Superior Group of Companies Reports Second Quarter 2024 Results
Superior Group of Companies (NASDAQ: SGC) reported Q2 2024 results with net sales of $131.7 million, up 2.0% from $129.2 million in Q2 2023. Net income decreased to $0.6 million ($0.04 per diluted share) from $1.2 million ($0.08 per diluted share) in the prior year quarter. EBITDA was $5.6 million compared to $7.4 million in Q2 2023.
The company maintained its full-year 2024 outlook with sales projected between $563-$570 million and earnings per diluted share forecast of $0.73-$0.79. The Board of Directors approved a quarterly dividend of $0.14 per share, payable August 30, 2024.
Il Superior Group of Companies (NASDAQ: SGC) ha riportato i risultati del secondo trimestre del 2024, con vendite nette di 131,7 milioni di dollari, in aumento del 2,0% rispetto ai 129,2 milioni di dollari del secondo trimestre del 2023. Il reddito netto è diminuito a 0,6 milioni di dollari (0,04 dollari per azione diluita) rispetto a 1,2 milioni di dollari (0,08 dollari per azione diluita) dello stesso trimestre dell'anno precedente. L'EBITDA è stato di 5,6 milioni di dollari, rispetto ai 7,4 milioni di dollari del secondo trimestre del 2023.
L'azienda ha mantenuto le prospettive per l'intero anno 2024, con vendite previste tra i 563 e i 570 milioni di dollari e utili per azione diluita previsti tra 0,73 e 0,79 dollari. Il Consiglio di Amministrazione ha approvato un dividendo trimestrale di 0,14 dollari per azione, che sarà pagato il 30 agosto 2024.
Superior Group of Companies (NASDAQ: SGC) reportó los resultados del segundo trimestre de 2024, con ventas netas de 131,7 millones de dólares, un aumento del 2,0% en comparación con los 129,2 millones de dólares del segundo trimestre de 2023. El ingreso neto disminuyó a 0,6 millones de dólares (0,04 dólares por acción diluida) desde 1,2 millones de dólares (0,08 dólares por acción diluida) en el mismo trimestre del año anterior. EBITDA fue de 5,6 millones de dólares en comparación con 7,4 millones de dólares en el segundo trimestre de 2023.
La empresa mantuvo su perspectiva para todo el año 2024 con ventas proyectadas entre 563 y 570 millones de dólares y ganancias por acción diluida pronosticadas de 0,73 a 0,79 dólares. La Junta Directiva aprobó un dividendo trimestral de 0,14 dólares por acción, pagadero el 30 de agosto de 2024.
Superior Group of Companies (NASDAQ: SGC)는 2024년 2분기 결과를 발표했으며 순매출 1억 3,170만 달러로, 2023년 2분기의 1억 2,920만 달러에서 2.0% 증가했습니다. 순이익은 60만 달러로 감소했습니다 (희석주당 0.04달러) 이전 연도의 같은 분기에서 120만 달러 (희석주당 0.08달러)에서 감소했습니다. EBITDA는 560만 달러로, 2023년 2분기의 740만 달러와 비교됩니다.
회사는 2024년 전년 전망을 유지하며, 매출을 5억 6,300만 달러에서 5억 7,000만 달러 사이로 예상하고, 희석주당 수익을 0.73~0.79달러로 예측했습니다. 이사회는 주당 0.14달러의 분기 배당금을 승인했으며, 2024년 8월 30일에 지급될 예정입니다.
Le Superior Group of Companies (NASDAQ: SGC) a annoncé les résultats du deuxième trimestre 2024, avec des ventes nettes de 131,7 millions de dollars, en hausse de 2,0 % par rapport à 129,2 millions de dollars au deuxième trimestre 2023. Le revenu net a diminué à 0,6 million de dollars (0,04 dollar par action diluée) contre 1,2 million de dollars (0,08 dollar par action diluée) au cours du trimestre de l'année précédente. L'EBITDA était de 5,6 millions de dollars contre 7,4 millions de dollars au 2ème trimestre 2023.
