The following is a summary of the RCM Technologies, Inc. (RCMT) Q1 2024 Earnings Call Transcript:
Financial Performance:
RCM reported Q1 2024 consolidated gross profit growth of 7.1% to $20.4 million from $19.0 million in Q1 2023.
Adjusted EBITDA for the first quarter grew 11.1% to $6.8 million.
Adjusted diluted EPS for the first quarter increased by 30.4% to $0.53.
Engineering gross profit and life sciences data and solutions gross profit grew by 27.1% and 7.9% respectively, though healthcare gross profit dropped by 2.4%.
The company expects low double-digit, consolidated, adjusted EBITDA growth for fiscal 2024.
Business Progress:
Q1 2024 school revenue increased by 19.1% to $31.9 million, and the company is in the final stages of negotiations with 12 new districts.
RCM introduced a shared services team to improve strategic focus, collaboration, and communication.
Energy services delivered strong results with double-digit increases expected in both revenue and EBITDA.
Success was noted in life sciences and data solutions sectors with good progress in project, solution, and managed service solutions' client engagements.
There are plans for strategic acquisitions that can bring added value and open up opportunities in growing market segments.
RCM is looking to improve management of accounts receivable and dealing with administrative client issues to streamline operations.
More details: RCM Technologies IR
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