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Mar 31, 2021
Evi Industries Q3 2021 Earnings Report
Reported record fiscal third quarter operating results, establishing new fiscal third quarter records for revenue, gross profit, and adjusted EBITDA.
Key Takeaways
EVI Industries reported a record revenue of $62 million for the fiscal third quarter, a 6% increase over the same period of the prior fiscal year and an approximately 9% increase compared to the prior fiscal quarter. The company also achieved record gross profit, and adjusted EBITDA. The company acquired Eastern Laundry Systems during the quarter.
Revenue for the fiscal third quarter was a record $62 million, reflecting a 6% increase over the same period of the prior fiscal year.
Gross margin during the third fiscal quarter increased from 23% to 25% compared to the period of prior fiscal year, resulting in record gross profit for the quarter.
Acquired Eastern Laundry Systems, a New England based commercial laundry distributor and service provider.
On March 31, 2021, the Company had $19.8 million of net debt.
Evi Industries
Evi Industries
Forward Guidance
EVI believes it is well-positioned for continued growth over the mid and long-term. The company continues to pursue acquisition and other strategic opportunities in the commercial laundry industry.
Positive Outlook
- Differentiated value proposition as the leader in designing and selling sustainable, efficient, effective, and technologically advanced laundry solutions.
- Robust installation and service network.
- Expansion of product offerings.
- Provider of choice for industrial, on premise, vended, and multifamily laundry customers.
- Most attractive partner for domestic and global companies seeking growth in the North American commercial laundry industry.
Challenges Ahead
- Risks related to EVI’s business, results, financial condition, prospects, and growth strategy and plans.
- General economic and business conditions in the United States and other countries where EVI operates or where its customers and suppliers are located.
- Industry conditions and trends.
- Risks relating to the COVID-19 pandemic and the rapidly changing effects thereof and developments with respect thereto.
- Competition, including the Company’s ability to compete effectively.