L'entreprise a maintenu ses prévisions pour l'année 2024, avec des ventes projetées entre 563 et 570 millions de dollars et des bénéfices par action diluée prévus entre 0,73 et 0,79 dollar. Le Conseil d'administration a approuvé un dividende trimestriel de 0,14 dollar par action, payable le 30 août 2024.
Der Superior Group of Companies (NASDAQ: SGC) hat die Ergebnisse des 2. Quartals 2024 veröffentlicht, mit Nettoverkäufen von 131,7 Millionen Dollar, was einem Anstieg von 2,0 % gegenüber 129,2 Millionen Dollar im 2. Quartal 2023 entspricht. Der Nettogewinn sank auf 0,6 Millionen Dollar (0,04 Dollar pro verwässerter Aktie) gegenüber 1,2 Millionen Dollar (0,08 Dollar pro verwässerter Aktie) im Vergleichsquartal des Vorjahres. Das EBITDA betrug 5,6 Millionen Dollar im Vergleich zu 7,4 Millionen Dollar im 2. Quartal 2023.
Das Unternehmen bestätigte seine Ausblick für das Gesamtjahr 2024 mit einem Umsatz, der zwischen 563 und 570 Millionen Dollar liegt, sowie einer Prognose für den Gewinn pro verwässerter Aktie von 0,73 bis 0,79 Dollar. Der Verwaltungsrat genehmigte eine quartalsweise Dividende von 0,14 Dollar pro Aktie, zahlbar am 30. August 2024.
- Net sales increased 2.0% year-over-year to $131.7 million
- Maintained full-year 2024 sales outlook of $563-$570 million
- Quarterly dividend of $0.14 per share approved
- Robust free cash flow reported
- Net income decreased to $0.6 million from $1.2 million in Q2 2023
- EBITDA declined to $5.6 million from $7.4 million in Q2 2023
- Earnings per diluted share decreased to $0.04 from $0.08 year-over-year
Insights
Superior Group of Companies' Q2 2024 results present a mixed picture. While net sales increased by
The company's maintained full-year outlook of
Superior Group's performance reflects broader market trends in the uniform and promotional products industry. The modest
The company's focus on penetrating three large end markets presents growth opportunities. However, the discrepancy between revenue growth and profit decline raises questions about the effectiveness of their market strategy. Investors should watch for signs of market share gains and improved operational efficiency in future quarters to gauge the success of Superior Group's long-term value creation efforts.
– Total net sales of
– Net income of
– EBITDA of
– Board of Directors approves
– Maintains full-year outlook –
ST. PETERSBURG, Fla., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Superior Group of Companies, Inc. (NASDAQ: SGC) (the “Company”), today announced its second quarter 2024 results.
“We delivered a second consecutive quarter of revenue growth along with robust free cash flow, continuing our commitment to maintaining a strong financial position,” said Michael Benstock, Chief Executive Officer. “While second quarter results were below our expectations, we are poised to generate stronger performance in the second half of the year and are maintaining our full-year outlook. In addition, the steps we’re taking now will clearly benefit our growth and profitability over the long-term. I’m pleased that our Board has again approved our quarterly dividend, reflecting our shared confidence in the compelling opportunities ahead to further penetrate all three of the large and growing end markets we serve, which will ultimately benefit our efforts to further enhance long-term shareholder value.”
Second Quarter Results
For the second quarter ended June 30, 2024, net sales increased
Third Quarter 2024 Dividend
The Board of Directors declared a quarterly dividend of
2024 Full-Year Outlook
The Company is maintaining its full year 2024 sales outlook range of
Webcast and Conference Call
The Company will host a webcast and conference call at 5:00 pm Eastern Time today. The live webcast and archived replay can be accessed in the investor relations section of the Company's website at https://ir.superiorgroupofcompanies.com/Presentations. Interested individuals may also join the teleconference by dialing 1-844-861-5505 for U.S. dialers and 1-412-317-6586 for International dialers. The Canadian Toll-Free number is 1-866-605-3852. Please ask to be joined to the Superior Group of Companies call. A telephone replay of the teleconference will be available through August 20, 2024. To access the replay, dial 1-877-344-7529 in the United States or 1-412-317-0088 from international locations. Canadian dialers can access the replay at 855-669-9658. Please reference conference number 9654569 for replay access.
