1847 Holdings Reports CMD Inc. Strong Revenue Growth and Profitability for Fiscal Year 2023 and Nine Months Ended September 30, 2024
1847 Holdings' (NYSE:EFSH) subsidiary CMD Inc., a Las Vegas-based cabinetry manufacturer, reported strong financial results for FY2023 and the first nine months of 2024. In FY2023, revenues grew 97.5% to $27.1 million, with net income reaching $5.8 million, marking a significant turnaround from a $1.5 million loss in 2022.
For the nine months ended September 30, 2024, CMD continued its growth trajectory with revenues up 21.8% to $23.3 million and net income increasing 90.6% to $6.6 million. The company has implemented strategic initiatives including expansion into Arizona and Utah markets, establishing a new division for tract home projects in Northern Las Vegas, and plans to enter the Ready-To-Assemble cabinetry market for multi-family housing through synergies with subsidiary Innovative Cabinets and Design.
La controllata CMD Inc. di 1847 Holdings (NYSE:EFSH), un produttore di mobili per cucine con sede a Las Vegas, ha riportato risultati finanziari solidi per l'anno fiscale 2023 e per i primi nove mesi del 2024. Nell'anno fiscale 2023, i ricavi sono aumentati del 97,5%, raggiungendo 27,1 milioni di dollari, con un utile netto di 5,8 milioni di dollari, segnando un'inversione significativa rispetto a una perdita di 1,5 milioni di dollari nel 2022.
Per i nove mesi terminati il 30 settembre 2024, CMD ha continuato il suo percorso di crescita, con ricavi in aumento del 21,8% a 23,3 milioni di dollari e un utile netto aumentato del 90,6% a 6,6 milioni di dollari. L'azienda ha implementato iniziative strategiche che includono l'espansione nei mercati dell'Arizona e dello Utah, la creazione di una nuova divisione per progetti di case a schiera nel nord di Las Vegas e piani per entrare nel mercato dei mobili pronti da assemblare per abitazioni multifamiliari attraverso sinergie con la controllata Innovative Cabinets and Design.
CMD Inc., una subsidiaria de 1847 Holdings (NYSE:EFSH) y fabricante de muebles de cocina con sede en Las Vegas, reportó resultados financieros sólidos para el año fiscal 2023 y los primeros nueve meses de 2024. En el año fiscal 2023, los ingresos crecieron un 97.5%, alcanzando 27.1 millones de dólares, con un ingreso neto de 5.8 millones de dólares, marcando un cambio significativo respecto a una pérdida de 1.5 millones de dólares en 2022.
Para los nueve meses finalizados el 30 de septiembre de 2024, CMD continuó su trayectoria de crecimiento con ingresos que aumentaron un 21.8%, alcanzando 23.3 millones de dólares, y un ingreso neto que creció un 90.6% hasta 6.6 millones de dólares. La empresa ha implementado iniciativas estratégicas que incluyen la expansión en los mercados de Arizona y Utah, el establecimiento de una nueva división para proyectos de casas en serie en el norte de Las Vegas, y planes para ingresar al mercado de muebles listos para ensamblar para viviendas multifamiliares a través de sinergias con la subsidiaria Innovative Cabinets and Design.
1847 Holdings (NYSE:EFSH)의 자회사 CMD Inc.는 라스베가스에 본사를 둔 캐비닛 제조업체로, 2023 회계연도 및 2024년 첫 9개월 동안 강력한 재무 결과를 보고했습니다. 2023 회계연도에 매출은 97.5% 증가하여 2,710만 달러에 달했으며, 순이익은 580만 달러에 도달하여 2022년의 150만 달러 손실에서 큰 전환을 이뤘습니다.
