MIAMI — Commercial laundry equipment distributor EVI Industries reports having record revenue, gross profit and gross margin for the nine-month period ended March 31.
Among the nine-month results (compared to the nine months ended March 31, 2024), revenue increased 6% to a record $280 million; gross profit increased 8% to a record $84.4 million; gross margin increased to a record 30.2% compared to 29.6%; operating income increased to $9.7 million compared to $8.0 million; net income increased to $5.4 million (or 1.9%), compared to $3.6 million (or 1.4%); and adjusted EBITDA increased to $17.8 million (or 6.4%), compared to $16.4 million (or 6.2%). Cash flow from operations during the period was $11.3 million.
During the nine-month period, EVI says it:
- Completed three acquisitions, including Girbau North America,
- Substantially completed implementing its field service technology,
- Surpassed planned milestones in development and deployment of its digital commerce solution,
- Confirmed customer sales order contracts exceeded the value of those fulfilled during the period, and
- Sustained a strong balance sheet while investing in growth, working capital and advanced technologies.
The company also reported its three-month results ended March 31 compared to the same period in 2024.
Revenue increased 11% to $93.5 million, compared to $84.0 million; gross profit increased 9% to a record $28.1 million; gross margin was 30.0% compared to 30.7%; operating income was $2.3 million compared to $2.4 million; net income increased to $1.0 million (or 1.1%), compared to $0.96 million (or 1.1%); and adjusted EBITDA increased to $5.1 million (or 5.4%), compared to $4.9 million (or 5.9%). Cash flow from operations during the period was $9.1 million.
Since 2016, the publicly traded company (NYSE American: EVI) has sought to establish itself as a leader in the North American commercial laundry distribution and service industry. EVI believes that its strong fundamentals, including its disciplined financial management, targeted market strategy, entrepreneurial culture, commitment to innovation, and strong supplier relationships, collectively provide a solid foundation for continued growth.
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