Disclosure Regarding Forward Looking Statements
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified by use of the words “may,” “will,” “should,” “could,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “potential,” or “plan” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements in this press release may include, without limitation: (1) projections of revenue, income, and other items relating to our financial position and results of operations, including short term and long term plans for cash, (2) statements of our plans, objectives, strategies, goals and intentions, (3) statements regarding the capabilities, capacities, market position and expected development of our business operations and (4) statements of expected industry and general economic trends.
Such forward-looking statements are subject to certain risks and uncertainties that may materially adversely affect the anticipated results. Such risks and uncertainties include, but are not limited to, the following: the impact of competition; uncertainties related to supply disruptions, inflationary environment (including with respect to the cost of finished goods and raw materials and shipping costs), employment levels (including labor shortages), and general economic and political conditions in the areas of the world in which the Company operates or from which it sources its supplies or the areas of the United States of America (“U.S.” or “United States”) in which the Company’s customers are located; changes in the healthcare, retail chain, food service, transportation and other industries where uniforms and service apparel are worn; our ability to identify suitable acquisition targets, discover liabilities associated with such businesses during the diligence process, successfully integrate any acquired businesses, or successfully manage our expanding operations; the price and availability of raw materials; attracting and retaining senior management and key personnel; the effect of the Company’s previously disclosed material weakness in internal control over financial reporting; the Company’s ability to successfully remediate its material weakness in internal control over financial reporting and to maintain effective internal control over financial reporting; and other factors described in the Company’s filings with the Securities and Exchange Commission, including those described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements made herein and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
About Superior Group of Companies, Inc. (SGC):
Established in 1920, Superior Group of Companies is comprised of three attractive business segments each serving large, fragmented and growing addressable markets. Across Healthcare Apparel, Branded Products and Contact Centers, each segment enables businesses to create extraordinary brand engagement experiences for their customers and employees. SGC’s commitment to service, quality, advanced technology, and omnichannel commerce provides unparalleled competitive advantages. We are committed to enhancing shareholder value by continuing to pursue a combination of organic growth and strategic acquisitions. For more information, visit www.superiorgroupofcompanies.com.
Investor Relations Contact:
Investors@Superiorgroupofcompanies.com
Comparative figures are as follows:
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except shares and per share data) | ||||||||
| Three Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Net sales | $ | 131,736 | $ | 129,162 | ||||
| Costs and expenses: | ||||||||
| Cost of goods sold | 80,981 | 81,566 | ||||||
| Selling and administrative expenses | 48,375 | 43,382 | ||||||
| Other periodic pension costs | 189 | 214 | ||||||
| Interest expense | 1,541 | 2,624 | ||||||
| 131,086 | 127,786 | |||||||
| Income before income tax expense | 650 | 1,376 | ||||||
| Income tax expense | 50 | 163 | ||||||
| Net income | $ | 600 | $ | 1,213 | ||||
| Net income per share: | ||||||||
| Basic | $ | 0.04 | $ | 0.08 | ||||
