Business
Superior Group of Companies Reports Second Quarter 2024 Results
– Total net sales of $131.7 million up from $129.2 million in prior year second quarter –– Net income of $0.6 million compared to $1.2 million in prior year
About this update from Superior Group Of Companies, Inc.
[{"type":"text","content":"– Total net sales of $131.7 million up from $129.2 million in prior year second quarter –– Net income of $0.6 million compared to $1.2 million in prior year second quarter –– EBITDA of $5.6 million compared to $7.4 million in prior year second quarter –– Board of Directors approves $0.14 per share quarterly dividend –– Maintains full-year outlook – ST. PETERSBURG, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its second quarter 2024 results. “We delivered a second consecutive quarter of revenue growth along with robust free cash flow, continuing our commitment to maintaining a strong financial position,” said Michael Benstock, Chief Executive Officer. “While second quarter results were below our expectations, we are poised to generate stronger performance in the second half of the year and are maintaining our full-year outlook. In addition, the steps we’re taking now will clearly benefit our growth and profitability over the long-term. I’m pleased that our Board has again approved our quarterly dividend, reflecting our shared confidence in the compelling opportunities ahead to further penetrate all three of the large and growing end markets we serve, which will ultimately benefit our efforts to further enhance long-term shareholder value.” Second Quarter Results For the second quarter ended June 30, 2024, net sales increased 2.0% to $131.7 million, compared to second quarter 2023 net sales of $129.2 million. Pretax income was $0.7 million compared to $1.4 million in the second quarter of 2023. Net income was $0.6 million or $0.04 per diluted share compared to $1.2 million, or $0.08 per diluted share for the second quarter of 2023. Third Quarter 2024 Dividend The Board of Directors declared a quarterly dividend of $0.14 per share, payable August 30, 2024 to shareholders of record as of August 17, 2024. 2024 Full-Year Outlook The Company is maintaining its full year 2024 sales outlook range of $563 million to $570 million, versus 2023 sales of $543 million, and maintaining its full-year earnings per diluted share forecast of $0.73 to $0.79 versus $0.54 in 2023. Webcast and Conference Call The Company will host a webcast and conference call at 5:00 pm Eastern Time today. The live webcast and archived replay can be accessed in the investor relations section o...