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EVI Industries Reports Third Quarter Results

Planet Laundry News

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EVI Industries, Inc. recently announced its operating results for the three- and nine-month periods ended March 31, 2024 – including record revenue, gross profit, and operating cash flows for the nine-month period, and record gross margin and operating cash flows for the three-month period.

Since 2016, EVI has grown from one business operating from a single location in Florida with 31 employees to 26 businesses employing a workforce of 750 people.

“We are a long-term focused company with ambitious growth plans,” said EVI Chairman and CEO Henry M. Nahmad. “Our confidence is derived from early successes combined with financial strength and wherewithal, the reputation of a knowledgeable and high-quality buyer and builder of businesses, the future impact of promising technologies, and a heavily invested leadership team to guide the Company into the future.”

Here are the company’s nine-month results:

  • Revenue increased 1 percent to a record $263 million.
  • Gross profit increased 3 percent to a record $77.9 million.
  • Gross margin increased 40 basis-points to a record 29.6 percent compared to 29.2 percent.
  • Operating income was $8 million compared to $12.5 million.
  • Net income was $3.6 million, or 1.4 percent, compared to $7.8 million, or 3 percent.
  • Adjusted EBITDA was $16.4 million, or 6.2 percent, compared to $19.2 million, or 7.4 percent.

Here are the three-month results:

  • Revenue decreased 11 percent to $84 million.
  • Gross profit decreased 3 percent to $25.8 million.
  • Gross margin increased to a record 30.7 percent compared to 28.3 percent.
  • Operating income was $2.4 million compared to $4.5 million.
  • Net income was $1 million, or 1.1 percent, compared to $2.8 million, or 2.9 percent.
  • Adjusted EBITDA was $4.9 million, or 5.9 percent, compared to $6.7 million, or 7.2 percent.

During those nine months ended March 31, EVI also completed the acquisition of commercial laundry distributor ALCO Washer Center, based in New Castle, Pa., strengthening the company’s market share position in the Northeast.

“We continue to pursue opportunities in connection with the ‘buy’ component of our long-term strategy,” Nahmad explained. “We have a financial and strategic team that understands the value of each opportunity, leadership teams with a proven record of achieving growth across acquired businesses, technology teams propelling acquired businesses into the digital era, and functional support teams paving the roads to optimization. As such, we are continuously working to harvest opportunities that we believe will create value across our growing enterprise.”