{"id":756863,"date":"2023-05-09T19:33:14","date_gmt":"2023-05-09T23:33:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/a-mark-precious-metals-reports-fiscal-third-quarter-2023-results\/"},"modified":"2023-05-09T19:33:14","modified_gmt":"2023-05-09T23:33:14","slug":"a-mark-precious-metals-reports-fiscal-third-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/a-mark-precious-metals-reports-fiscal-third-quarter-2023-results\/","title":{"rendered":"A-Mark Precious Metals Reports\u00a0Fiscal Third Quarter 2023 Results"},"content":{"rendered":"
\n

\n Q3 FY 2023 Diluted Earnings Per Share of $1.46 up from $1.35 in Q2 FY 2023<\/strong>
\n \n <\/p>\n

\n Q3 FY 2023 EBITDA of $52MM up 7% from Q2 FY 2023<\/strong>\n <\/p>\n

\n Company Repurchases 335,735 Common Shares for $9.8MM<\/strong>\n <\/p>\n

EL SEGUNDO, Calif., May 09, 2023 (GLOBE NEWSWIRE) — A-Mark Precious Metals, Inc. (NASDAQ: AMRK)<\/strong>, a leading fully integrated precious metals platform, reported results for the fiscal third quarter ended March 31, 2023.<\/p>\n

\n Management Commentary <\/strong>\n <\/p>\n

\u201cOur third quarter results continued to illustrate the effectiveness of our fully integrated precious metals platform, especially during periods of increased market volatility and macroeconomic uncertainty,\u201d said A-Mark CEO Greg Roberts. \u201cOur integrated capabilities allow us to optimize access to inventory, providing us with a consistent source of supply during periods of increased demand. During the third quarter these factors contributed to quarter-over-quarter increases of 19% in revenue and 18% in gross profit, as well as a 6% quarterly return on equity.<\/p>\n

\u201cWe continue to benefit from the significant impact of the Direct-To-Consumer segment to our overall results, with a contribution of 57% to the consolidated gross profit for the quarter, driven by a 124-basis point increase in the segment\u2019s gross margin percentage year-over-year. We remain diligent in our strategy of seeking additional investment opportunities that align with our business and expand our geographic footprint.<\/p>\n

\u201cOur minting business remains a consistent contributor to our overall performance with production output at near record levels. As we previously announced, during the quarter our Silver Towne Mint achieved ISO 9000:2015 certification in recognition of the facility\u2019s high standards for quality management. With the certification, Silver Towne Mint\u2019s products are now accepted into Individual Retirement Accounts (IRAs), which has allowed us to expand our products to an even larger base of customers. The Mint is now producing over one million ounces per week, and we are currently in the process of expanding the size of the facility and acquiring additional equipment to further increase minting capacity.<\/p>\n

\u201cLooking ahead, we believe that our diversified business model and access to inventory will allow us to further capitalize on the heightened demand for precious metals. While our core business remains strong, we are continuing to evaluate growth opportunities that will further enhance our platform and contribute to our business.\u201d<\/p>\n

\n Fiscal Third Quarter 2023 Operational Highlights <\/strong>\n <\/p>\n