Atlas Engineered Products ("AEP") announces its financial and operating results for the 1Q ended March 31, 2021. Revenue increased 29% to $9.1 million for the three months ended March 31, 2021 from $7 million for the three months ended March 31, 2020. This increase represents the Company's best 1Q to date.
1Q 2021 gross margin was 19%, which was up from gross margin of 16% for the three months ended March 31, 2020. Gross margins increased by 3% due to the Company's hard work navigating and controlling pricing during the rising raw material prices and shortages, while constantly focusing on improving efficiencies for new product lines and acquisitions. Additionally, the manufacturing equipment bought at the end of January 2021 also improved automation at one of AEP's facilities, with the ability for improved efficiencies within our core product lines.
The Company recorded a net income of $51,208 for the 1Q 2021 compared to a net loss of $(762,961) for the three months ended March 31, 2020. This substantial increase was driven by increased revenues, improved gross margins, and significantly reduced operating expenses.
"The entire team at AEP has been working incredibly hard to navigate the challenges caused by the COVID-19 pandemic; from keeping employees safe to navigating material pricing increases and supply shortages. These record 1Q results showcase those efforts and I am incredibly proud of what the Company and its employees have accomplished," said Hadi Abassi, CEO & President, Founder. "We are optimistic and excited to see what the rest of 2021 will bring with continued hard work and perserverence."
Atlas Engineered Products Ltd.is a growth company that is acquiring and operating profitable, well-established operations in Canada's truss and engineered products industry.