| Diluted | $ | 0.04 | $ | 0.08 | ||||
| Weighted average shares outstanding during the period: | ||||||||
| Basic | 16,221,073 | 15,987,007 | ||||||
| Diluted | 16,769,297 | 16,124,816 | ||||||
| Cash dividends per common share | $ | 0.14 | $ | 0.14 | ||||
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except shares and per share data) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Net sales | $ | 270,578 | $ | 259,935 | ||||
| Costs and expenses: | ||||||||
| Cost of goods sold | 164,506 | 165,231 | ||||||
| Selling and administrative expenses | 97,124 | 86,761 | ||||||
| Other periodic pension costs | 378 | 428 | ||||||
| Interest expense | 3,328 | 5,194 | ||||||
| 265,336 | 257,614 | |||||||
| Income before income tax expense | 5,242 | 2,321 | ||||||
| Income tax expense | 730 | 220 | ||||||
| Net income | $ | 4,512 | $ | 2,101 | ||||
| Net income per share: | ||||||||
| Basic | $ | 0.28 | $ | 0.13 | ||||
| Diluted | $ | 0.27 | $ | 0.13 | ||||
| Weighted average shares outstanding during the period: | ||||||||
| Basic | 16,124,553 | 15,935,001 | ||||||
| Diluted | 16,611,375 | 16,121,573 | ||||||
| Cash dividends per common share | $ | 0.28 | $ | 0.28 | ||||
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except shares and par value data) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 13,374 | $ | 19,896 | ||||
| Accounts receivable, less allowance for doubtful accounts of | 92,628 | 103,494 | ||||||
| Inventories | 93,031 | 98,067 | ||||||
| Contract assets | 53,027 | 48,715 | ||||||
| Prepaid expenses and other current assets | 10,197 | 9,188 | ||||||
| Total current assets | 262,257 | 279,360 | ||||||
| Property, plant and equipment, net | 44,267 | 46,890 | ||||||
| Operating lease right-of-use assets | 16,774 | 17,909 | ||||||
| Deferred tax asset | 12,341 | 12,356 | ||||||
| Intangible assets, net | 49,125 | 51,160 | ||||||
| Other assets | 15,558 | 14,775 | ||||||
| Total assets | $ | 400,322 | $ | 422,450 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 46,949 | $ | 50,520 | ||||
| Other current liabilities | 39,336 | 43,978 | ||||||
| Current portion of long-term debt | 5,625 | 4,688 | ||||||
| Current portion of acquisition-related contingent liabilities | 1,026 | 1,403 | ||||||
| Total current liabilities | 92,936 | 100,589 | ||||||
| Long-term debt | 72,100 | 88,789 | ||||||
| Long-term pension liability | 13,439 | 13,284 | ||||||
| Long-term acquisition-related contingent liabilities | 673 | 557 | ||||||
| Long-term operating lease liabilities | 11,655 | 12,809 | ||||||
| Other long-term liabilities | 8,609 | 8,784 | ||||||
| Total liabilities | 199,412 | 224,812 | ||||||
| Shareholders’ equity: | ||||||||
| Preferred stock, $.001 par value - authorized 300,000 shares (none issued) | - | - | ||||||
| Common stock, $.001 par value - authorized 50,000,000 shares, issued and outstanding 16,792,577 and 16,564,712 shares, respectively | 16 | 16 | ||||||
| Additional paid-in capital | 82,759 | 77,443 | ||||||
| Retained earnings | 122,106 | 122,464 | ||||||
| Accumulated other comprehensive loss, net of tax: | ||||||||
| Pensions | (1,077 | ) | (1,122 | ) | ||||
| Foreign currency translation adjustment | (2,894 | ) | (1,163 | ) | ||||
| Total shareholders’ equity | 200,910 | 197,638 | ||||||
| Total liabilities and shareholders’ equity | $ | 400,322 | $ | 422,450 | ||||
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net income | $ | 4,512 | $ | 2,101 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 6,620 | 6,816 | ||||||
| Inventory write-downs | 888 | 144 | ||||||
| Provision for bad debts - accounts receivable | (383 | ) | (628 | ) | ||||
| Share-based compensation expense | 1,620 | 2,420 | ||||||
| Change in fair value of acquisition-related contingent liabilities | 296 | (733 | ) | |||||
| Change in fair value of written put options | 653 | (145 | ) | |||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | 10,578 | 8,854 | ||||||
| Contract assets | (4,526 | ) | 5,447 | |||||
| Inventories | 3,936 | 10,555 | ||||||
