The following is a summary of the SPAR Group, Inc. (SGRP) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SPAR Group reported an increase in Q1 2024 revenue by 6.7%.

• The company reported a decrease in Selling, General & Administrative expense (SG&A) by nearly $850,000, leading to 220 basis points of favorability as a percentage of revenue.

• SPAR Group gained $7.2 million from the sale of their South African business.

• The resultant EBITDA for the quarter is $10.1 million and the net income attributable to SPAR is $6.6 million.

• Earnings per share are reported at $0.28, a significant increase from $0.04 year over year.

Business Progress:

• SPAR Group has purchased back 1 million shares from one of their largest shareholders and a founder, and completed the acquisition of Resource Plus US joint venture fully, bringing more value to shareholders.

• The Remodel business in the US showed significant recovery with 98% growth compared to the same quarter last year.

• The company won $35 million in new business in the US and Canada, including a lucrative multi-year deal valued at over $12 million per year with one of the US's largest home improvement retailers.

• SPAR's strategic exit from the South Africa business was due to a significant drop in gross margin and decrease in year-over-year revenue, a move aimed at preserving long-term shareholder value.

• In an initiative to simplify operations, SPAR announced its exit from Australia, China, National Merchandising Services, South Africa, and Brazil.

More details: SPAR Group IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.