Superior Group of Companies Reports Impressive Third Quarter Growth
Total net sales of $149.7 million, a rise from $136.1 million compared to the same period last year.
Net income surged to $5.4 million from $3.1 million year-over-year.
EBITDA reached $11.7 million, increasing from $9.3 million in the previous year’s third quarter.
The Board of Directors has approved a quarterly dividend of $0.14 per share.
The company reaffirms its optimistic full-year projections.
Superior Group of Companies, Inc. (NASDAQ: SGC) recently disclosed its financial results for the third quarter of 2024. The company recorded a remarkable 10.0% increase in net sales compared to the same quarter in 2023, totaling $149.7 million. Additionally, pretax income saw a significant boost to $6.6 million, compared to the $3.3 million from the previous year.
CEO Michael Benstock expressed his satisfaction with the company's performance, emphasizing that these results were achieved despite only slight improvements in customer sentiment influenced by macroeconomic conditions. He noted, "Our strong sales and profit growth both sequentially and year-on-year highlight the effectiveness of our strategic investments in people, products, and technology. We are excited about the continuous opportunities we see to capture market share in our target sectors while enhancing shareholder value."
Detailed Financial Performance Overview
For the third quarter ending September 30, 2024, Superior Group’s net income rose to $5.4 million, translating to $0.33 per diluted share, compared to net income of $3.1 million or $0.19 per diluted share in the same quarter last year.
Looking ahead, the Board of Directors has declared a quarterly dividend of $0.14 per share, which is to be paid on November 27, 2024, to shareholders who are on record by November 13, 2024.
The company has reiterated its full-year sales forecast for 2024, which is projected to range between $563 million and $570 million. This is an increase compared to sales of $543 million in 2023, and the estimated earnings per diluted share are expected to be between $0.73 and $0.79, up from $0.54 in the previous year.
Webcast and Updates
Superior Group of Companies will host a webcast and conference call to discuss these results in detail at 5:00 PM Eastern Time. Interested parties can participate by dialing 1-844-861-5505 (U.S.) or 1-412-317-6586 (International). A replay will be available shortly after the call through November 20, 2024.
For ongoing updates, investors can check out the investor relations section of the company’s website.
About Superior Group of Companies
Founded in 1920, Superior Group of Companies is structured into three distinct segments: Healthcare Apparel, Branded Products, and Contact Centers. These segments cater to diverse markets, driving customer engagement and brand experiences. The company's dedication to quality service, technological advancement, and strategic acquisitions secures its competitive edge in the industry.
As part of its commitment to enhancing shareholder value, Superior Group actively explores organic growth opportunities and potential acquisitions.
Frequently Asked Questions
What are the latest financial results for Superior Group?
Superior Group reported net sales of $149.7 million, with a net income of $5.4 million for Q3 2024, marking significant growth compared to last year.
Who is the CEO of Superior Group?
The CEO of Superior Group of Companies is Michael Benstock, who has expressed optimism about the company’s growth trajectory.
When is the next dividend payment for shareholders?
The next dividend payment of $0.14 per share is scheduled for November 27, 2024.
What is the company’s sales outlook for 2024?
Superior Group expects total sales for 2024 to be in the range of $563 million to $570 million.
How can I stay updated about Superior Group?
Investors can stay updated by visiting the investor relations section on the company's website for presentations and financial news.
