Press release
Transcat Reports Record Revenue and Gross Margins for Fourth Quarter and Full Year 2023
Fourth Quarter Service revenue up 14.7%, Service organic revenue growth of 10.0% Fourth Quarter Service gross profit increased 17.9%, Service gross margin
About this update from Transcat, Inc.
[{"type":"text","content":"\n\nFourth Quarter Service revenue up 14.7%, Service organic revenue growth of 10.0% \n\n\n\n\n\nFourth Quarter Service gross profit increased 17.9%, Service gross margin expanded 90 basis points\n\n\n\n\n\n Fourth Quarter consolidated adjusted EBITDA grew 17.6% with margins expanding 80 basis points\n\n\n\n ROCHESTER, N.Y.--(BUSINESS WIRE)--\nTranscat, Inc. (Nasdaq: TRNS) (“Transcat” or the “Company”), a leading provider of accredited calibration, repair, inspection and laboratory instrument services and value-added distributor of professional grade handheld test, measurement and control instrumentation, today reported financial results for its fourth quarter and fiscal year ended March 25, 2023 (“fiscal 2023”). Results include the previously reported acquisitions of Upstate Metrology, Inc. (\"Upstate Metrology\") effective April 29, 2021, Cal OpEx Limited (d/b/a NEXA Enterprise Asset Management) (“NEXA”) effective August 31, 2021, Tangent Labs, LLC (“Tangent”) effective December 31, 2021, Charlton Jeffmont Inc., Raitz Inc. and Toolroom Calibration Inc. (d/b/a Alliance Calibration) (“Alliance”) effective May 31, 2022, e2b Calibration (\"e2b\"), effective September 27, 2022, and Galium Limited (d/b/a Complete Calibrations) (\"Complete Calibrations\"), effective September 28, 2022.\n\n\n“Despite macroeconomic headwinds and uncertainty, Transcat delivered strong performance across our entire business portfolio again in Fiscal 2023. The year was highlighted by record revenue and gross margins in the Service segment as well as on a consolidated basis. We are especially pleased with our Service revenue growth of 19%, which included 10% organic Service growth” commented Lee D. Rudow, President and CEO. “Service margins benefited from our differentiated value proposition, which continued to resonate throughout our expanded addressable markets. The expansion of NEXA's suite of professional services has been well received throughout the U.S. and Ireland and for the first time, we opportunistically performed work in various parts of Europe including the Netherlands, Switzerland, and Germany. Adjusted EBITDA growth of 16% for the fiscal year is a testament to the successful execution of our automation and process improvement productivity initiatives.”\n\n\nMr. Rudow added, “In the fiscal year we completed three acquisitions, Alliance Calib...