| Prepaid expenses and other current assets | (1,309 | ) | 2,747 | |||||
| Other assets | (639 | ) | (1,468 | ) | ||||
| Accounts payable and other current liabilities | (6,424 | ) | 1,280 | |||||
| Long-term pension liability | 217 | 379 | ||||||
| Other long-term liabilities | 261 | 326 | ||||||
| Net cash provided by operating activities | 16,300 | 38,095 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Additions to property, plant and equipment | (1,974 | ) | (3,643 | ) | ||||
| Net cash used in investing activities | (1,974 | ) | (3,643 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Proceeds from borrowings of debt | 10,000 | 1,000 | ||||||
| Repayment of debt | (25,875 | ) | (29,875 | ) | ||||
| Debt issuance costs | - | (300 | ) | |||||
| Payment of cash dividends | (4,657 | ) | (4,590 | ) | ||||
| Payment of acquisition-related contingent liabilities | (557 | ) | - | |||||
| Proceeds received on exercise of stock options | 1,076 | 43 | ||||||
| Net cash used in financing activities | (20,013 | ) | (33,722 | ) | ||||
| Effect of currency exchange rates on cash | (835 | ) | 297 | |||||
| Net increase (decrease) in cash and cash equivalents | (6,522 | ) | 1,027 | |||||
| Cash and cash equivalents balance, beginning of period | 19,896 | 17,722 | ||||||
| Cash and cash equivalents balance, end of period | $ | 13,374 | $ | 18,749 | ||||
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES NON-GAAP FINANCIAL MEASURES (Unaudited) (In thousands, except shares and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income | $ | 600 | $ | 1,213 | $ | 4,512 | $ | 2,101 | ||||||||
| Interest expense | 1,541 | 2,624 | 3,328 | 5,194 | ||||||||||||
| Income tax expense | 50 | 163 | 730 | 220 | ||||||||||||
| Depreciation and amortization | 3,368 | 3,428 | 6,620 | 6,816 | ||||||||||||
| EBITDA(1) | $ | 5,559 | $ | 7,428 | $ | 15,190 | $ | 14,331 | ||||||||
| EBITDA margin(1) | 4.2 | % | 5.8 | % | 5.6 | % | 5.5 | % | ||||||||
(1) EBITDA, which is a non-GAAP financial measure, is defined as net income excluding interest expense, income tax expense and depreciation and amortization expense. EBITDA margin is defined as EBITDA divided by net sales. The Company believes EBITDA is an important measure of operating performance because it allows management, investors and others to evaluate and compare the Company’s core operating results from period to period by removing (i) the impact of the Company’s capital structure (interest expense from outstanding debt), (ii) tax consequences and (iii) asset base (depreciation and amortization). The Company uses EBITDA internally to monitor operating results and to evaluate the performance of its business. In addition, the compensation committee has used EBITDA in evaluating certain components of executive compensation, including performance-based annual incentive programs. EBITDA is not a measure of financial performance under GAAP and should not be considered in isolation or as an alternative to net income, cash flows from operating activities or any other measure determined in accordance with GAAP. The items excluded to calculate EBITDA are significant components in understanding and assessing the Company’s results of operations. The presentation of the Company’s EBITDA may change from time to time, including as a result of changed business conditions, new accounting pronouncements or otherwise. If the presentation changes, the Company undertakes to disclose any change between periods and the reasons underlying that change. The Company’s EBITDA may not be comparable to a similarly titled measure of another company because other entities may not calculate EBITDA in the same manner.
| SUPERIOR GROUP OF COMPANIES, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION - REPORTABLE SEGMENTS (Unaudited) (In thousands) | ||||||||||||||||||||||||
| Branded Products | Healthcare Apparel | Contact Centers | Intersegment Eliminations | Other | Total | |||||||||||||||||||
| For the Three Months Ended June 30, 2024: | ||||||||||||||||||||||||
