The following is a summary of the INNOVATE Corp. (VATE) Q1 2024 Earnings Call Transcript:
Financial Performance:
INNOVATE Corp. reported Q1 2024 revenues of $315.2 million and adjusted EBITDA of $12.8 million.
The margin expanded by approximately 150 basis points to 14.6% in gross and went up year-over-year by approximately 70 basis points to 5.9% in adjusted EBITDA.
Life Sciences revenue increased to $1 million, gaining $0.5 million from the prior year quarter while Spectrum raised its adjusted EBITDA to $1.6 million from $0.4 million in the prior year quarter.
The company reported a net loss of $17.7 million or $0.22 per share.
Business Progress:
INNOVATE projects significant business growth in 2024 and beyond due to the surge in new work activity in the industrial and modularization sectors of the market.
R2 is expanding its market by launching their product in the Middle East after achieving record high system sales in North America for two consecutive quarters.
Continued progress is being made in exploring opportunities for non-cash flowing businesses, and optimism remains about the overall M&A market with hopes of resolving financial structure issues in 2024.
More details: Innovate Corp IR
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