2024년 9월 30일로 종료된 9개월 동안 CMD는 매출이 21.8% 증가하여 2,330만 달러에 이르고, 순이익이 90.6% 증가하여 660만 달러에 도달하며 성장세를 이어갔습니다. 이 회사는 애리조나와 유타 시장으로의 확장, 라스베가스 북부의 주택 프로젝트를 위한 새로운 부서 설립, 그리고 자회사 Innovative Cabinets and Design과의 시너지를 통해 다가구 주택을 위한 조립 준비 완료 캐비닛 시장에 진입할 계획 등 전략적 이니셔티브를 시행했습니다.
CMD Inc., une filiale de 1847 Holdings (NYSE:EFSH), un fabricant de meubles de cuisine basé à Las Vegas, a rapporté de solides résultats financiers pour l'exercice 2023 et les neuf premiers mois de 2024. Au cours de l'exercice 2023, les revenus ont augmenté de 97,5 % pour atteindre 27,1 millions de dollars, avec un bénéfice net atteignant 5,8 millions de dollars, marquant un retournement significatif par rapport à une perte de 1,5 million de dollars en 2022.
Pour les neuf mois se terminant le 30 septembre 2024, CMD a poursuivi sa trajectoire de croissance avec des revenus en hausse de 21,8 % à 23,3 millions de dollars et un bénéfice net en augmentation de 90,6 % à 6,6 millions de dollars. L'entreprise a mis en œuvre des initiatives stratégiques, notamment son expansion sur les marchés de l'Arizona et de l'Utah, la création d'une nouvelle division pour les projets de maisons en série dans le nord de Las Vegas, et des plans pour entrer sur le marché des meubles prêts à assembler pour le logement multifamilial grâce à des synergies avec la filiale Innovative Cabinets and Design.
CMD Inc., eine Tochtergesellschaft von 1847 Holdings (NYSE:EFSH), einem Hersteller von Küchenmöbeln mit Sitz in Las Vegas, hat starke finanzielle Ergebnisse für das Geschäftsjahr 2023 und die ersten neun Monate des Jahres 2024 gemeldet. Im Geschäftsjahr 2023 stiegen die Einnahmen um 97,5% auf 27,1 Millionen US-Dollar, während der Nettogewinn 5,8 Millionen US-Dollar erreichte, was eine signifikante Wende von einem Verlust von 1,5 Millionen US-Dollar im Jahr 2022 darstellt.
Für die neun Monate bis zum 30. September 2024 setzte CMD seinen Wachstumskurs fort, mit einem Umsatzanstieg von 21,8% auf 23,3 Millionen US-Dollar und einem Nettogewinn, der um 90,6% auf 6,6 Millionen US-Dollar stieg. Das Unternehmen hat strategische Initiativen umgesetzt, darunter die Expansion in die Märkte von Arizona und Utah, die Gründung einer neuen Abteilung für Reihenhausprojekte im Norden von Las Vegas und Pläne, in den Markt für fertig montierte Möbel für Mehrfamilienhäuser einzutreten, durch Synergien mit der Tochtergesellschaft Innovative Cabinets and Design.
- Revenue growth of 97.5% to $27.1M in FY2023
- Net income turnaround from -$1.5M to $5.8M in FY2023
- Gross profit increase of 187.5% to $10.8M in FY2023
- 90.6% increase in net income to $6.6M for first nine months of 2024
- Geographic expansion into Arizona and Utah markets
- None.
Insights
The financial results from CMD Inc. reveal a compelling transformation story with substantial implications for 1847 Holdings. The 97.5% revenue growth to
The continued momentum through Q3 2024, with revenue growing
The strategic initiatives present multiple growth vectors. The expansion into Arizona and Utah markets is particularly timely given the ongoing migration trends to these states from California, potentially creating sustained demand for housing and renovation projects. The dedicated division for tract homes in Northern Las Vegas strategically positions CMD to capitalize on the region's housing development boom, while the Ready-To-Assemble (RTA) cabinetry focus addresses the growing multi-family housing segment's need for cost-effective, scalable solutions.
