Servotronics Provides Investor Update on Strategic Vision to Maximize Long-Term Shareholder Value and Initial 2024 Outlook
-- 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, NY, December 18, 2023 – 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.
