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Mar 31, 2024
Evi Industries Q3 2024 Earnings Report
Reported third quarter results including record cash flows, achieved record revenue and gross profits, and a record $20M in operating cash flows for the nine-month period, further strengthened its balance sheet, and increased investments across key technology initiatives.
Key Takeaways
EVI Industries announced its Q3 results, which included record revenue, gross profit, and operating cash flows for the nine-month period. The company's operating cash flow for the quarter was a record $9.4 million, contributing to a 36% decrease in net debt.
Third quarter revenue declined by 11% due to the irregular cadence of industrial revenue and delays in completing large on-premise laundry customer sales order contracts.
Excluding the impact of large industrial customer sales order contracts, equipment revenue increased 4.5%, parts revenue increased 5.1%, and service revenue increased 13%.
The company expects to benefit from the completion of confirmed sales order contracts contributing to its $100+ million equipment sales backlog.
Operating cash flow for the third quarter was a record $9.4 million.
Evi Industries
Evi Industries
Forward Guidance
The company expects to benefit from the completion of confirmed sales order contracts contributing to its $100+ million equipment sales backlog.
Positive Outlook
- Completion of confirmed sales order contracts.
- Strong operating cash flows.
- Low leverage profile with over $120 million available for deployment.
- Investments in sales professionals and service technicians.
- Benefits from scalable technologies being deployed.
Challenges Ahead
- Decline in revenue during the third fiscal quarter.
- Delays in the completion of certain large on-premise laundry customer sales order contracts.
- Adverse impact on operating results due to investments in new personnel and technology.
- Increased costs and expenses associated with modernization initiatives.
- Potential risks related to supply chain delays and disruptions.