MIAMI — Commercial laundry and equipment distributor EVI Industries reports having record revenue and gross profit for the three- and six-month periods ended Dec. 31, 2024, and record gross margin for the six-month period.
Among the three-month results (compared to the three months ended Dec. 31, 2023), revenue increased 1% to a second-quarter record of $92.7 million; gross profit increased 4% to a second-quarter record of $27.5 million; gross margin increased to 29.7%, compared to 28.9%; operating income was $2.4 million compared to $3.0 million; net income was $1.1 million (or 1.2%), compared to $1.3 million (1.5%); and Adjusted EBITDA was $5.1 million (or 5.5%), compared to $5.5 million (6.0%).
Among the six-month results (compared to the six months ended Dec. 31, 2023), revenue increased 4% to a record $186.3 million; gross profit increased 8% to a record $56.4 million; gross margin increased to a record 30.3% compared to 29.0%; operating income increased to $7.4 million compared to $5.6 million; net income increased to $4.4 million (or 2.3%), compared to $2.6 million (1.5%); and Adjusted EBITDA increased to a record $12.7 million (or 6.8%), compared to $11.5 million (6.4%).
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. By executing its long-term growth strategy, EVI has achieved a compounded annual growth rate in revenue, net income and Adjusted EBITDA of 31%, 19% and 28%, respectively.
“The continued confidence in our strategy is derived from early successes combined with financial strength and wherewithal; our reputation as a knowledgeable and high-quality buyer and successful builders of businesses; the expected impact of promising technologies; and a heavily invested leadership team to guide the Company into the future,” says Henry M. Nahmad, EVI chairman and CEO.
During the two periods ended Dec. 31, EVI continued deployment of new field service technology, now deployed to over 70% of the service organization; surpassed important milestones in development of its e-commerce platform; wrote new confirmed customer sales order contracts that exceeded the value of those fulfilled during the period; completed two acquisitions, adding sales and service expertise to its Southeast region; and paid a $4.6 million dividend, the largest in EVI history.
Given “steady demand for the products and services the Company provides, a strong backlog of confirmed customer sales orders, and an acquisition pipeline that has delivered new growth opportunities,” EVI chose to grow its sales team to over 190 professionals (a 3% increase) and its service team to over 425 professionals (a 10% increase).
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