MIAMI — Commercial laundry and drycleaning equipment distributor EVI Industries Inc. reports it achieved record results for the three and nine months ended March 31 (“third quarter”) on 57% revenue growth.
EVI trades publicly on the New York Stock Exchange and has gained notoriety for its many acquisitions of commercial laundry businesses over the last several years.
In 2016, the distributor began executing what it calls a “long-term buy-and-build growth strategy,” allocating approximately $140 million of capital. It’s grown from one business operating from a single Florida location with 31 employees to 24 businesses employing hundreds of people, including over 150 in sales and over 350 in service.
“While our company continues to set growth and performance records, no achievement is more meaningful and more critical to our long-term success than the formation and continued growth of the EVI family,” says Chairman and CEO Henry M. Nahmad. “Today, we are a group that includes most of the original owners of our acquired businesses and over 700 professionals.”
For the three months ended March 31, compared to the same period in 2022, EVI saw increases in revenue (57% to a record $94.1 million), gross profit (56% to a record $26.6 million), operating income (2,275% to a record $4.5 million), net income (6,775% to a record $2.8 million), net income margin (rose to 2.9%), diluted earnings per share (increased to a record $0.19), adjusted EBITDA (216% to a record $6.7 million), and adjusted EBITDA margin (rose to 7.2%).
Gross margin decreased 10 basis points to 28.3%.
The distributor believes its 57% increase in revenue during the period can be attributed to an increase in “products available to satisfy steady customer demand, including products from new OEM relationships, a greater amount of industrial sales, and a larger sales organization that is successfully growing market share across all end market segments,” according to a press release announcing the quarterly results.
For the nine months ended March 31, compared to the same period in 2022, EVI saw increases in revenue (41% to a record $260.1 million), gross profit (47% to a record $75.9 million), gross margin (130 basis points to a record 29.2%), operating income (226% to a record $12.5 million), net income (202% to a record $7.8 million), net income margin (rose to 3.0%), diluted earnings per share (to a record $0.54), adjusted EBITDA (100% to a record $19.2 million), and adjusted EBITDA margin (rose to 7.4%).
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