The planned synergies with Innovative Cabinets and Design could create significant operational leverage, potentially leading to further margin expansion through shared resources and market knowledge. This vertical integration strategy could provide CMD with a competitive advantage in the multi-family housing segment, where scale and efficiency are important success factors.
CMD Inc. Achieves Significant Revenue Growth and Profitability
NEW YORK, NY / ACCESS Newswire / February 14, 2025 / 1847 Holdings LLC (NYSE American:EFSH) ("1847 Holdings" or the "Company") today announced the financial results of its subsidiary, CMD Inc., a leading cabinetry, millwork, and door manufacturer based in Las Vegas, for the fiscal year 2023 and the nine months ended September 30, 2024.
CMD Inc. Fiscal Year 2023 Financial Highlights:
Revenues increased by
97.5% to$27.1 million in 2023, compared to$13.7 million in 2022Achieved a gross profit of
$10.8 million in 2023, an187.5% increase from$3.8 million in the prior yearIncome from operations improved to
$6.0 million in 2023, a notable turnaround from a loss of$1.3 million in 2022Net income increased to
$5.8 million in 2023, compared to a net loss of$1.5 million in 2022
CMD Inc. Nine Months Ended September 30, 2024 Financial Highlights:
Revenues increased
21.8% to$23.3 million in the nine months ended September 30, 2024, compared to$19.1 million in the same period of 2023Increased gross profit by
51.3% to$10.8 million in the nine months ended September 30, 2024, compared to$7.1 million in the same period of 2023Income from operations increased
85.4% to$6.7 million in the nine months ended September 30, 2024, compared to$3.6 million in the same period of 2023Net income increased by
90.6% to$6.6 million in the nine months ended September 30, 2024, compared to$3.4 million in the same period of 2023
Ellery W. Roberts, CEO of 1847 Holdings, commented, "CMD Inc.'s outstanding financial performance underscores the effectiveness of our acquisition strategy and the strength of CMD's operations. To drive CMD's growth, we have implemented several strategic initiatives. We have obtained licenses to operate in Arizona and Utah and are actively bidding on projects scheduled to commence in 2025. Additionally, we have established a dedicated division focused on tract home projects in Northern Las Vegas, targeting both local and national builders. Recognizing a significant market opportunity in supplying Ready-To-Assemble (RTA) cabinetry for Las Vegas' multi-family housing market, we plan to leverage synergies with 1847 Holdings' subsidiary, Innovative Cabinets and Design, to address this demand. We believe that these strategic initiatives position CMD for continued growth and enhanced market presence. By expanding into high-demand areas and addressing unmet market needs, we believe that CMD is well-equipped to capitalize on emerging opportunities. The acquisition of CMD further illustrates our ability to identify and acquire undervalued businesses with strong profitability at attractive valuations."
About 1847 Holdings
1847 Holdings LLC (NYSE American:EFSH), a publicly traded diversified acquisition holding company, was founded by Ellery W. Roberts, a former partner of Parallel Investment Partners, Saunders Karp & Megrue, and Principal of Lazard Freres Strategic Realty Investors. 1847 Holdings' investment thesis is that capital market inefficiencies have left the founders and/or stakeholders of many small business enterprises or lower-middle market businesses with limited exit options despite the intrinsic value of their business. Given this dynamic, 1847 Holdings can consistently acquire businesses it views as "solid" for reasonable multiples of cash flow and then deploy resources to strengthen the infrastructure and systems of those businesses in order to improve operations. These improvements may lead to a sale or IPO of an operating subsidiary at higher valuations than the purchase price and/or alternatively, an operating subsidiary may be held in perpetuity and contribute to 1847 Holdings' ability to pay regular and special dividends to shareholders. For more information, visit www.1847holdings.com.
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Forward-Looking Statements
This press release may contain information about 1847 Holdings' view of its future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on our management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include but are not limited to the risks set forth in "Risk Factors" included in our SEC filings.
Contact:
Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: EFSH@crescendo-ir.com
SOURCE: 1847 Holdings LLC
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