DSG Q1 2023 Earnings Report
Key Takeaways
Distribution Solutions Group reported strong first-quarter results with a 28% increase in adjusted revenue, fueled by 13.7% organic growth, and adjusted EBITDA expansion to $39.4 million, representing 11.3% of revenue.
GAAP revenue was $348.3 million, an increase of $194.2 million or 126.0%, which included $38.9 million of additional revenue from companies acquired in 2022 other than Lawson Products.
Non-GAAP adjusted revenue increased 28.1% or approximately $76.3 million, driven by strong organic growth of 13.7% plus revenue from companies acquired in 2022 (other than Lawson Products).
Reported operating income increased by $13.7 million from the prior year period to $16.7 million or 4.8% of GAAP revenue; Non-GAAP adjusted EBITDA increased by 73.6% from the prior year period to $39.4 million or 11.3% of revenue.
Diluted income per share was $0.28 for the quarter compared to a diluted loss per share of $0.25 in the year-ago quarter; Non-GAAP diluted earnings per share was $0.52 in the first quarter 2023 compared to $0.00 for the same period a year ago.
DSG
DSG
Forward Guidance
The company anticipates continued year-over-year revenue and profitability expansion as 2023 progresses with a focus on organic growth, strategic acquisitions and improved operational efficiencies.