Strong third quarter results demonstrate continued progress on Savaria One
LAVAL, Québec, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Savaria Corporation ("Savaria") (TSX: SIS), one of the global leaders in the accessibility industry, is pleased to announce its results for the third quarter of 2024.
Highlights, Q3 2024 compared to Q3 2023
Revenue was $213.6M, compared to $210.1M in 2023, an increase of 1.7% mainly due to organic growth of 0.2% and a positive foreign exchange impact of 1.7%, partially offset by the divestitures of Van-Action and Freedom Motors.
Accessibility organic growth stood at 0.6%, including growth of 8.0% coming from North America, mostly offset by a contraction of 6.6% from Europe.
Patient Care organic revenue contracted by 1.1%.
Gross profit was $79.1M, up $6.6M or 9.0%, representing 37.0% of revenue, an increase of 250 bps compared to 34.5% in Q3 2023.
Operating income was $22.0M, up $1.4M or 6.9%, representing 10.3% of revenue compared to 9.8% in Q3 2023.
Adjusted EBITDA* was $41.7M, up $7.3M or 21.0%, or $0.58 per share, up $0.05, when compared to Q3 2023.
Adjusted EBITDA margin* stood at 19.5%, up 310 bps compared to 16.4% in Q3 2023.
Accessibility adjusted EBITDA margin reached 21.3%.
Patient Care adjusted EBITDA margin stood at 17.4%.
Net earnings were $13.0M, or $0.18 per share on a diluted basis, compared to $12.1M or $0.18 per share in Q3 2023.
The ratio of net debt to adjusted EBITDA* stood at 1.69 in comparison to 2.07 as at December 31, 2023.
Available funds* of $247.2M, as of September 30, 2024, to support working capital, investments and growth opportunities.
Q3
YTD
in thousands of dollars, except per-share amounts and percentages
2024
2023
Change
2024
2023
Change
Revenue
$
213,634
$
210,094
1.7
%
$
644,422
$
620,115
3.9
%
Gross profit
$
79,120
$
72,560
9.0
%
$
237,488
$
211,698
12.2
%
% of revenue
37.0
%
34.5
%
250 bps
36.9
%
34.1
%
280 bps
Operating income
$
22,040
$
20,622
6.9
%
$
62,365
$
52,307
19.2
%
Net earnings
$
13,026
$
12,054
8.1
%
$
35,034
$
26,882
30.3
%
Diluted net earnings per share
$
0.18
$
0.18
-
$
0.49
$
0.41
19.5
%
Adjusted net earnings*
$
17,040
$
12,698
34.2
%
$
46,383
$
30,061
54.3
%
Adjusted net earnings per share*
$
0.24
$
0.19
