EVI Industries Inc. has reported record operating results for the first quarter of its fiscal year, ending June 30, 2023.
The first quarter financial highlights are:
• Revenue increased 31 percent to a record $83.4 million.
• Gross profit increased 39 percent to a record $24.5 million.
• Gross margin improved 170 basis points to a record 29.4 percent.
• Operating income increased 64 percent to record $4.4 million.
• Net income increased 41 percent to a record $2.8 million.
• Diluted earnings per share increased to a record $0.20.
• Adjusted EBITDA increased 49 percent to a record $6.5 million and increased 90 bps to approximately 8.0 percent.
Among the first quarter operational and strategic highlights:
• Completed two acquisitions that increased market share in existing geographies.
• New customer sales order contracts kept pace with the prior quarter.
• Sustained a strong balance sheet, while completing acquisitions and investing further in working capital.
• Continued to deploy advanced operating technologies across the business.
• Realized certain gains in gross margin and operating margin because of better business intelligence.
“Record operating performance in a substantial number of important financial metrics is a testament to the well-synchronized efforts of our more than 650 employees dedicated to serving our customers, while executing on a series of initiatives in pursuit of our long-term operating performance goals,” said Henry M. Nahmad, EVI chairman and CEO. “We believe that these results also reflect our values, financial discipline, entrepreneurial culture, operating model, and long-term focus – each of which have been instrumental to our success thus far.
“While we are still early in our long-term strategy to build the undisputed leader in the North American commercial laundry industry, we are starting to realize some of the benefit of our market strategy. Given our success and position in the industry, we believe that business owners, customers, and prospective leaders will continue to be attracted to joining the EVI family and to working with our company in the months and years ahead.”
