EVI Industries Inc. recently announced its results for the first quarter of its fiscal year ending June 30, 2024, including record revenue and gross profit.
Since 2016, EVI has completed 25 acquisitions, expanded into new geographies, retained and invested in additional sales and service personnel, broadened its OEM representations, and implemented advanced operating technologies. As a result of these initiatives, EVI’s revenue, net income, and Adjusted EBITDA since that time have grown at compounded annual growth rates of 37 percent, 24 percent, and 35 percent, respectively.
“EVI delivered record revenue and gross profit during the quarter,” noted Henry M. Nahmad, EVI chairman and CEO. “Our results are a testament to the dedication of our team and their thoughtful execution of various initiatives they have undertaken to drive growth, modernize operations, and improve profitability. Given the success of these initiatives, we will continue to invest in people capable of driving growth, while we also invest in and deploy technologies that enhance the customer experience. This approach has served us well and has been the catalyst to generating incrementally greater operating leverage over the last few years.”
Here are some fiscal first quarter highlights, compared to the first quarter of fiscal 2023:
- Revenue increased 6 percent to a first quarter record $88.1 million.
- Gross profit increased 5 percent to a first quarter record $25.7 million.
- Gross margin was 29.2 percent, compared to 29.4 percent in the same quarter of the prior fiscal year.
- Operating income was $2.6 million, compared to $4.4 million in the same quarter of the prior fiscal year.
- Operating income adjusted for one-time noncash expense was $3.8 million.
- Net income was $1.3 million, or approximately 1.5 percent, compared to $2.8 million in the same quarter of prior fiscal year.
- Adjusted EBITDA was $6 million, or approximately 7 percent, compared to $6.5 million in the same quarter of the prior fiscal year.
During the three months ended September 30, 2023, the company also completed the acquisition of Alco Washer Center, a commercial laundry distributor in New Castle, Pa.
“Each acquisition is integral to achieving our long-term goal to build North America’s largest value-added distributor of commercial laundry and related products and the most dynamic network of commercial laundry technicians,” Nahmad explained. “Our company is excited about the benefits already delivered by these businesses and appreciate the value each provides to our growing organization. Looking forward, we continue to see a strong deal pipeline and 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.”
