Business
Superior Group of Companies Reports Fourth Quarter Results
– Total net sales of $147.2 million versus $148.6 million in prior year fourth quarter –– Net income of $3.6 million versus net income of $2.2 million in
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"– Total net sales of $147.2 million versus $148.6 million in prior year fourth quarter –– Net income of $3.6 million versus net income of $2.2 million in prior year fourth quarter –– EBITDA of $9.9 million versus adjusted $3.5 million in prior year fourth quarter –– Provides full-year outlook – ST. PETERSBURG, Fla., March 13, 2024 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its fourth quarter 2023 results. “We capped off 2023 with our best quarter of the year, delivering sequential improvement, stronger profitability and continued positive cash flow along with a substantially improved balance sheet,” said Michael Benstock, Chief Executive Officer. “Underlying fundamentals are moving in the right direction, consistent with what we saw through much of 2023. With our strong retention and new client wins, we are optimistic that we will continue to drive improved performance and consistently solid results. All three of our attractive end markets are growing and highly fragmented, and we believe our stronger financial position will enable us to take additional market share and enhance shareholder value in 2024 and beyond.” Fourth Quarter Results For the fourth quarter ended December 31, 2023, net sales decreased 0.9% to $147.2 million compared to fourth quarter 2022 net sales of $148.6 million. Pretax income was $4.2 million compared to $1.2 million in the fourth quarter of 2022. Net income was $3.6 million or $0.22 per diluted share compared to $2.2 million or $0.14 per diluted share for the fourth quarter of 2022. In the prior year fourth quarter, the Company realized a pre-tax, non-operating gain of $3.4 million. On an adjusted basis, which excludes the prior year’s pre-tax, non-operating gain, this quarter’s net income of $3.6 million or $0.22 per diluted share compares to a net loss of $0.9 million or $0.06 per diluted share for the prior year. At the conclusion of this press release is a reconciliation of reported to adjusted results, including a description of significant items. 2024 Full-Year Outlook The Company is forecasting full year 2024 sales to be $558 million to $568 million versus 2023 sales of $543 million, and forecasting earnings per share to be $0.61 to $0.68, compared to $0.54 diluted adjusted earnings per share in 2023. Webcast and Conference Call The Compa...