EVI Industries Inc.<\/a> has reported record operating results for the first quarter of its fiscal year, ending June 30, 2023.<\/p>\n

The first quarter financial highlights are:<\/p>\n

\u2022 Revenue increased 31 percent to a record $83.4 million.
\n\u2022 Gross profit increased 39 percent to a record $24.5 million.
\n\u2022 Gross margin improved 170 basis points to a record 29.4 percent.
\n\u2022 Operating income increased 64 percent to record $4.4 million.
\n\u2022 Net income increased 41 percent to a record $2.8 million.
\n\u2022 Diluted earnings per share increased to a record $0.20.
\n\u2022 Adjusted EBITDA increased 49 percent to a record $6.5 million and increased 90 bps to approximately 8.0 percent.<\/p>\n

Among the first quarter operational and strategic highlights:<\/p>\n

\u2022 Completed two acquisitions that increased market share in existing geographies.
\n\u2022 New customer sales order contracts kept pace with the prior quarter.
\n\u2022 Sustained a strong balance sheet, while completing acquisitions and investing further in working capital.
\n\u2022 Continued to deploy advanced operating technologies across the business.
\n\u2022 Realized certain gains in gross margin and operating margin because of better business intelligence.<\/p>\n

\u201cRecord 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,\u201d said Henry M. Nahmad, EVI chairman and CEO. \u201cWe believe that these results also reflect our values, financial discipline, entrepreneurial culture, operating model, and long-term focus \u2013 each of which have been instrumental to our success thus far.<\/p>\n

\u201cWhile 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.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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: \u2022 Revenue increased 31 percent to a record $83.4 million. \u2022 Gross profit increased 39 percent to a record $24.5 million. \u2022 Gross margin improved 170 basis points to […]<\/p>\n","protected":false},"author":1230,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[56],"tags":[],"class_list":["post-12298","post","type-post","status-publish","format-standard","hentry","category-industry-news"],"_links":{"self":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/12298","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/users\/1230"}],"replies":[{"embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/comments?post=12298"}],"version-history":[{"count":1,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/12298\/revisions"}],"predecessor-version":[{"id":12300,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/posts\/12298\/revisions\/12300"}],"wp:attachment":[{"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/media?parent=12298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/categories?post=12298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planetlaundry.com\/wp-json\/wp\/v2\/tags?post=12298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}