DMC Global sales, net income plummet in second quarter

BROOMFIELD — Oilfield and infrastructure services firm DMC Global Inc. (Nasdaq: BOOM) saw both its revenues and net income dive in the second quarter of 2024 as compared with the same period last year.

Sales were $171.2 million in the most-recent quarter, down 9% year over year, while net income plummeted 64% year over year to $6.3 million in the second quarter of 2024. 

In early 2024, DMC Global leaders told stakeholders that the company is considering selling off two of its three business units: DynaEnergetics, the company’s energy-industry services division; and NobelClad, DMC’s industrial infrastructure and transportation division.

“Our focus remains on evaluating options to drive improved value for DMC’s stockholders, and we look forward to providing an update on our efforts when appropriate,” DMC Global CEO Michael Kuta said in a statement that accompanied the company’s second-quarter earnings report. 

If DynaEnergetics and NobelClad are offloaded, DMC’s remaining business unit would be Arcadia, a supplier of architectural building products.

“We made significant progress at Arcadia, our architectural building products business,” Kuta’s statement said. “While construction spending across its key markets remains weak, Arcadia’s sales of $69.7 million were better than anticipated, reflecting solid execution by the entire Arcadia organization.”