| Net sales | $ | 81,296 | $ | 26,592 | $ | 24,832 | $ | (984 | ) | $ | - | $ | 131,736 | |||||||||||
| Cost of goods sold | 53,170 | 16,392 | 11,871 | (452 | ) | - | 80,981 | |||||||||||||||||
| Gross margin | 28,126 | 10,200 | 12,961 | (532 | ) | - | 50,755 | |||||||||||||||||
| Selling and administrative expenses | 22,969 | 9,879 | 10,533 | (532 | ) | 5,526 | 48,375 | |||||||||||||||||
| Other periodic pension cost | - | - | - | - | 189 | 189 | ||||||||||||||||||
| Add: Depreciation and amortization | 1,567 | 956 | 753 | - | 92 | 3,368 | ||||||||||||||||||
| Segment EBITDA(1) | $ | 6,724 | $ | 1,277 | $ | 3,181 | $ | - | $ | (5,623 | ) | $ | 5,559 | |||||||||||
| Branded Products | Healthcare Apparel | Contact Centers | Intersegment Eliminations | Other | Total | |||||||||||||||||||
| For the Three Months Ended June 30, 2023: | ||||||||||||||||||||||||
| Net sales | $ | 79,592 | $ | 28,072 | $ | 22,758 | $ | (1,260 | ) | $ | - | $ | 129,162 | |||||||||||
| Cost of goods sold | 53,952 | 17,653 | 10,554 | (593 | ) | - | 81,566 | |||||||||||||||||
| Gross margin | 25,640 | 10,419 | 12,204 | (667 | ) | - | 47,596 | |||||||||||||||||
| Selling and administrative expenses | 20,362 | 9,466 | 9,614 | (667 | ) | 4,607 | 43,382 | |||||||||||||||||
| Other periodic pension cost | - | - | - | - | 214 | 214 | ||||||||||||||||||
| Add: Depreciation and amortization | 1,710 | 976 | 662 | - | 80 | 3,428 | ||||||||||||||||||
| Segment EBITDA(1) | $ | 6,988 | $ | 1,929 | $ | 3,252 | $ | - | $ | (4,741 | ) | $ | 7,428 | |||||||||||
| Branded Products | Healthcare Apparel | Contact Centers | Intersegment Eliminations | Other | Total | |||||||||||||||||||
| For the Six Months Ended June 30, 2024: | ||||||||||||||||||||||||
| Net sales | $ | 168,364 | $ | 55,829 | $ | 48,384 | $ | (1,999 | ) | $ | - | $ | 270,578 | |||||||||||
| Cost of goods sold | 108,497 | 34,119 | 22,779 | (889 | ) | - | 164,506 | |||||||||||||||||
| Gross margin | 59,867 | 21,710 | 25,605 | (1,110 | ) | - | 106,072 | |||||||||||||||||
| Selling and administrative expenses | 46,263 | 19,691 | 20,954 | (1,110 | ) | 11,326 | 97,124 | |||||||||||||||||
| Other periodic pension cost | - | - | - | - | 378 | 378 | ||||||||||||||||||
| Add: Depreciation and amortization | 3,067 | 1,893 | 1,476 | - | 184 | 6,620 | ||||||||||||||||||
| Segment EBITDA(1) | $ | 16,671 | $ | 3,912 | $ | 6,127 | $ | - | $ | (11,520 | ) | $ | 15,190 | |||||||||||
| Branded Products | Healthcare Apparel | Contact Centers | Intersegment Eliminations | Other | Total | |||||||||||||||||||
| For the Six Months Ended June 30, 2023: | ||||||||||||||||||||||||
| Net sales | $ | 161,443 | $ | 56,226 | $ | 44,814 | $ | (2,548 | ) | $ | - | $ | 259,935 | |||||||||||
| Cost of goods sold | 109,904 | 35,707 | 20,821 | (1,201 | ) | - | 165,231 | |||||||||||||||||
| Gross margin | 51,539 | 20,519 | 23,993 | (1,347 | ) | - | 94,704 | |||||||||||||||||
| Selling and administrative expenses | 40,415 | 18,968 | 19,278 | (1,347 | ) | 9,447 | 86,761 | |||||||||||||||||
| Other periodic pension cost | - | - | - | - | 428 | 428 | ||||||||||||||||||
| Add: Depreciation and amortization | 3,374 | 1,950 | 1,330 | - | 162 | 6,816 | ||||||||||||||||||
| Segment EBITDA(1) | $ | 14,498 | $ | 3,501 | $ | 6,045 | $ | - | $ | (9,713 | ) | $ | 14,331 | |||||||||||
(1) Segment EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting”. Amounts included in income before income tax expense and excluded from Segment EBITDA include: interest expense and depreciation and amortization expense. Total Segment EBITDA is a non-GAAP financial measure. Please see reconciliation of EBITDA included in the Non-GAAP Financial Measures table above.
FAQ
What were Superior Group of Companies' (SGC) Q2 2024 financial results?
Did Superior Group of Companies (SGC) maintain its 2024 full-year outlook?
What dividend did Superior Group of Companies (SGC) declare for Q3 2024?
How did Superior Group of Companies' (SGC) EBITDA change in Q2 2024 compared to Q2 2023?
