The following is a summary of the Superior Group of Companies, Inc. (SGC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Superior Group of Companies reported Q1 2024 revenues of $139 million, a 6% year-over-year increase.
EBITDA of $9.6 million, up 40% from the previous year's quarter.
Diluted EPS grew significantly to $0.24 from $0.06 in the previous year.
The company achieved further reduction in net debt, improving the net leverage ratio.
All business segments showed improved year-over-year results with a consolidated gross margin of nearly 40%.
The revenue range for 2024 is now forecast to be between $563 million to $570 million, and earnings per share guidance for full-year has been increased to a range of $0.73 to $0.79.
Business Progress:
Superior Group of Companies reported improvement in end-market performance, with increased client spending.
The company is investing in staff and technology, aimed at boosting new customer acquisition.
Notable revenue and EBITDA growth reported in Healthcare Apparel and Branded Products segments.
Significant progress was made in inventory reduction, and debt levels were further decreased.
The company has made significant efficiency and profitability improvements in their factories in Haiti, while also benefiting from a good pricing environment.
Through investment in talent, they continue to improve operational efficiency.
With turmoil in the competitive landscape especially in healthcare, there is potential for gaining a bigger market share.
New product introductions and growth initiatives are aimed at acquiring a larger portion of the $24 billion market.
More details: Superior IR
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