EVI Industries (EVI) Q4 2024 earnings summary

Executive summary

• Achieved record $33M operating cash flow for fiscal 2024, with a 71% net debt reduction to $8.3M and record $105.3M gross profit, with gross margin at 29.8%.

• Revenue was $354M, flat year-over-year after a prior 32% increase in fiscal 2023 over 2022.

• Completed two acquisitions during fiscal 2024 and a third in Florida post-year-end, expanding presence in key regions.

• Investments in sales and service teams, new field service technologies, and e-commerce initiatives implemented.

• Paid a $4.1M special cash dividend, the largest in company history, up 10% from prior year.

Financial highlights

• Fiscal 2024 revenue was $353.6M, flat year-over-year; gross profit set a record at $105.3M, with gross margin at 29.8%.

• Operating cash flow reached a record $33M for the year and $12M in Q4, up $4.8M from Q4 last year.

• Net debt reduced by 71% from $29M to $8.3M year-over-year.

• Net income was $5.6M (1.6% margin), down from $9.7M (2.7% margin); adjusted EBITDA was $22.6M (6.4%).

• Special cash dividend of $0.31 per share declared, a 10% increase over last year.

Outlook and guidance

• Continued focus on long-term growth through acquisitions and operational investments.

• Investments in technology and personnel expected to yield positive returns in future periods.

• Strong backlog and acquisition pipeline support future growth.