In This Article:
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Net Income: $9 million or $0.29 per share, stable year-over-year.
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Adjusted Earnings Per Share: Increased to $0.69 from $0.65 last year.
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Revenue: $471.2 million, a slight decrease from $479.6 million a year ago.
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Adjusted EBITDA: $56.8 million, down from $58.4 million in the previous year.
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Memorialization Sales: Stable at $222.2 million, nearly unchanged from $222.9 million.
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SGK Brand Solutions Sales: Increased to $132.9 million from $131.2 million.
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Industrial Technologies Sales: Decreased to $116.1 million from $125.5 million.
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Debt Reduction: Reduced outstanding debt to $843 million from $862 million at the end of the last quarter.
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Leverage Ratio: Improved to 3.62% from 3.71% at the end of the last quarter.
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Dividend: Declared quarterly dividend of $0.24 per share.
Release Date: May 03, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Memorialization business maintained strong sales and EBITDA, continuing to exceed pre-COVID levels.
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SGK Brand Solutions segment reported sales growth and significant margin improvement due to effective pricing and cost actions.
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Successful advancement in digital e-commerce initiatives, expected to meet the $40 million sales target for the year.
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Energy Solutions business reported sequential growth and high interest in dry battery electrode technology, indicating strong future potential.
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Progress in new printhead solution, meeting all milestones for a scheduled launch by the end of the calendar year.
Negative Points
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Overall sales for the quarter slightly declined due to macroeconomic impacts on several business segments.
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Industrial Technologies segment experienced lower sales, particularly in warehouse automation due to reduced market development.
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Delays in customer installations in the Energy Solutions business, impacting expected timelines and revenue recognition.
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Challenges in the European market continue to affect the SGK segment despite growth in other regions.
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Increased labor and material costs impacted the Memorialization segment's adjusted EBITDA, despite stable sales.
Q & A Highlights
Q: Can you elaborate on what you're seeing from your customers regarding the long-term transition to dry battery EV production? A: (Joseph Bartolacci - President, CEO) The transition to dry battery EV production is ongoing, though the timing has slowed. Interest levels are high due to the cost benefits and productivity of our system. We anticipate more discussions on this topic in the coming quarters.