Why The Dixie Group Inc. (DXYN) stock went down on Friday’s after-hours?

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The Dixie Group Inc. (DXYN) shares lost 6.66% in after-hours on Friday, August 06, 2021, and closed the weekly trading at $3.50 per share. However, in the regular trading session on Friday, DXYN’s stock gained 7.45%. DXYN shares have risen 267.65% over the last 12 months, and they have moved up 32.04% in the past week. Over the past three months, the stock has gained 13.98%, while over the past six months, it has declined 13.79%.

Let’s see is there any recent news or development about the company?


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DXYN latest financial results announcement

On August 5, 2021, The Dixie Group, Inc. (DXYN) released financial results for the second quarter ended June 26, 2021.

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Q2 2021 financial highlights

  • DXYN reported net sales of $104,833,000 in Q 2021 compared to $ 60,824,000 in Q2 2020.
  • The gross profit margin was 24.6% in Q2 2021 compared to 20.1% in Q2 2020.
  • Selling and administrative expenses were $21.04 million in Q2 2021 compared to $16.5 million in Q2 2020.
  • The net loss from continuing operations was $3,386,000 in Q2 2021 loss of $0.22 per diluted share compared to net loss from continuing operations of $6,979,000 or a loss of $0.46 per diluted share in Q2 2020.

DXYN agreement with Mannington Mills

On June 30, 2021, The Dixie Group, Inc. (DXYN) agreed to sell its commercial business to Mannington Mills, Inc.

Upon completion of the agreement, Mannington would buy the AtlasMasland business, including certain tufting machines, other equipment, and inventories. However, they would not be purchasing any facilities in the proposed transaction.

Both Companies expects the transition will take several months to complete. During that time, The Dixie Group will continue to manufacture goods for Mannington while they relocate tufting machines and other equipment to their facilities in Calhoun, Georgia.

DXYN Q1 2021 financial results announcement

 On May 18, 2021, The Dixie Group, Inc reported financial results for the first quarter ended March 27, 2021.

Q1 2021 financial highlights

  • DXYN reported net sales of $86,301,000 in Q1 2021 as compared to $80,578,000 in the same quarter of 2020.
  • It suffered a loss of $1,967,000 or $0.13 per diluted share from continuing operations in Q1 2021 compared to a loss from continuing operations of $2,613,000 or $0.17 per diluted share in the first quarter of 2020.
  • The gross profit margin was 22.6% for the first quarter of 2021, compared to our 23.6% in Q1 2020.
  • Selling and administrative expenses were $20.12 million in Q1 2021 compared to $20.4 million in Q1 2020.
  • Net loss was $2.20 million in Q1 2021 compared to $2.7 million in Q1 2020.

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Conclusion

DXYN stock plummeting on Friday had no reason. The stock went up on Friday morning after the company released its financial results on Thursday evening. we hope that it will leave the negativity behind and will commence the new week with strong positivity.

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