Evi Industries Q3 2020 Earnings Report

EVI Industries reported flat revenue and adjusted EBITDA year over year, with a deceleration of revenue beginning in March 2020 due to the COVID-19 pandemic, while achieving record gross profit for the quarter.

Key Takeaways

EVI Industries announced results for the three-month period ended March 31, 2020. The COVID-19 pandemic adversely impacted the Company’s performance, particularly resulting in a deceleration of revenue beginning in March 2020, the Company achieved record gross profit for the three-month period.

Revenue was flat compared to the same period last year due to a deceleration beginning in March 2020 resulting from the onset of the COVID-19 pandemic.

Adjusted EBITDA was flat year over year, reflecting ongoing investments to optimize and modernize acquired businesses and investments in acquisition opportunities, combined with the impact of the COVID-19 pandemic.

The company completed the acquisition of Laundry Systems of Tennessee and affiliates and Commercial Laundry Equipment, Inc during the quarter.

EVI operates from 24 distribution locations in 14 states and exports to Latin America and the Caribbean from its Florida operations.

Total Revenue

$59M

Previous year: $59.3M