, whether as a result of new
information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE
American
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SOURCE Servotronics, Inc.