IBC Advanced Alloys Experiences Sales Decline in Copper Alloys Division

IBC Advanced Alloys Corp. has announced its financial results for the quarter ending December 31, 2024. The Copper Alloys Division, representing the company's continuing operations, reported a significant 29.4% decline in sales compared to the previous year. This downturn was attributed to a lack of large, non-recurring orders that bolstered results the previous year and a general decrease in market demand.

Despite a challenging environment, IBC's executive leadership anticipates that market conditions will stabilize as uncertainties from the 2024 election period dissipate through 2025. However, the company faced higher labor and overhead costs, leading to a year-on-year drop in gross profit by 44.4% and a 4% reduction in gross margin.

The firm's Engineered Materials division, now closed, continued to impact the overall financial performance with costs related to its discontinuation contributing to the consolidated net loss of $2.6 million. IBC plans to discuss these results further in a webcast scheduled for March 3, 2025.