DMC released its earnings report for the period ending June 30, showing $53.6 million in second quarter revenue, down from $57.9 million last year. Net income also declined, sliding from $3.4 million last year to $2.9 million, or 21 cents per share, this year.
The Boulder-based manufacturer has two core businesses serving the energy and industrial markets. Its NobelClad segment makes explosion-welded clad metal plates for making equipment in various industries. Its Oilfield Products segment consists of DynaEnergetics, a maker of advanced explosive components and systems for perforating oil and gas wells, and AMK Technical Services, which specializes in the welding of components for the oil, turbine and jet-engine industries.
Oilfield Products revenue in the second quarter rose to a record $27.4 million, up 8 percent from last year. But NobelClad sales dropped 19 percent to $26.2 million.
“Our second quarter top-line results were an improvement over the first quarter, and reflect the continued strong performance of DynaEnergetics,” DMC president and chief executive Kevin Longe said. “Demand for DynaEnergetics’ DynaSelect switch detonator remains strong, particularly in North America, and helped elevate Oilfield Products sales to a quarterly record.
DMC shares opened strong Wednesday but were down 2 percent from the previous day’s close by early afternoon trading.