DMC Global Inc. (NASDAQ: BOOM) stock plunged by 6.50% at last close while the BOOM stock price fell further by 13.06% in the pre-market trading session. DMC Global is a holding corporation with a wide range of interests. Their cutting-edge enterprises serve specialized industrial and commercial markets all over the world with unique products and services.
DMC Global has announced its second-quarter 2021 financial results and here is the summary:
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- Sales in the second quarter totaled $65.4 million, up 18% from the previous quarter and 51% from Q2 2020. The increasing demand for well-perforating equipment at DynaEnergetics, DMC’s energy products division, is attributed to the accelerated recovery of the energy industry, which drove sales growth in both preceding quarters.
- Gross margin increased to 26% in Q2 2020, up from 23% in Q1 2021 and 15% in Q2 2020. The increase is due to the impact of greater sales volume on DynaEnergetics’ fixed expenditures, as well as the receipt of the CARES Act’s Employee Retention Credit.
- SG&A was $14.0 million, up from $13.2 million in the first quarter and $12.2 million in the year-ago second quarter.
- DMC Global earned $1.7 million in net profits or $0.10 per diluted share.
- Adjusted EBITDA grew to $7.5 million in Q2 2020, up from $4.0 million in Q1 2021 and $1.8 million in Q2 2020.
- DMC had $181.3 million in cash and marketable securities at the end of the second quarter, up from $66.8 million at the end of March 2021. During the quarter, DMC Global raised $123.5 million in total proceeds from a registered public stock offering.
- NobelClad receives an $8.8 million order from the chemical sector and launches its clad pipeline.
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Kevin Longe, president, and CEO stated,
Improving economic circumstances led to greater business in several of their end markets during the second quarter. Rising energy costs generated better demand for DynaEnergetics’ DS well perforating equipment, and NobelClad received a major worldwide order from the chemical sector.