Business
Superior Group of Companies Reports First Quarter 2023 Results
– Total Net Sales of $130.8 Million versus $143.6 million in Prior Year First Quarter –– Net Income of $0.9 Million versus $5.2 Million in Prior Year First
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"– Total Net Sales of $130.8 Million versus $143.6 million in Prior Year First Quarter –– Net Income of $0.9 Million versus $5.2 Million in Prior Year First Quarter –– EBITDA of $6.9 Million versus $10.0 Million in Prior Year First Quarter –– Board of Directors Approved $0.14 Dividend for Next Quarterly Payment –– Reaffirms Full-Year Guidance – ST. PETERSBURG, Fla., May 08, 2023 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its first quarter 2023 results. First Quarter Results For the first quarter of 2023, net sales of $130.8 million compared to first quarter 2022 net sales of $143.6 million. Net income of $0.9 million or $0.06 per diluted share compared to $5.2 million or $0.32 per diluted share, respectively, in the first quarter of 2022. “We’ve kicked off 2023 as expected with our Contact Centers segment continuing strong sales growth above 20% while soft economic conditions restrained growth at our Healthcare Apparel and Branded Products segments. During the quarter, we delivered on our commitment to drive significant free cash flow, lower working capital and reduce our net leverage position. As a result, SGC is in an attractive position to generate improved growth and profitability during the second half of the year as we indicated last quarter,” said Michael Benstock, Chief Executive Officer. “Today, we are reaffirming our full-year outlook, and as we wait for macro conditions to turn more favorable, our team remains focused on winning in the marketplace every day while optimizing our longer-term strategy to capitalize on the large and attractive end markets we serve. I also am pleased that our Board recently approved another quarterly dividend, reflecting our confidence in our continued solid performance during subdued economic times, and am excited about the many opportunities ahead of us to drive long-term shareholder value.” Second Quarter 2023 Dividend The Board of Directors declared a quarterly dividend of $0.14 per share, payable June 2, 2023, to shareholders of record as of May 19, 2023. 2023 Full-Year Outlook For full-year 2023, the Company continues to forecast sales to be $585 million to $595 million compared $579 million in 2022, and earnings per share to be $0.92 to $0.97 compared to $0.62 of adjusted earnings per share in 2022. Webcast and Conference Call...